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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 table highlights the 9.4% cap rate column and the 5.5% ownership row as the break-even point.",
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      "text": "Using our most conservative assumptions, and assuming the conversion of all unsecured debt into equity at the cap rate implied by GGP equity's current fair market value of $380mm, equity need only retain 5.5% of the post-reorganization company to break even at today's stock price",
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      "text": "Cap rate of 9.4% based on the current market cap of $380mm\nGGMI is worth $1.02 per share\nMPC is worth $0.27 per share\nNo value assigned to hidden asset value opportunities",
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      "text": "stock price: $1.19",
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      "text": "Using our most conservative assumptions, and assuming the conversion of all unsecured debt into equity at the cap rate implied by GGP equity's current fair market value of $380mm, equity need only retain 5.5% of the post-reorganization company to break even at today's stock price",
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      "text": "Note: Current implied market cap based on $1.19 stock price as of 5/26/09.",
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      "text": "What's the Downside?",
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      "text": "Conservative Assumptions:",
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      "kind": "title",
      "text": "Illustrative Stock Price at Various Cap Rates and Post-Reorganization Ownership Levels:",
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