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  "documentTitle": "McDonald's Corporation (MCD)",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2006-01-18 00:00:00",
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  "notes": "The slide outlines a corporate restructuring plan involving an IPO and debt financing.",
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      "kind": "callout",
      "text": "Our Initial Proposal is available on the internet at http://www.valueinvestingcongress.com/Final-Pres.pdf",
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      "text": "Step 1: McOpCo to be organized as an independent entity. Step 2: IPO of 65% of McOpCo. Step 3: Issue $14.7bn of financing secured against real estate. Step 4: Use Debt financing and IPO proceeds to refinance and repurchase shares.",
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      "text": "(1) Assumes $6.35bn of net debt on 12/31/05 at consolidated McDonald's of which $1.35 bn of net debt is allocated to McOpCo and $5.0 bn of net debt allocated to Brand McDonald's.",
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      "text": "Review of Our Initial Proposal",
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