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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 comparative table/list structure to show that peers have been more active in returning capital to shareholders.",
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      "text": "Since 2002, TWX has returned significantly less capital to its shareholders than other major US media companies.",
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      "text": "capital return: 1.5%",
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      "text": "Since 2002, TWX has returned significantly less capital to its shareholders than other major US media companies. Exhibit 3.16 reveals that TWX has returned 1.5% of its capital to shareholders over the past five years, the lowest in its peer group.",
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      "text": "The Management Repurchase Plan falls short of the need to return excess capital to shareholders through share repurchases or dividends. Most major media and entertainment companies have been actively restructuring and returning capital to shareholders over the last few years.",
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      "text": "Information Source: Company filings",
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      "text": "Exhibit 3.15: RESTRUCTURING AND RETURN OF CAPITAL COMPARISON",
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      "text": "V. SHAREHOLDERS SHOULD NOT HAVE TO WAIT FOR A SUBSTANTIAL RETURN OF CAPITAL",
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