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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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      "text": "The analysis would suggest that TWX could relocate to less expensive space and save approximately $90 million per year.",
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      "text": "Annual Net Savings: $88.1",
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      "text": "TWX, in addition, has numerous real estate leases that are expensive for the needs of the Company. One Time Warner Center is a world-class building, but is there a need for TWX to occupy 1 million square feet of expensive space in New York City? ... The analysis would suggest that TWX could relocate to less expensive space and save approximately $90 million per year.",
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      "text": "Source: Company filings and Lazard estimates. (a) WMG Registration Statement dated May 10, 2005. (b) Includes current annual occupancy costs plus new annual occupancy costs less rental revenues from the sublease of the current space at the locations. Assumes TWX can relocate to space at $30.00 per square foot net of relocation and other expenses.",
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      "kind": "title",
      "text": "Exhibit 4.9: NY CITY REAL ESTATE ($ MM)",
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