{
  "docId": "019de06f-7b6a-7599-b88b-e5db756b283e",
  "docSlug": "e8ed5b303558509d41c1162984588b13",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-11-01 00:00:00",
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  "pageNumber": 26,
  "pageCount": 79,
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  "slideType": "propose_solution",
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  "density": "sparse",
  "nDataPoints": 1,
  "notes": "Uses a before-after transition diagram to illustrate the structural change.",
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  "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/26",
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      "kind": "diagram",
      "text": "Before-After structural diagram showing the IPO of McOpCo and the subsequent split into PropCo and FranCo.",
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      "kind": "list",
      "text": "At the time of IPO, McOpCo signs market lease and franchise agreements with Pro Forma McDonald's (“PF McDonald's”)",
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      "text": "Resulting Pro Forma McDonald's is a world-class real estate and franchise business; McOpCo financials deconsolidated from PF McDonald's; Leverage is placed only on PropCo; FranCo is unlevered, maximizing its credit rating",
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      "kind": "title",
      "text": "Pershing's Proposal: McOpCo IPO (cont'd)",
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