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  "documentTitle": "Corrections Corporation of America (CXW)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "conference-presentation",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2009-10-20 00:00:00",
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  "pageNumber": 36,
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  "slideType": "problem_statement",
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  "notes": "The slide uses a clear 'not X, but Y' framing to isolate the actual drivers of failure.",
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      "kind": "callout",
      "text": "New Prison Realty did not fail because it was a REIT, it failed because:",
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      "text": "New Prison Realty did not fail because it was a REIT, it failed because: It had too much leverage; It had an overly aggressive development plan; Its tenant, OpCo, was also over-leveraged",
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      "text": "It had too much leverage\nIt had an overly aggressive development plan\nIts tenant, OpCo, was also over-leveraged (1)",
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      "kind": "quote",
      "text": "\"The rates on the Operating Company leases were set with the intention that the public stockholders of New Prison Realty would receive as much of the benefit as possible from owning and operating the correctional and detention facilities.... In fact, the Operating Company lease rates were set so that Operating Company was projected to lose money for the first several years of its existence.\" — CXW 2002 10-K.",
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      "text": "(1) “The rates on the Operating Company leases were set with the intention that the public stockholders of New Prison Realty would receive as much of the benefit as possible from owning and operating the correctional and detention facilities…. In fact, the Operating Company lease rates were set so that Operating Company was projected to lose money for the first several years of its existence.” Source: CXW 2002 10-K.",
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      "kind": "title",
      "text": "Why Did New Prison Realty Fail?",
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