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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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  "notes": "The slide highlights a specific qualitative judgment from advisors regarding the trading profile of PF McDonald's.",
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      "text": "However, their judgment was that PF McDonald's would not enjoy significant multiple expansion",
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      "text": "Advisors were assigned to review the Proposal\nIn general, Advisors agreed with Pershing on:\n- McOpCo valuation\n- Relative allocation of EBITDA between McOpCo and PF McDonald's\nHowever, their judgment was that PF McDonald's would not enjoy significant multiple expansion\n\"PF McDonald's would trade like a restaurant stock\"",
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      "text": "IV. Company Response to Pershing",
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