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  "documentTitle": "Time Warner Inc. (TWX)",
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  "authorName": "Lazard",
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  "presentationDate": "2006-02-01 00:00:00",
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  "notes": "The slide provides a valuation table for non-core assets and discusses the feasibility of a $20B share repurchase program.",
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      "text": "These assets, valued in excess of $1.0 billion, could be used to reduce initial indebtedness levels or provide funds for re-investment in the core business of TWX.",
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      "text": "Gross Pre-Tax Asset Value: $1,100 - $1,480",
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      "text": "These assets, valued in excess of $1.0 billion, could be used to reduce initial indebtedness levels or provide funds for re-investment in the core business of TWX. In addition, TWX could monetize the AOL access business (particularly in Europe) and various real estate holdings (including One Time Warner Center).",
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      "text": "The debt capacity analysis does not incorporate any benefit to the financial flexibility of TWX and the SeparateCos from the potential monetization of certain non-core or unconsolidated assets, including:",
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      "text": "A $20.0 billion share repurchase (consisting of $18.0 billion via dutch auction and $1.960 billion of stock already assumed repurchased in 2005) should not burden the financial flexibility of TWX or the SeparateCos. The proposal is not short-term oriented, but a realistic assessment of capacity of each of these businesses to manage debt. Each SeparateCo should have substantial liquidity and should reduce debt meaningfully over a short period given its projected growth in cash flow. It is anticipated that bank and credit markets will be extremely receptive to financing the capital structures of each SeparateCo. The credit agencies should also favorably view the respective credits and recognize the attractive attributes of each SeparateCo.",
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      "text": "(a) Various Wall Street research reports.",
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      "text": "Exhibit 3.29: OTHER ASSETS ($ MM)",
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      "kind": "title",
      "text": "CHAPTER 3: FINANCIAL STRATEGY AND DEBT CAPACITY",
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