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  "documentTitle": "Borders Group, Inc. (BGP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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      "text": "Significantly lower than 2005 Superstore margins of 9.6%",
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      "text": "2005 EBITDA margins of 4.3%: Significantly lower than 2005 Superstore margins of 9.6%. We estimate International 2006E EBITDA margins of 1.5% (assuming revenue of $650mm and EBITDA $10mm)",
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