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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 despite higher initial leverage, the company's scale and competitive position justify an investment-grade rating.",
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      "text": "Publishing's initial leverage at 4.0x total debt/OIBDA would be greater than the leverage levels of most of the peer group.",
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      "text": "Debt/OIBDA: 4.0x",
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      "text": "The magazine and book publishing sector is comprised of both investment grade and non-investment grade companies. Publishing's initial leverage at 4.0x total debt/OIBDA would be greater than the leverage levels of most of the peer group. Publishing, however, has the size, scale and competitive position to support a solid investment grade rating at these levels as leverage is expected to decline dramatically over the next 24 months.",
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      "text": "(a) All debt figures as of September 30, 2005. All other operating financials based on FYE December 2005. (b) Based on twelve months ended September, 2005. (c) As of January 27, 2006. (d) Free Cash Flow defines as OIBDA less Net Interest less Cash Taxes less Capital Expenditures less Working Capital. (e) Represents interest bearing debt and liabilities adjusted for operating leases, pension benefits, post retirement benefits, securitizations, guarantors and other.",
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      "text": "Source: Information and estimates based on various Wall Street research reports, Company filings, S&P and Moody's credit reports.",
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      "text": "Pro forma publishing vs peers credit statistics table",
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      "kind": "title",
      "text": "CHAPTER 3: FINANCIAL STRATEGY AND DEBT CAPACITY",
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