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  "documentTitle": "Time Warner Inc. (TWX)",
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  "notes": "Page 209 from a Lazard financial strategy document.",
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      "text": "A standalone AOL should not declare dividends or directly return capital to shareholders in the intermediate term.",
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      "text": "A standalone AOL should not declare dividends or directly return capital to shareholders in the intermediate term. Cash, after an initial distribution to the Parent, should be preserved for growth and debt reduction.",
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      "text": "Internet companies have been making significant acquisitions and building cash reserves in preparation for expansion. Investors in these companies are not expecting to gain value through cash disbursements or share buybacks.",
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      "text": "Exhibit 3.33: PEER DIVIDEND YIELD AND SHARE REPURCHASE ANALYSIS ($ MM)",
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