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  "documentTitle": "Target Corporation (TGT)",
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  "authorName": "William Ackman",
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  "notes": "The slide uses a 'MISTAKE' callout to frame the board's decision as a strategic error.",
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      "kind": "callout",
      "text": "MISTAKE: Board elects not to transfer credit risk in the transaction, primarily to retain underwriting control. Target share repurchase program is principally funded with debt, despite credit risk and funding risk remaining on its balance sheet",
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      "text": "MISTAKE: Board elects not to transfer credit risk in the transaction, primarily to retain underwriting control",
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      "text": "Retail Business, Credit Card Business, Real Estate Assets",
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      "text": "August 2007: Pershing Square, in its first meeting with Target management, proposes that Target pursue a credit card partnership transaction to minimize credit risk, eliminate funding risk, and increase Target's valuation",
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      "text": "September 2007: Target announces a review of ownership alternatives for its credit card receivables and an analysis of its capital structure",
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      "text": "December 2008: Pershing Square, in two separate presentations to Target, emphasizes the importance of credit risk transfer in any contemplated partnership transaction",
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      "text": "April 2007: Pershing Square becomes a Target shareholder",
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      "text": "May 2008: Target announces a sale of a 47% interest in it receivables, but retains credit risk",
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      "text": "Pershing's Background with Target",
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