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  "documentTitle": "Time Warner Inc. (TWX)",
  "authorId": "14_Icahn",
  "authorName": "Lazard",
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  "presentationDate": "2006-02-01 00:00:00",
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      "text": "I. EXECUTIVE SUMMARY 177\nII. THE TWX BORROWING STRUCTURE AND CREDIT 179\nIII. TWX HAS CAPACITY TO SIGNIFICANTLY INCREASE ITS SHARE REPURCHASE PROGRAM 181\nIV. WHAT ABOUT THE SHAREHOLDERS? 183\nV. SHAREHOLDERS SHOULD NOT HAVE TO WAIT FOR A SUBSTANTIAL RETURN OF CAPITAL 192\nVI. IT'S TIME TO OPTIMIZE LEVERAGE AND RETURN CAPITAL TO SHAREHOLDERS 194\nVII. A SUBSTANTIAL REPURCHASE SHOULD BE ATTRACTIVE TO ALL SHAREHOLDERS AND TWX 198\nVIII. DEBT CAPACITY OF THE SEPARATECOS 202\nIX. SUMMARY 204\nX. AOL FINANCIAL STRATEGY 205\nXI. CONTENT FINANCIAL STRATEGY 210\nXII. PUBLISHING FINANCIAL STRATEGY 214\nXIII. TWC FINANCIAL STRATEGY 221\nXIV. TWX DEBT SUMMARY 236",
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