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  "documentTitle": "Pershing Square | Activist Presentation Deck | 31 slides",
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  "authorName": "Pershing Square",
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  "presentationDate": "2008-05-01 00:00:00",
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  "pageNumber": 19,
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  "notes": "The slide uses a sum-of-the-parts approach to value fee simple units and building-only units, then adjusts for tax implications.",
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      "kind": "callout",
      "text": "~40% of Wendy's TEV",
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      "text": "Based on the assumptions below, Wendy's OpCo real estate is worth approximately $1bn. Given Wendy's existing capital loss position, we don't believe Wendy's would need to pay taxes in a real estate sale",
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      "text": "OpCo Stores Owned Real Estate Value breakdown including Fee Simple Units, Owned Buildings, and tax adjustments.",
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