{
  "docId": "019dd923-622c-750b-8b9b-25fc98d95c50",
  "docSlug": "5ae5957203aa",
  "documentTitle": "McDonald's Corporation (MCD)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2006-01-18 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 25,
  "pageCount": 58,
  "prevPage": 24,
  "nextPage": 26,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-25fc98d95c50/25",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-25fc98d95c50",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-25fc98d95c50.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-25fc98d95c50#slide-25",
  "components": [
    {
      "bbox": {
        "h": 0.2,
        "w": 0.28,
        "x": 0.03,
        "y": 0.27
      },
      "kind": "callout",
      "text": "There have been several mischaracterizations of our Initial Proposal which we believe need to be cleared up.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fe919526-0ccd-489d-a1ef-ebadb1254887",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.6,
        "x": 0.35,
        "y": 0.65
      },
      "kind": "list",
      "text": "Our Initial Proposal did: Assume significant value would be unlocked once McOpCo was IPO'ed and investors had access to transparent financials for Brand McDonald's, demonstrating that it is fundamentally NOT a restaurant company",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "07e7dc3e-32c1-416a-bfc4-8dd3a36b9524",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.6,
        "x": 0.35,
        "y": 0.27
      },
      "kind": "list",
      "text": "Our Initial Proposal did NOT: Provide for the sale of any real estate by McDonald's; Put franchisees in danger of having a new landlord; Involve the creation of a REIT; Require a real estate financing to create significant value; Hinge on a leveraged share buyback",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "91c2097a-2470-4f98-bd39-dbb6190740df",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.35,
        "y": 0.1
      },
      "kind": "title",
      "text": "Mischaracterizations of Our Initial Proposal...",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "98cda749-b73a-4102-a8a8-a55e06bddc7d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "preempt_rebuttal",
      "slug": null,
      "matchId": "b5742e88-2143-48f0-927f-75e53065d788",
      "evidence": "The slide explicitly lists 'did NOT' vs 'did' to correct public misconceptions.",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 44,
      "from": 17,
      "beatId": "80372130-4d11-441b-a4bc-6c678b9b2ece",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The document proposes solutions to improve McDonald's operating performance and unlock shareholder value.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}