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  "documentTitle": "Target Corporation (TGT)",
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  "authorName": "William Ackman",
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  "notes": "Slide 111 from an activist investor deck.",
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      "text": "No Shareholder or Bondholder consents are needed",
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      "text": "Minnesota Corporate Statute Requiring Shareholder Vote for Transfer of All or Substantially All Assets",
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      "text": "Bond Indenture Covenants",
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      "text": "No other indenture issues identified",
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      "text": "Covenant restricting transfer of assets substantially as an entirety: The Transaction – which only involves Target’s land – is not a transfer of assets \"substantially as an entirety\" and therefore does not breach this covenant",
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      "text": "The Transaction meets Minnesota's safe harbor for not being a transfer of \"all or substantially all assets\" and therefore does not trigger shareholder vote",
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      "text": "Covenant restricting sale (or transfer) and leaseback of an \"Operating Property\" with an entity other than a restricted subsidiary: The transfer/leaseback is with an entity that at the time of the transfer/leaseback is a restricted subsidiary and it is therefore exempt from this covenant (the subsequent spin off is permitted since the indenture does not include any dividend stopper). In addition, none of the land parcels being transferred is an Operating Property subject to this covenant since none has a net book value greater than 0.35% of Consolidated Net Tangible Assets. Also, if the Board designates subsidiaries currently holding land to be unrestricted subsidiaries as permitted by the indenture, the covenant will not apply to a transfer / leaseback by those subsidiaries",
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      "text": "Will Consents Be Needed?",
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