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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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  "notes": "The slide uses a list of 8 specific financial actions taken by the company between 2002 and 2003 to illustrate poor capital management.",
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      "text": "TWX pursued a strategy of rapid de-leveraging to ease concerns of the rating agencies and bondholders and, in the process, used cash for certain questionable asset purchases.",
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      "text": "1. Negotiated to settle the AOL Europe put with Bertelsmann in cash for $6.75 billion. 2. Discontinued share repurchase program. 3. Funded One Time Warner Center. 4. Restructured TWE. 5. Bought 11% of WB. 6. Lowered leverage. 7. Paid Vivendi. 8. Settled litigation.",
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      "text": "TWX has never been in financial distress or at the precipice of a significant decline that would jeopardize its investment grade status or substantially limit its financial flexibility. Although there were pressures on the Company in 2002 and 2003 to delever, those pressures emanated from short-term nervousness in the market and management's desire to maintain a Baa1/BBB+ rating.",
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      "text": "TWX pursued a strategy of rapid de-leveraging to ease concerns of the rating agencies and bondholders and, in the process, used cash for certain questionable asset purchases. The Company stumbled further with the untimely sale of several attractive assets.",
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      "kind": "paragraph",
      "text": "The cumulative incremental year end capacity available (shown above) represents the total debt that TWX (excluding TWC) could borrow in excess of the Management Repurchase Plan assuming the leverage ratios remain at 3.00x, 3.25x, and 3.50x, respectively, at the end of each projected period.",
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      "kind": "quote",
      "text": "Investors have wondered about AOL Time Warner’s ability to obtain decent prices for businesses during an — New York Times",
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      "kind": "source-note",
      "text": "(a) through (g) citations regarding S&P ratings and specific transaction details.",
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      "kind": "title",
      "text": "IV. WHAT ABOUT THE SHAREHOLDERS?",
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      "kind": "title",
      "text": "CHAPTER 3: FINANCIAL STRATEGY AND DEBT CAPACITY",
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