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  "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides",
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  "authorName": "Pershing Square Capital Management",
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      "kind": "callout",
      "text": "McDonald's management stated that, assuming adequate value creation, none of these issues would prevent a restructuring",
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      "text": "Some friction costs associated with the CMBS financing structure, but not a gating issue. Potential property tax revaluations. Legal costs. Large transaction for CMBS market. Mostly driven by CMBS financing.",
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      "text": "Incremental $9bn of leverage as proposed may put pressure on credit rating. Rating agency consolidation of McOpCo. Lease commitments viewed as leverage.",
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