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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": "The slide argues that restructuring into separate entities allows for higher aggregate debt capacity than the consolidated entity.",
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      "text": "The conclusion is that the SeparateCos could borrow up to $23.0 billon of debt to be used to return capital to shareholders or for future strategic initiatives.",
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      "text": "Exhibit 3.28: 2005PF DEBT CAPACITY ANALYSIS ($ MM)",
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      "text": "(a) 2005PF OIBDA assumes $35 million of intersegement eliminations in 2005 based on Wall Street consensus estimates. (b) The divisions of TWX already incur most of the costs related to a standalone company...",
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      "text": "Implied Incremental Debt: $23.0 billion",
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      "text": "The restructuring of TWX should involve a substantial increase in the leverage of the Company or the newly created SeparateCos for the benefit of the Company, its business divisions and shareholders.",
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      "text": "Source: Information and estimates based on various Wall Street research reports.",
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      "text": "VIII. DEBT CAPACITY OF THE SEPARATECOS",
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