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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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      "kind": "callout",
      "text": "Question: Would a publicly traded McOpCo be an aggressive competitor to franchisees, given its need to grow its business for the benefit of its new shareholders?",
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      "kind": "callout",
      "text": "Question: Under your Revised Proposal, is there any risk that McDonald's real estate will be sold or that franchisees will experience unexpected rent hikes?",
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      "text": "No, quite the opposite. We believe a more likely scenario is the following:",
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      "text": "McOpCo, no longer supported by corporate subsidies, will price more optimally\nRefranchising program will remove McOpCo as a competitor in many key markets\nMcOpCo's most attractive growth plan is to focus on emerging markets where the franchise base is still in its infancy, such as China and Russia",
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      "text": "We don't believe it's the right operational move\nWe are confident management is not inclined to sell the real estate",
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      "kind": "title",
      "text": "Addressing Potential Franchisee Questions",
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