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  "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
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  "authorName": "William Ackman",
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      "text": "We believe the proposed transaction offers shareholders a highly compelling alternative to HHH’s limited strategic options as a standalone public company",
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      "text": "Separating low-basis assets to unlock “sum-of-the-parts” value undermines MPC strategy and incurs significant tax friction",
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      "text": "Limited ability to raise equity capital without Pershing Square’s backing: November 2010: $250 million rights offering; March 2020: $500 million in a $600 million rights offering; October 2024: $73 million in a $175 million rights offering",
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      "text": "Lack of recognition by public markets despite substantial business progress: Enhanced management team and board; Simplified business structure (Seaport spin-off, divestiture of non-core assets)",
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