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  "documentTitle": "Time Warner Inc. (TWX)",
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  "authorName": "Lazard",
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  "presentationDate": "2006-02-01 00:00:00",
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  "notes": "Page 179 of a Lazard activist deck.",
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      "text": "TWC is a separate credit from TWX and cannot borrow to support the activities of the other divisions within TWX or borrow to directly support a broader share repurchase program at TWX.",
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      "text": "(1) TWX on a consolidated basis (2) TWX excluding TWC (3) TWC standalone (4) Time Warner Entertainment LP (\"TWE\") (5) Each SeparateCo",
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      "text": "In reviewing the financial strategy and credit of TWX, forecasts were developed for the Company and each of the operating units based on information that was publicly available.",
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      "text": "Neil Begley, Moody's, Time Warner, Inc., December 2005. — Footnote (a)",
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      "text": "II. THE TWX BORROWING STRUCTURE AND CREDIT",
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      "text": "CHAPTER 3: FINANCIAL STRATEGY AND DEBT CAPACITY",
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