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  "documentTitle": "Target Corporation (TGT)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2009-05-11 00:00:00",
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      "kind": "callout",
      "text": "Target's incumbent board beneficially owns less than 0.3% of Target. By contrast, Pershing Square beneficially owns 7.8% of Target",
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      "text": "Target's Board: Owns ~0.3% of Target in common stock and options comprised of: ~0.1% in common stock, ~0.2% in stock options. Independent directors own less than 0.1% in common stock and options",
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      "text": "Pershing Square: Pershing Square beneficially owns 7.8% in common stock and options comprised of: ~$1 billion of common stock (3.3%), ~$280 million in stock options (4.5%). Third largest beneficial owner. Fourth largest common stock holder",
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      "text": "beneficial ownership: 7.8%",
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      "text": "Source: Company filings",
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      "text": "Board Lacks Significant Shareholder Representation",
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