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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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  "notes": "This slide is designed to preemptively address concerns that an activist intervention might lead to excessive leverage or credit rating downgrades.",
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      "kind": "callout",
      "text": "Bill Ackman, if elected, does not intend to support any action that will impair Target’s credit ratings",
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      "text": "In Pershing Square’s view, Target can be an enormously valuable company without the need to over-leverage its business",
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      "text": "Since our first meeting with management, Pershing Square has urged Target to decrease credit risk\nInstead, Target’s board chose to maintain credit exposure to the credit card business\nFall 2008, Pershing Square encouraged Target to halt buyback program",
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      "text": "Pershing Square believes that positioning the company so that it can increase its access to capital may allow it to take advantage of distressed real estate opportunities that could result from the current shakeout in the retail industry",
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      "text": "Credit Ratings and Risk",
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