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  "documentTitle": "Time Warner Inc. (TWX)",
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  "authorName": "Lazard",
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      "text": "debt capacity: $23.0 billion",
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      "text": "Introduction: TWX's financial strategy has been shortsighted and unduly conservative. TWX is under-leveraged. As a consolidated entity, TWX should have up to $20.0 billion of debt capacity. Individual business units could manage up to $23.0 billion.",
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      "text": "Overview: This analysis examines the current financial strategy and capital structure of TWX. TWX from 2003 - 2005 embarked on a strategy of debt reduction that benefited bondholders to the detriment of shareholders.",
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      "text": "I. EXECUTIVE SUMMARY",
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