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  "documentTitle": "Canadian Pacific Railway (CP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2012-02-06 00:00:00",
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      "text": "OR at time of acquisition was ~70%; should have been margin accretive",
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      "kind": "list",
      "text": "Reputedly a \"poison pill\" to fend off financial and strategic acquirers",
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      "text": "High valuation: $1.5bn + $300mm of capex deficiency = 18x EBIT of ~$100mm; What was the return to shareholders on this capital?",
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      "text": "No compelling strategic rationale: Extremely expensive option to be the 3rd rail carrier in PRB",
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      "text": "DM&E Acquisition was a Mistake",
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