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  "documentTitle": "Pershing Square | Activist Presentation Deck | 110 slides",
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  "authorName": "Pershing Square Capital Management",
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  "documentKindLabel": "Activist deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-04-01 00:00:00",
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  "pageNumber": 6,
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      "text": "Platform Value\n\nIn this presentation, we have attempted to value an asset of Val-gan, which we refer to as \"Platform Value\". Considerations in valuating this asset include management's ability to (1) identify new acquisitions, (2) execute those acquisitions on reasonable terms, and (3) integrate them effectively.\n\nThere is always a risk that acquisitions may be too difficult to accomplish or otherwise be unsuccessful\n\nWe are not aware of any recognized authority for valuing Platform Value, but we believe that the market should assign value to Platform Value. It is possible that the market will not assign any Platform Value to Valeant or Val-gan. And if so, the estimates and projections of Platform Value we provide will be inapplicable.",
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