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  "authorName": "Pershing Square Capital Management",
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  "notes": "Part of section V: Developing a Response to the Company.",
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      "text": "McDonald's is significantly undervalued today\nOver 80% of its cash flows comes from real estate income and franchise income\nProposal creates value for several reasons\nIncreases shareholder value\nImproves management focus\nIncreases transparency\nImproves capital allocation\nImproves franchise alignment\nThere are multiple ways to unlock value\nPershing's Initial Proposal\nVariations on Pershing's Initial Proposal",
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