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  "docSlug": "852eb8103109",
  "documentTitle": "Time Warner Inc. (TWX)",
  "authorId": "14_Icahn",
  "authorName": "Lazard",
  "documentKindSlug": "activist-deck",
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  "presentationDate": "2006-02-01 00:00:00",
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  "notes": "The slide uses a sum-of-parts valuation logic to justify a higher implied share price compared to the current trading price.",
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      "text": "TWX, by any measure, is undervalued. There appears to be a significant valuation gap between the current stock price of TWX and the estimated intrinsic value of the underlying assets of the Company.",
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      "text": "Exhibit 4.1: IMPLIED TWX SHARE PRICE (EXCL. VALUE IMPACT OF SHARE REPURCHASES)",
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      "kind": "disclaimer",
      "text": "(a) TWX and TWX (excluding TWC) include the impact of deferred taxes due to the use of NOLs. Disney is not pro forma for the announced acquisition of Pixar.",
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      "text": "Implied TWX Share Price: $25.68",
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      "kind": "table",
      "text": "Exhibit 4.2: TWX VERSUS DIVERSIFIED MEDIA GROUP",
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      "text": "I. EXECUTIVE SUMMARY",
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