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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": "The analysis and conclusions of Pershing Square Capital Management, L.P. (\"Pershing\") regarding Borders Group, Inc. (\"Borders\" or the \"Company\") are based on publicly available information. Pershing recognizes that there may be confidential information in the possession of the Company that could lead the Company to disagree with Pershing’s conclusions.",
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      "text": "The analyses provided include certain estimates and projections prepared with respect to, among other things, the historical and anticipated operating performance of the Company. Such statements, estimates, and projections reflect various assumptions by Pershing concerning anticipated results that are inherently subject to significant economic, competitive, and other uncertainties and contingencies and have been included solely for illustrative purposes. No representations, express or implied, are made as to the accuracy or completeness of such statements, estimates or projections or with respect to any other materials herein. Actual results may vary materially from the estimates and projected results contained herein.",
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      "text": "Pershing advises funds that are in the business of trading - buying and selling - public securities. It is possible that there will be developments in the future that cause such funds to change their positions regarding the Company and possibly increase, reduce, dispose of, or change the form of their investment in the Company.",
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