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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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  "notes": "The slide uses a 'Permitted Liabilities' calculation to justify the sufficiency of the IPO proceeds.",
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      "text": "GGO's use of proceeds from the PF GGP share offering is limited to satisfying permitted liabilities. We believe that cash from a PF GGP capital raise even at prices meaningfully lower than $15 per share is more than sufficient to satisfy these claims",
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      "text": "At $15 per share, the GGO IPO Participation will be ~$1bn, substantially more than enough to satisfy these permitted liabilities",
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      "text": "The face value of the note is equal to overruns above a conservative projection of bankruptcy exit costs",
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      "text": "(1) Projected bankruptcy exit costs, \"Permitted Claims\", are $650mm per Pershing Square assumptions (2) Source: Cornerstone Investment Agreement",
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      "text": "Permitted Use of IPO Participation ($ in millions, except per share data) Promissory Note (1) $ - Deferred Tax Liabilities (2) $ 304 Hughes Heirs' Claim X Permitted Liabilities $304 + X",
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