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  "documentTitle": "Time Warner Inc. (TWX)",
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  "notes": "The slide uses two exhibits to argue that Time Warner's capital allocation (specifically buybacks) has been historically ineffective compared to peers and in its own past performance.",
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      "text": "The Management Repurchase Plan remains insufficient and will likely prove ineffective in its impact on the stock price of TWX given its intended implementation over 24 months.",
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      "text": "Exhibit 3.16: COMPARABLE MEDIA COMPANIES CAPITAL RETURNED TO SHAREHOLDERS 2002 - 2005",
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      "text": "TWX, until recently, had not paid dividends, and from March 2002 to July 2005 had not repurchased any stock. The Management Repurchase Plan remains insufficient and will likely prove ineffective...",
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      "text": "Information based on Company filings and various Wall Street research reports.",
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      "text": "'05 - '07 CAGR Revenue and OIBDA for media companies",
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      "text": "CHAPTER 3: FINANCIAL STRATEGY AND DEBT CAPACITY",
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