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  "docSlug": "852eb8103109",
  "documentTitle": "Time Warner Inc. (TWX)",
  "authorId": "14_Icahn",
  "authorName": "Lazard",
  "documentKindSlug": "activist-deck",
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  "presentationDate": "2006-02-01 00:00:00",
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  "notes": "Includes two exhibits: a table comparing accretion/dilution and a bar chart comparing FCF per share over time.",
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      "text": "The $20.0 billion repurchase has modest advantages in terms of Free Cash Flow and EPS growth at TWX.",
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      "text": "Exhibit 3.24: FREE CASH FLOW PER SHARE COMPARISON",
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      "text": "FCF/share: $20bn",
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      "text": "The repurchase of a total of $20.0 billion of common stock... should benefit shareholders as the redemption of shares is expected to be immediately accretive in 2006 to FCF/share and EPS.",
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      "text": "Source: Information and estimates based on various Wall Street research reports.",
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      "text": "Exhibit 3.23: REPURCHASE PLANS COMPARISON ACCRETION/DILUTION",
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      "kind": "title",
      "text": "A Repurchase Should Be Accretive to FCF/Share and EPS",
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