But the "just shut up" strategy, as veteran celebrity publicity Howard Bragman has dubbed it, comes with its own set of challenges.

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"Chaz, after many years of consideration, has made the courageous decision to honor his true identity, " Howard Bragman said in a written statement.

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McMahon's spokesman, Howard Bragman, confirmed to CNN late Tuesday that McMahon is in discussions with his lender and hopes to find a resolution.

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