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  "documentTitle": "Pershing Square | Activist Presentation Deck | 58 slides",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2006-01-01 00:00:00",
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  "notes": "The slide uses a bridge diagram to illustrate the transition from 'As Reported' financials to 'Adjusting for Market Rent' and finally to 'IPO of 20% of McOpCo' valuation.",
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      "text": "We believe a minority IPO of McOpCo would force a market revaluation of McDonald's.",
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      "text": "Assumes $1.25bn of proceeds from IPO and $1.75bn of existing cash on hand used to repurchase shares. Analysis is pro forma for a McOpCo spin-off and McDonald's share buyback on 12/31/05.",
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      "text": "Revised Proposal: Allows Investors to Value on a Sum-of-the-Parts Basis",
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