Pershing Square
objective unlock shareholder value at the first step to unlocking shareholder value is to introduce transparent segment financial statements are not transparent does not pay an arm length rent or franchise fee to brand as such reported do not make apparent that approximately of is derived from the higher multiple brand issuing transparent segment for and brand would demonstrate true profitability of brand true operating margins and capital requirements at | Pershing Square
Company
Deck Type
Deck date
January 2006
Slide
19 of 58
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