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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 a line chart showing spread volatility over time and a detailed table comparing credit ratings, yields, and outstanding debt for Time Warner, Disney, News Corp, and Viacom.",
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      "text": "Given the current lending environment, TWX should have ample access to capital at extremely attractive rates to finance a larger share repurchase program.",
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      "text": "Exhibit 3.18: TWX SPREADS SINCE JULY 1, 2004 TO PRESENT",
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      "text": "spread to interpolated US treasury: 120bps",
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      "text": "(a) Approximately 150 bps and 200 bps above the 10-year Treasury for Baa2/BBB and Baa3/BBB-, respectively.",
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      "kind": "table",
      "text": "Exhibit 3.19: COMPARISON OF SELECTED DEBT ISSUERS ($ MM)",
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      "text": "CHAPTER 3: FINANCIAL STRATEGY AND DEBT CAPACITY",
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