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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": "This is a classic activist investor critique of corporate-owned assets vs. franchised assets.",
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      "text": "“Corporate subsidies” in the form of uncharged rent and uncharged franchisee fees have led to McOpCo being run inefficiently over time",
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      "text": "Adjusting for a market rent and a franchise fee, McOpCo has lower average unit margins than those of an average U.S. franchisee",
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      "text": "Objective 1: Improve McOpCo’s Operating Performance",
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