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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": "This is a text-heavy slide from an activist investor presentation (Lazard) critiquing Time Warner's capital allocation strategy.",
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      "text": "What is TWX saving its debt capacity for?",
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      "text": "net debt: $12.4 billion",
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      "text": "TWX's total debt (before the impact of the Adelphia/Comcast transactions) as of September 30, 2005 was $20.4 billion with net debt of $12.4 billion.",
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      "kind": "paragraph",
      "text": "TWX, as currently configured, should adjust its long-term total debt/OIBDA target to 3.25x - 3.50x, and allow leverage to exceed the target episodically to accommodate a large repurchase or a critical acquisition.",
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      "kind": "quote",
      "text": "Mr. Parsons, on December 8, 2005, said that he believed that TWX has “hit the right balance” — UBS Investor Conference, December 8, 2005.",
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      "text": "(a) The SEC in July 2002 commenced an investigation into the accounting and disclosure practices of TWX principally involving AOL. The Company on March 21, 2005 settled with the SEC and agreed to pay $300 million.",
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      "kind": "title",
      "text": "CHAPTER 3: FINANCIAL STRATEGY AND DEBT CAPACITY",
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      "kind": "title",
      "text": "VI. IT'S TIME TO OPTIMIZE LEVERAGE AND RETURN CAPITAL TO SHAREHOLDERS",
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