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  "documentTitle": "McDonald's Corporation (MCD)",
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  "authorName": "William Ackman",
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  "notes": "Uses historical quotes to frame the current activist argument against company-owned stores.",
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      "text": "Turner realized in the mid 70s that owning too many McOpCo units was not in the best interest of the Company",
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      "text": "Expansion of McOpCo units first occurred in the late 1960s. Veteran franchisees were approaching retirement and needed liquidity. McDonald's stock was provided as a tax-free exchange for the restaurants.",
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      "text": "Some of our operators had tremendous wealth but no money. And we were using McDonald's stock that was trading at 25 times earnings to buy restaurants for seven times earnings",
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      "text": "The idea emerged that we should operate a base of ten or so stores as a company. This would give us a firm base of income in the event the McDonald brothers claimed default on our contract...",
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      "text": "\"The idea emerged that we should operate a base of ten or so stores as a company. This would give us a firm base of income in the event the McDonald brothers claimed default on our contract...\" — Ray Kroc / Founder; \"Some of our operators had tremendous wealth but no money. And we were using McDonald's stock that was trading at 25 times earnings to buy restaurants for seven times earnings\" — Fred Turner / Former President and CEO",
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      "text": "(1) From Grinding It Out: The Making of McDonald's, p. 108. (2) From McDonald's: Behind the Golden Arches, pgs. 288 - 291.",
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