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  "documentTitle": "Mall REIT sector (long General Growth Properties) (GGP)",
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  "authorName": "William Ackman",
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      "text": "Unlike traditional IPOs where buyers have all the leverage, PF GGP's equity is already fully committed pre-offering.",
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      "text": "Unlike traditional IPOs where buyers have all the leverage, PF GGP’s equity is already fully committed pre-offering. As a result, rather than be a forced seller, PF GGP can achieve a high value execution",
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      "text": "Under the terms of the Brookfield, Fairholme, and Pershing Square agreement, PF GGO can sell up to 255 million shares at prices of $10.50 or greater",
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      "text": "(1) Assumes full clawback of 190mm Pershing Square and Fairholme shares. Assumes GGP sells full amount of 65mm Liquidity Equity Issuances shares.",
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