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  "documentTitle": "Mall REIT sector (long General Growth Properties) (GGP)",
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  "authorName": "William Ackman",
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  "presentationDate": "2010-05-26 00:00:00",
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      "text": "A seven-year extension of GGP's secured and unsecured loans at their existing interest rates would provide the Company with sufficient time to use cash flow from operations to delever its balance sheet. With a seven-year extension, we believe the Company would be able to repay existing creditors in full",
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      "text": "With a seven-year extension, we believe the Company would be able to repay existing creditors in full",
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      "text": "Secured and unsecured lenders receive 100% of the present value of their claims\nPrevents the liquidation of assets at \"fire-sale\" prices\nPreserves value for equity holders\nGGP platform remains intact\nPreserves jobs",
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      "text": "Source: See page 34 of \"The Buck's Rebound Begins Here,\" May 27, 2009.",
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      "text": "On Page 34 of The Buck's Rebound Begins Here, We Proposed the Following Solution for GGP to Address Its Bankruptcy",
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      "text": "Benefits of this Approach:",
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