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  "authorName": "William Ackman",
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  "presentationDate": "2008-11-19 00:00:00",
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      "text": "Assuming the spin-off of the remaining >80% interest in TIP REIT occurs in 2010, the Revised Transaction offers many pros and few cons",
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      "text": "(1) Assumes a 19.9% IPO which increases TIP REIT's shares outstanding to approximately 940mm shares from 755mm shares pre-IPO (2) Assumes a 15% IPO discount and a 19.9% IPO",
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