The gist of these proposals has been to extract some cash from the company. The more the better ... with these proposals in the view of shareholders.

The key is to keep them in the stores a little longer. Certainly they're in a turnaround situation. Now they need to move to month-in, month-out having stronger same- store sales and bringing that to the bottom line.

Investors know this year will not be a great litmus test. The acquisition is a wealth of opportunity for Federated and it is something that will be executed diligently over time.

They have marked time by working off the (buyout price) premium and some of the uncertainty.

There's a little bit of a slowing effect in February because of the weather, coming on the heels of a very strong January. Consumer confidence is moderating.

There was certainly shopper excitement early on, but it wasn't sustained. Clearly their Black Friday strategy worked. But their holiday was modestly disappointing as they went on.

They are a ways away from hitting on all cylinders. There is a healthy core, but they are continuing to divest some of their slower growth areas.

Something along these lines will happen over the next 12 months, but it will be at the timing and discretion of McDonald's management team. No one likes to be dictated to.

There's reason for optimism. A lot is likely to happen in the next 12 months.

Employment's good and they traffic in consumables, so you can't postpone that forever.