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  "documentTitle": "McDonald's Corporation (MCD)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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      "text": "McOpCo IPO would shift some power to the franchise base—A good thing",
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      "text": "Level the playing field: McOpCo should compete on the same basis as franchisees. Pay market rent and franchise fees. Be focused on bottom-line profitability. Be run by equity compensated management.",
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      "text": "Opportunity for Franchisees to expand unit count. Heavy demand among operators to acquire/manage additional units. McOpCo should refranchise units better managed by franchisees.",
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      "text": "McoOpCo IPO would shift some power to the franchise base—A good thing. Franchisees know what's best operationally. Franchisees have been the source of most product innovations. Driving force behind current process innovations. IPO would sharpen focus.",
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      "text": "Franchisee Alignment: Benefits to Franchisees of an independent McOpCo",
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