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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": "Includes two exhibits: debt maturity profile and net debt/OIBDA peer comparison.",
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      "text": "TWX appears to have a more conservative financial policy and leverage targets than many of its competitors in the media sector (both diversified media and cable credits).",
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      "text": "Exhibit 3.12: TWX DEBT MATURITY PROFILE - AS OF SEPTEMBER 30, 2005 ($ MM)",
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      "text": "Exhibit 3.13: MEDIA CREDITS: NET DEBT/2005E OIBDA",
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      "text": "Net Debt/OIBDA: 1.3x",
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      "text": "TWX appears to have a more conservative financial policy and leverage targets than many of its competitors in the media sector. The Company should be more aggressive in exploiting its balance sheet for the benefit of shareholders.",
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      "kind": "paragraph",
      "text": "The following table illustrates the debt maturity profile of TWX as of September 30, 2005. Little has changed. There was no liquidity crisis in 2002 - 2003... why then the concern about adding debt for incremental share repurchases?",
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      "kind": "source-note",
      "text": "(a) Excludes capital leases... (b) Includes Publishing... (c) Pro forma for... (d) Represents interest bearing debt... (e) Includes 75% of the face value...",
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      "kind": "table",
      "text": "Adj. Net Debt/OIBDAR, Moody's/Outlook, S&P/Outlook data for peers",
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      "text": "Chapter 3: Financial Strategy and Debt Capacity",
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