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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 detailed credit statistics for TWX Consolidated, TWX (ex. TWC), and TWC, plus cumulative incremental debt capacity scenarios.",
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      "text": "This repurchase would result in pro forma TWX total debt rising to $43.6 billion or 3.8x total debt/2005PF OIBDA.",
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      "text": "Note: 2005PF includes Adelphia/Comcast transactions which are assumed to occur on January 1, 2005 for comparative purposes.",
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      "text": "Total Debt / OIBDA: 3.8x",
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      "kind": "paragraph",
      "text": "Exhibit 3.20 illustrates the impact of a larger and more immediate share repurchase program on the credit statistics and Free Cash Flow per share of TWX.",
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      "text": "Source: Information and estimates based on various Wall Street research reports.",
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      "text": "Financial projection table for TWX debt analysis",
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      "text": "CHAPTER 3: FINANCIAL STRATEGY AND DEBT CAPACITY",
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