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  "documentTitle": "Mall REIT sector (long General Growth Properties) (GGP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2010-05-26 00:00:00",
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  "notes": "The table highlights the $15.00 share price column with a dashed box.",
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      "text": "Excess Sources: $1,933",
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      "text": "(1) New Debt is included as a source of funds because the corresponding liability is included in Target Net Debt. The estimated fee to raise the New Debt is also included as a Permitted Claim in the Target Net Debt amount. (2) Represents PF GGP's sale of 440mm shares to BPF at $10 per share. (250mm to B, 190mm to PF). (3) Subject to the 80/20 GGO IPO Participation, PF GGP is entitled to keep 20% of excess proceeds raised above $10. To the extent GGO's 80% IPO Participation exceeds permitted liabilities, PF GGP will be entitled to keep more cash than presented above. (4) Assumes GGP sells 65mm Liquidity Equity Issuances shares. GGP is entitled to keep 20% of excess proceeds raised above $10. (5) TopCo unsecured debt, which includes GGP's convert, Rouse debt, term loan, and revolver, and the DIP loan are treated as uses of funds because they are excluded from Target Net Debt as part of the Reinstatement Adjustment Amount.",
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      "text": "Illustrative PF GGP Equity Raise Price table showing Emergence Sources and Uses across price points $10-$16.",
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      "text": "PF GGP Cap Rate Detail – Excess Sources",
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