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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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      "kind": "callout",
      "text": "Based on these precedents, we believe the court could confirm a plan at a rate that is lower than GGP's current weighted average interest rate",
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      "text": "Based on these precedents, we believe the court could confirm a plan at a rate that is lower than GGP’s current weighted average interest rate",
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      "text": "Circumstances of the Estate, Nature of the Security, Duration and Feasibility of POR",
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      "text": "Cash flow in excess of interest expense; NOI has increased; In the process of deleveraging; Cutting costs; Oversecured; Equivalent in value; Seven years; Highly feasible POR; Negligible risk of nonpayment",
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      "text": "Appropriate Risk-Adjustment Rate: Prime-plus 0.5% -> 1.0%",
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      "text": "The appropriate size of [the] risk adjustment depends, of course, on such factors as the circumstances of the estate, the nature of the security, and the duration and feasibility of the reorganization plan – Opinion of Justice Stevens, Till v. SCS Credit Corp",
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      "text": "“The appropriate size of [the] risk adjustment depends, of course, on such factors as the circumstances of the estate, the nature of the security, and the duration and feasibility of the reorganization plan” — Opinion of Justice Stevens, Till v. SCS Credit Corp",
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      "text": "What Factors Will the Court Consider in Determining the Appropriate Risk Adjustment Spread for GGP?",
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