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  "docSlug": "852eb8103109",
  "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 a table of TWE bond spreads as of 1/27/06.",
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      "text": "TWC, as a standalone, public company should seek to increase leverage on its balance sheet and should adopt a policy of no dividends for the intermediate term.",
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      "text": "total debt/OIBDA: 4.0x",
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      "text": "The current capital structure for TWC (pro forma for the Adelphia/Comcast transactions) at 3.6x total debt/2005 OIBDA is sub-optimal in terms of balancing the returns to equity holders and financial flexibility.",
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      "text": "The analysis undertaken assumes, after the incremental borrowings are raised at TWC, that TWC uses internally generated free cash flow to repay debt in order to reach the target leverage of 3.75x - 4.0x.",
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      "text": "Exhibit 3.55: TWE BOND SPREADS",
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