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  "documentTitle": "McDonald's Corporation (MCD)",
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  "authorName": "William Ackman",
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  "presentationDate": "2005-11-15 00:00:00",
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      "kind": "callout",
      "text": "McDonald's management stated that, assuming adequate value creation, none of these issues would prevent a restructuring",
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      "text": "Alignment Issues: Separation of McOpCo from PF McDonald's may cause alignment issues in the system.",
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      "text": "Friction Costs: Some friction costs associated with the CMBS financing structure, but not a gating issue. Potential property tax revaluations, Legal costs, Large transaction for CMBS market, Mostly driven by CMBS financing.",
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      "text": "Credit Impact: Incremental $9bn of leverage as proposed may put pressure on credit rating. Rating agency consolidation of McOpCo, Lease commitments viewed as leverage.",
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