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  "documentTitle": "Target Corporation (TGT)",
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  "authorName": "William Ackman",
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  "presentationDate": "2008-11-19 00:00:00",
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  "notes": "The slide outlines a $9.2bn cash flow scenario involving IPO proceeds, credit card sale proceeds, and operational cash flow.",
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      "text": "Proceeds from the IPO and the sale of the remaining interest in the credit card receivables can be used to pay down debt",
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      "text": "Total Cash: $9.2bn",
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      "text": "(1) Reflects cash flow generated after working capital, capex, and dividends; assumes maintenance of $500mm minimum cash balance; assumes TIP REIT funds land development capital expenditures of approximately $0.9bn by issuing debt during the first year post-IPO",
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