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  "documentTitle": "Borders Group, Inc. (BGP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2006-11-09 00:00:00",
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      "text": "Superstores are healthy, growing and improving; Stable EBITDA margins (9.5% - 10+%) with high ROIC; Expected annual square footage growth of ~6%; Remodeling program will reduce Music category exposure; Opportunity to increase working capital turns",
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      "text": "Mall and International segments are low ROIC businesses that can be monetized with minimal disruption; Estimated ~$200mm of Net Working Capital on an estimated ~$15mm of EBITDA contribution; Potentially “worth more dead than alive”; New Management is focused on rationalizing business",
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