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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 footnotes regarding debt adjustments and credit ratings.",
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      "kind": "callout",
      "text": "AOL with $4.8 billion in debt would be positioned against a broader group of investment grade and non-investment grade media and communications companies.",
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      "text": "(a) All debt figures as of September 30, 2005. (b) Based on twelve months ended September, 2005. (c) United Online's credit rating... (d) Represents interest bearing debt and liabilities adjusted for operating leases...",
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      "kind": "metric",
      "text": "Debt/OIBDA: 2.5x",
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      "text": "Leverage Considerations: The AOL business is projected to have OIBDA of about $1.9 billion in 2005, which is projected to grow 14% over the forecast period.",
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      "text": "Given AOL's business mix and the fact that industry competitors generally support no leverage, no pure comparable companies from a credit and industry group standpoint exist.",
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      "kind": "source-note",
      "text": "Source: Information and estimates based on various Wall Street research reports and Company filings.",
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      "kind": "table",
      "text": "Exhibit 3.32: AOL VERSUS PEERS – 2005 CREDIT STATISTICS",
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      "kind": "title",
      "text": "Pro Forma Credit Profile vs. Selected Media Companies",
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