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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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  "presentationDate": "2016-11-01 00:00:00",
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  "notes": "Part of Pershing Square's activist proposal for McDonald's.",
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      "text": "Step 1: McOpCo dividends a $4.2bn Note to McDonald's (parent)",
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      "text": "Step 2: IPO of McOpCo and Tax Costs",
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      "text": "McOpCo declares and pays a dividend to McDonald's (parent) in the form of a Note in an amount equal to the anticipated proceeds from an initial public offering of McOpCo.",
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      "text": "PF McDonald's is organized as a real estate business (\"PropCo\") and a franchise business (\"FranCo\"). PropCo issues secured financing with proceeds used for repaying existing debt and buying back shares.",
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      "text": "McOpCo undertakes the IPO and uses the proceeds to repay the dividend note. The tax cost for the IPO would be the amount by which the IPO distribution exceeded McDonald's basis in the McOpCo stock multiplied by McDonald's corporate and state/local tax rate.",
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