UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-------------
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
Under the Securities Exchange Act of 1934
Target Corporation
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
--------------------------------------------------------------------------------
(Title of Class of Securities)
87612E106
--------------------------------------------------------------------------------
(CUSIP Number)
Roy J. Katzovicz
Pershing Square Capital Management, L.P.
888 Seventh Avenue, 29th Floor
New York, NY 10019
212-813-3700
With a Copy to:
Marc Weingarten, Esq.
David E. Rosewater, Esq.
Schulte Roth & Zabel LLP
919 Third Avenue
New York, NY 10019
212-756-2000
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
July 5, 2007
------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box
[ ].
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7 for other parties
to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 11 Pages)
--------------------
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page. The information required on the
remainder of this cover page shall not be deemed to be "filed" for the purpose
of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise
subject to the liabilities of that section of the Act but shall be subject to
all other provisions of the Act (however, see the Notes).
---------------------------- ----------------------------
CUSIP No. 87612E106 SCHEDULE 13D Page 2 of 11 Pages
---------------------------- ----------------------------
------------- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
Pershing Square Capital Management, L.P.
------------- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_|
------------- -----------------------------------------------------------------
3 SEC USE ONLY
------------- -----------------------------------------------------------------
4 SOURCE OF FUNDS
OO
------------- -----------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
------------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
------------- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
----------- -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED 81,761,411
----------- -----------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------- -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
81,761,411
WITH
------------- ----------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
81,761,411
------------- -----------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
9.6%(1)
------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IA
------------- -----------------------------------------------------------------
(1) Calculated based on 851,488,525 shares of the common stock, par value
$.0833, of Target Corporation outstanding as of May 30, 2007, as reported in
Target Corporation's quarterly report on Form 10-Q for the quarterly period
ended May 5, 2007.
---------------------------- ----------------------------
CUSIP No. 87612E106 SCHEDULE 13D Page 3 of 11 Pages
---------------------------- ----------------------------
------------- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
PS Management GP, LLC
------------- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_|
------------- -----------------------------------------------------------------
3 SEC USE ONLY
------------- -----------------------------------------------------------------
4 SOURCE OF FUNDS
OO
------------- -----------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
------------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
------------- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
----------- -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED 81,761,411
----------- -----------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------- -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
81,761,411
WITH
------------- ----------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
81,761,411
------------- -----------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
9.6%(2)
------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
------------- -----------------------------------------------------------------
(2) Calculated based on 851,488,525 shares of the common stock, par value
$.0833, of Target Corporation outstanding as of May 30, 2007, as reported in
Target Corporation's quarterly report on Form 10-Q for the quarterly period
ended May 5, 2007.
---------------------------- ---------------------------
CUSIP No. 87612E106 SCHEDULE 13D Page 4 of 11 Pages
---------------------------- ---------------------------
------------- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
Pershing Square GP, LLC
------------- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_|
------------- -----------------------------------------------------------------
3 SEC USE ONLY
------------- -----------------------------------------------------------------
4 SOURCE OF FUNDS
OO
------------- -----------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
------------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
------------- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
----------- -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED 8,163,613
----------- -----------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------- -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
8,163,613
WITH
------------- ----------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,163,613
------------- -----------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
1.0%(3)
------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IA
------------- -----------------------------------------------------------------
(3) Calculated based on 851,488,525 shares of the common stock, par value
$.0833, of Target Corporation outstanding as of May 30, 2007, as reported in
Target Corporation's quarterly report on Form 10-Q for the quarterly period
ended May 5, 2007.
---------------------------- ----------------------------
CUSIP No. 87612E106 SCHEDULE 13D Page 5 of 11 Pages
---------------------------- ----------------------------
------------- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
Pershing Square Holdings GP, LLC
------------- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_|
------------- -----------------------------------------------------------------
3 SEC USE ONLY
------------- -----------------------------------------------------------------
4 SOURCE OF FUNDS
OO
------------- -----------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
------------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
------------- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
----------- -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED 62,932,718
----------- -----------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------- -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
62,932,718
WITH
------------- ----------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
62,932,718
------------- -----------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
7.4%(4)
------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IA
------------- -----------------------------------------------------------------
(4) Calculated based on 851,488,525 shares of the common stock, par value
$.0833, of Target Corporation outstanding as of May 30, 2007, as reported in
Target Corporation's quarterly report on Form 10-Q for the quarterly period
ended May 5, 2007.
---------------------------- ----------------------------
CUSIP No. 87612E106 SCHEDULE 13D Page 6 of 11 Pages
---------------------------- ----------------------------
------------- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
William A. Ackman
------------- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |X| (b) |_|
------------- -----------------------------------------------------------------
3 SEC USE ONLY
------------- -----------------------------------------------------------------
4 SOURCE OF FUNDS
OO
------------- -----------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) |_|
------------- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
------------- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
----------- -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED 81,761,411
----------- -----------------------------------------------------
BY EACH 9 SOLE DISPOSITIVE POWER
REPORTING 0
----------- -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
81,761,411
WITH
------------- ----------- -----------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
81,761,411
------------- -----------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES |_|
------------- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
9.6%(5)
------------- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
------------- -----------------------------------------------------------------
(5) Calculated based on 851,488,525 shares of the common stock, par value
$.0833, of Target Corporation outstanding as of May 30, 2007, as reported in
Target Corporation's quarterly report on Form 10-Q for the quarterly period
ended May 5, 2007.
---------------------------- ----------------------------
CUSIP No. 87612E106 SCHEDULE 13D Page 7 of 11 Pages
---------------------------- ----------------------------
ITEM 1. SECURITY AND ISSUER
This statement on Schedule 13D relates to the common stock, par value
$0.0833 per share (the "Common Stock"), of Target Corporation, a Minnesota
corporation (the "Issuer"). The principal executive offices of the Issuer are
located at: 1000 Nicollet Mall, Minneapolis, Minnesota 55403.
ITEM 2. IDENTITY AND BACKGROUND
(a) , (f) This Statement is being filed by Pershing Square Capital
Management, L.P., a Delaware limited partnership ("Pershing Square"), PS
Management GP, LLC, a Delaware limited liability company ("PS Management"),
Pershing Square GP, LLC, a Delaware limited liability company ("Pershing Square
GP"), Pershing Square Holdings GP, LLC, a Delaware limited liability company
("Pershing Square Holdings GP"), and William A. Ackman, a citizen of the United
States of America (collectively, the "Reporting Persons").
The Reporting Persons have entered into a joint filing agreement, dated
as of July 16, 2007, a copy of which is attached hereto as Exhibit 99.1.
(b) The address of the principal business and principal office of each
of the Reporting Persons is 888 Seventh Avenue, 29th Floor, New York, New York
10019.
(c) Pershing Square's principal business is serving as investment
advisor to certain affiliated funds. PS Management's principal business is
serving as the sole general partner of Pershing Square. Pershing Square GP's
principal business is serving as the sole general partner of Pershing Square,
L.P., a Delaware limited partnership ("PS"), and Pershing Square II, L.P., a
Delaware limited partnership ("PS II"). Pershing Square Holdings GP's principal
business is serving as the sole general partner of Pershing Square IV, L.P., a
Delaware limited partnership ("PS IV"), and Pershing Square IV A, L.P., a Cayman
Islands exempted limited partnership ("PS IV A"). The principal occupation of
William A. Ackman is serving as the managing member of each of PS Management,
Pershing Square GP and Pershing Square Holdings GP.
(d) , (e) During the last five years, none of the Reporting Persons (i)
has been convicted in a criminal proceeding or (ii) was a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction and as
a result of such proceeding was or is subject to a judgment, decree or final
order enjoining future violations of, or prohibiting or mandating activities
subject to, federal or state securities laws or finding any violations with
respect to such laws.
---------------------------- ----------------------------
CUSIP No. 87612E106 SCHEDULE 13D Page 8 of 11 Pages
---------------------------- ----------------------------
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Pershing Square advises the accounts of PS, PS II, Pershing Square
International, Ltd., a Cayman Islands exempted company, Pershing Square
International IV Ltd., a Cayman Islands exempted company, and PS IV A
(collectively, the "Pershing Square Funds"), which purchased beneficial
ownership of an aggregate of 81,761,411 shares of the Common Stock (which
includes shares of Common Stock underlying over-the-counter American-style call
options exercisable through dates ranging from December 14, 2007 to April 6,
2009) for total consideration (including brokerage commissions) of
$1,982,649,437. The source of funding for the purchase of the shares of Common
Stock and the over-the-counter American-style call options was derived from the
respective capital of the Pershing Square Funds.
ITEM 4. PURPOSE OF TRANSACTION
The Issuer is a leading domestic retailer with a differentiated brand,
significant growth opportunities and the strongest operating management in the
retail industry. The Reporting Persons believe that the Issuer's Common Stock is
undervalued and intend to discuss with management ways in which this
undervaluation can be corrected.
The Reporting Persons may engage the Issuer in discussions that may
include matters relating to the Issuer's strategy, business, assets, operations,
capitalization and/or financial condition, or in proposing one or more of the
other actions described in subsections (a) through (j) of Item 4 of Schedule
13D.
---------------------------- ----------------------------
CUSIP No. 87612E106 SCHEDULE 13D Page 9 of 11 Pages
---------------------------- ----------------------------
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a), (b) Based upon the Issuer's quarterly report on Form 10-Q for the
quarterly period ended May 5, 2007, there were 851,488,525 shares of the Common
Stock outstanding as of May 30, 2007. Based on the foregoing, the 81,761,411
shares of the Common Stock (which includes shares of Common Stock underlying
over-the-counter American-style call options exercisable through dates ranging
from December 14, 2007 to April 6, 2009) (the "Subject Shares") beneficially
owned by the Reporting Persons represent approximately 9.6% of the shares of the
Common Stock issued and outstanding.
Pershing Square, as the investment adviser to the Pershing Square
Funds, may be deemed to have the shared power to vote or direct the vote of (and
the shared power to dispose or direct the disposition of) the Subject Shares. As
the general partner of Pershing Square, PS Management may be deemed to have the
shared power to vote or to direct the vote of (and the shared power to dispose
or direct the disposition of) the Subject Shares. As the general partner of
Pershing Square, L.P. and Pershing Square II, L.P., Pershing Square GP may be
deemed to have the shared power to vote or to direct the vote of (and the shared
power to dispose or direct the disposition of) the 8,163,613 shares of the
Common Stock owned by Pershing Square, L.P. and Pershing Square II, L.P. As the
general partner of PS IV A, Pershing Square Holdings GP may be deemed to have
the shared power to vote or to direct the vote of (and the shared power to
dispose or direct the disposition of) the 62,932,718 shares of the Common Stock
owned by PS IV A. By virtue of William A. Ackman's position as managing member
of each of PS Management, Pershing Square Holdings GP and Pershing Square GP,
William A. Ackman may be deemed to have the shared power to vote or direct the
vote of (and the shared power to dispose or direct the disposition of) the
Subject Shares and, therefore, William A. Ackman may be deemed to be the
beneficial owner of the Subject Shares.
As of the date hereof, none of the Reporting Persons owns any shares of
the Common Stock other than the Subject Shares covered in this Statement.
(c) See trading data attached hereto as Exhibit 99.3. Exhibit 99.3 is
incorporated by reference into this Item 5(c) as if restated in full.
Except as set forth in Exhibit 99.3 attached hereto, within the last 60
days, no other transactions in shares of the Common Stock were effected by any
Reporting Person.
(d) No other person is known to the Reporting Persons to have the right
to receive or the power to direct the receipt of dividends from, or the proceeds
from the sale of, the shares of the Common Stock covered by this Statement,
except that dividends from, and proceeds from the sale of, the shares of the
Common Stock held by the accounts managed by Pershing Square may be delivered to
such accounts.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER
Pershing Square Holdings GP is the general partner of PS IV A pursuant
to the Second Amended and Restated Limited Partnership Agreement of Pershing
Square IV A L.P., dated as of May 31, 2007 (the "Partnership Agreement"). The
sole limited partner of PS IV A is PS IV. Pursuant to the Partnership Agreement,
Pershing Square Holdings GP has shared voting and dispositive power over the
shares of Common Stock held by PS IV A and is entitled, generally on an annual
basis, to a portion of the appreciation in the value of the shares of Common
Stock. The foregoing description of the Partnership Agreement is a summary only
and is qualified in its entirety by
---------------------------- ----------------------------
CUSIP No. 87612E106 SCHEDULE 13D Page 10 of 11 Pages
---------------------------- ----------------------------
reference to the Partnership Agreement, which is filed as Exhibit 99.4 hereto
and incorporated herein by reference.
The Reporting Persons may, from time to time, enter into and dispose of
cash-settled equity swap, option or other derivative transactions with one or
more counterparties that are based upon the value of shares of Common Stock,
which transactions may be significant in amount. The profit, loss and/or return
on such contracts may be wholly or partially dependent on the market value of
the shares of Common Stock. In addition to the Subject Shares that they
beneficially own without reference to these contracts, one or more of the
Reporting Persons currently have additional economic exposure which replicates
the performance of 5,000,000 shares of Common Stock through cash-settled equity
swap contracts. Please refer to Exhibit 99.3 hereto for additional information.
These contracts do not give the Reporting Persons direct or indirect voting,
investment or dispositive control over any securities of the Issuer and do not
require the counterparties thereto to acquire, hold, vote or dispose of any
securities of the Issuer.
One or more Reporting Persons also own options to purchase 79,213,351
shares of Common Stock pursuant to various over-the-counter American-style call
option arrangements with strike prices ranging from $34.63 to $53.12 and
exercisable through dates ranging from December 14, 2007 to April 6, 2009.
Please refer to Exhibit 99.3 hereto for additional information.
Pursuant to the letter agreement (the "Letter Agreement"), dated July
16, 2007, Pershing Square Holdings GP has made a commitment to donate to the
Pershing Square Foundation, a charitable foundation focused on supporting
charitable endeavors including, among others, education, global health care,
environmental conservation, human rights, free speech, inner city economic
development and advancement, social entrepreneurship and peaceful coexistence
initiatives, or to other charitable organizations that are qualified under
Section 501(c)(3) of the Internal Revenue Code, one third of the net realized
after-tax profits from incentive allocations made to Pershing Square Holdings GP
as a result of the investments undertaken by PS IV A. The foregoing description
of the Letter Agreement is a summary only and is qualified in its entirety by
reference to the Letter Agreement, which is filed as Exhibit 99.2 hereto and
incorporated herein by reference.
Except as otherwise set forth herein, the Reporting Persons do not have
any contract, arrangement, understanding or relationship with any person with
respect to the securities of the Issuer.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit 99.1 Joint Filing Agreement, dated as of July 16, 2007,
among Pershing Square Capital Management, L.P., PS
Management GP, LLC, Pershing Square GP, LLC, Pershing Square
Holdings GP, LLC and William A. Ackman.
Exhibit 99.2 Letter Agreement of Pershing Square Holdings GP, LLC, dated as of
July 16, 2007
Exhibit 99.3 Trading data of the transactions in the Common Stock that were
effected during the past 60 days.
Exhibit 99.4 Second Amended and Restated Limited Partnership Agreement of
Pershing Square IV A L.P., dated as of July 15, 2007.
---------------------------- ----------------------------
CUSIP No. 87612E106 SCHEDULE 13D Page 11 of 11 Pages
---------------------------- ----------------------------
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: July 16, 2007
PERSHING SQUARE CAPITAL MANAGEMENT, L.P.
By: PS Management GP, LLC,
its General Partner
By: /s/ William A. Ackman
-----------------------------------
William A. Ackman
Managing Member
PS MANAGEMENT GP, LLC
By: /s/ William A. Ackman
-----------------------------------
William A. Ackman
Managing Member
PERSHING SQUARE GP, LLC
By: /s/ William A. Ackman
-----------------------------------
William A. Ackman
Managing Member
PERSHING SQUARE HOLDINGS GP, LLC
By: /s/ William A. Ackman
-----------------------------------
William A. Ackman
Managing Member
/s/ William A. Ackman
-----------------------------------
WILLIAM A. ACKMAN
EXHIBIT INDEX
Exhibit Description
----------- -------------------------------------------------------------
99.1 Joint Filing Agreement, dated as of July 16, 2007, among Pershing
Square Capital Management, L.P., PS Management GP, LLC, Pershing
Square GP, LLC, Pershing Square Holdings GP, LLC and William A.
Ackman.
99.2 Letter Agreement of Pershing Square Holdings GP, LLC, dated as of
July 16, 2007.
99.3 Trading data of the transactions in the Common Stock that were
effected during the past 60 days.
99.4 Second Amended and Restated Limited Partnership Agreement of
Pershing Square IV A L.P., dated as of July 15, 2007.