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  "documentTitle": "General Growth Properties (GGWPQ)",
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  "authorName": "Pershing Square",
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  "presentationDate": "2009-05-27 00:00:00",
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  "notes": "Includes detailed footnotes regarding assumptions for cash flow, interest expense, and debt conversion.",
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      "kind": "callout",
      "text": "Using conservative assumptions, GGP would be able to pay a 4.4% dividend yield by year 7",
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      "text": "In this scenario, Unsecureds would require ~45% of post-reorg equity to be made-whole",
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      "text": "Cash Dividend Yield: 4.4%",
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      "text": "Note: Assumes $6.6bn of GGP's unsecured debt converts fully into equity. (1) Assumes proceeds from ~$90mm sale of Bridgeland... (2) Represents annualized Q1'09 overhead expense... (3) Assumes weighted average interest expense of unsecured debt is 4.7%. (4) See valuation section for details.",
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      "text": "Financial projection table for 2008a-2015e covering Cash Flow Available for Debt Repurchase and Illustrative Equity Value.",
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      "text": "Alternatively, 100% of GGP's unsecured lenders could be converted into equity. Under this scenario, GGP would be able to pay a meaningful cash dividend",
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      "text": "Illustrative Deleveraging Analysis: Unsecured Debt Converts into Equity",
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