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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": "Part of Pershing Square's proposal for McDonald's.",
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      "text": "Pershing has assumed the following structural and tax assumptions with respect to an IPO spin-off of McOpCo.",
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      "text": "65% of McOpCo shares are IPO'ed in the transaction; 35% stake retained by PF McDonald's allows for McOpCo's business to be deconsolidated; McOpCo is assumed to be essentially a debt free subsidiary; $1.35bn of McDonald's consolidated FY '05E net debt is allocated to McOpCo ($1.5bn total debt, $150mm cash); The remaining $5bn of FY '05E net debt is allocated to PF McDonald's ($5.15bn total debt, $150mm cash); McOpCo's tax basis is assumed to be approximately $1.65 billion; Tax basis is equal to $3 billion of initial assumed basis less $1.35 billion of allocated net debt; IPO distribution tax cost calculation.",
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      "kind": "title",
      "text": "McOpCo IPO: General Assumptions",
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