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  "documentTitle": "McDonald's Corporation (MCD)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2005-11-15 00:00:00",
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      "text": "At the time of IPO, McOpCo signs market lease and franchise agreements with Pro Forma McDonald's (“PF McDonald's”)",
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      "text": "Resulting Pro Forma McDonald's is a world-class real estate and franchise business; McOpCo financials deconsolidated from PF McDonald's; Leverage is placed only on PropCo; FranCo is unlevered, maximizing its credit rating",
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      "text": "Pershing's Proposal: McOpCo IPO (cont'd)",
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