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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 demonstrates how specific operational adjustments (conglomerate discount removal and cost rationalization) bridge the gap between current analyst SOTP estimates and a higher implied value.",
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      "text": "It is estimated that with these adjustments to the SOTP values of the research analysts, TWX shares have an implied value as high as $22.01 - $26.97.",
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      "text": "Adjusted SOTP High Value: $26.97",
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      "text": "The price per share derived from the SOTP reference range, as calculated by the research analysts, would be further increased if one assumes the: (1) elimination of the estimated “discount” associated with the conglomerate structure... (2) reduction of certain overhead...",
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      "text": "An examination of the sum-of-the-parts (“SOTP”) valuations for TWX by the research community reveals that most analysts believe TWX is undervalued.",
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      "kind": "quote",
      "text": "Bear Stearns believe his [Icahn's] positions have strong logic — Raymond Lee Katz (Bear Stearns).",
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      "kind": "source-note",
      "text": "(a) Excludes Bear Stearns... (b) Represents the elimination of $452 million of TWX corporate expenses...",
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      "text": "Brokerage, Date of Report, SOTP High-End Value, Elimination of Discount for Structure, Reduction of Corporate O/H and SG&A, Adjusted SOTP High Value",
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      "kind": "title",
      "text": "Exhibit 4.4: ANALYST VALUATION RANGE",
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