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  "documentTitle": "Target Corporation (TGT)",
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  "authorName": "William Ackman",
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  "presentationDate": "2008-10-29 00:00:00",
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  "notes": "The slide argues that the integrated nature of the business supports a consolidated view, while the separate legal structure supports a de-consolidated view.",
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      "text": "We believe the Rating Agencies will adopt one of two possible analytical approaches when assessing the credit profiles of the ‘new’ Target Corp and TIP REIT – ‘Consolidated’ vs. ‘De-consolidated’",
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      "text": "Target Corp and TIP REIT will have integrated, mutually dependent business models; Target Corp and TIP REIT will be separate legal entities; Rating Agencies will adopt one of either two possible analytical approaches; 'Consolidated' approach supported by integrated relationship; 'De-consolidated' approach supported by separate legal entities; Agencies may not unanimously take the same approach.",
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