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  "documentTitle": "General Growth Properties (GGWPQ)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square",
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  "presentationDate": "2009-05-27 00:00:00",
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  "notes": "The slide uses a case study approach to demonstrate that equity value can be preserved or enhanced in specific bankruptcy scenarios.",
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      "text": "We looked at 150 bankruptcies over the past decade to see if we could find any other examples of public companies entering bankruptcy with (i) positive cash flow before debt maturities and (ii) asset values in excess of liabilities.",
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      "text": "We looked at 150 bankruptcies over the past decade to see if we could find any other examples of public companies entering bankruptcy with (i) positive cash flow before debt maturities and (ii) asset values in excess of liabilities. Our analysis was limited to U.S.-based non-financial companies with asset values in excess of $1bn. We could only find four bankruptcies that fit the bill",
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      "text": "Note: Bankruptcies since 1999 in excess of $1bn as provided by Web BRD (Bankruptcy Research Database). Post-filing tangible book value used as a proxy for asset value in excess of liabilities. Asbestos liability bankruptcies excluded from the analysis.",
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      "text": "Table comparing U-Haul, Comdisco, Alexander's, and GGP outcomes for shareholders and advocates.",
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      "text": "Historical Bankruptcy Analysis",
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