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  "documentTitle": "Time Warner Inc. (TWX)",
  "authorId": "14_Icahn",
  "authorName": "Lazard",
  "documentKindSlug": "activist-deck",
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  "presentationDate": "2006-02-01 00:00:00",
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  "notes": "The slide uses two line charts to contrast bondholder returns against shareholder returns, supporting an activist argument regarding capital allocation.",
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      "text": "TWX bondholders have reaped returns of 40% over the period (14% price appreciation plus interest) while shareholders have experienced an 8% decline in value.",
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      "kind": "chart",
      "text": "Exhibit 3.5: TWX BONDS VS SHARE PRICE PERFORMANCE SINCE AOL/TWX MERGER",
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      "text": "Exhibit 3.6: TWX BONDS VS SHARE PRICE PERFORMANCE SINCE PARSONS",
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      "text": "share price performance: -63%",
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      "kind": "paragraph",
      "text": "TWX had ample liquidity and access to funds throughout this period. TWX, in fact, tapped the markets for various re-financings in mid-2002...",
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      "text": "Information Source: Public sources.",
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      "kind": "source-note",
      "text": "(a) Represents weighted average bond price returns... (b) Represents the common stock of TWX... (c) Assumes price appreciation... (d) Represents weighted average bond price returns...",
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      "kind": "title",
      "text": "CHAPTER 3: FINANCIAL STRATEGY AND DEBT CAPACITY",
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