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  "documentTitle": "Pershing Square | Activist Presentation Deck | 58 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management",
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  "documentKindLabel": "Activist deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2006-01-01 00:00:00",
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  "notes": "Part of an activist investor deck (Pershing Square) critiquing McDonald's operations.",
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      "text": "(5) McDonald's should retain control of McOpCo\nFranchisees generally agreed that control of McOpCo should remain with McDonald's\nKeeps the franchisee vote democratic and dispersed",
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      "text": "(4) McOpCo undercuts on pricing\nMcOpCo's subsidized economics reduce the impact of lower margin product pricing decisions\nAs such, approximately 27% of the McDonald's system currently does not price optimally\nReduces the profitability of the entire system\nUnderpricing at McOpCo pressures franchisees to sacrifice “penny profits” for traffic and sales volume",
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      "text": "(1): Based on approximately 8,119 McOpCo restaurants out of 30,516 systemwide McDonald's restaurants, as of 2004.",
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      "text": "Strengthening the McDonald's System: What Franchisees Had to Say (cont'd)",
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