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  "documentTitle": "J.P.Morgan | Investment Banking Pitch Book | 33 slides",
  "authorId": "j-p-morgan",
  "authorName": "JPMorgan",
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  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2006-03-01 00:00:00",
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  "pageNumber": 11,
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  "notes": "The slide clarifies the assumptions used in the valuation, including adjustments for EBITDA projections and management's Q1 2006 outlook.",
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      "text": "We used the management Upside Case as the basis for our valuation analysis\nThe Upside Case includes certain projects that management believes are likely to occur\nFor the purpose of the negotiations with the buyer, JPMorgan also created an Adjusted Upside Case:\n10% upside in 2006 on Atlantis, Paradise Island over management's Upside Case EBITDA projections\nManagement's upside case EBITDA projections for 2006 and 2007 are below I/B/E/S consensus street estimates\nHowever, management has informed us that they may be below budget for Paradise Island for Q1 2006",
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