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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": "Slide 56 of the deck.",
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      "text": "McDonald's is significantly undervalued today",
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      "kind": "list",
      "text": "Proposal creates value for several reasons: Increases shareholder value, Improves management focus, Increases transparency, Improves capital allocation, Improves franchise alignment",
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      "text": "McDonald's is significantly undervalued today; Over 80% of its cash flows comes from real estate income and franchise income",
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      "text": "There are multiple ways to unlock value: Pershing's Initial Proposal, Variations on Pershing's Initial Proposal",
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