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  "docSlug": "852eb8103109",
  "documentTitle": "Time Warner Inc. (TWX)",
  "authorId": "14_Icahn",
  "authorName": "Lazard",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2006-02-01 00:00:00",
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  "notes": "Includes a secondary analysis section on the impact of NOL usage and timing post-breakup.",
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      "text": "These cost reductions are not embedded in the financial projections for each SeparateCo and could result in additional value per TWX shares of $1.06 - $1.19.",
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      "text": "Value of Potential Savings: $5,645",
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      "text": "3. Impact of the Usage and Timing of NOLs at TWX",
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      "text": "The break-up of TWX, in addition, is assumed to produce incremental value to shareholders through a reduction of direct SG&A expenses at each SeparateCo.",
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      "text": "(a) Assumes potential savings are capitalized at the implied fully distributed trading multiples for each of the divisions. (b) Assumes all savings in SG&A positively impact OIBDA. (c) Assumes diluted shares of approximately 4.7 billion.",
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      "text": "Source: Information and estimates based on various Wall Street research reports.",
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      "text": "Exhibit 4.23: VALUE OF POTENTIAL SG&A SAVINGS ($ MM)",
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      "text": "2. Impact of Assumed Cost Reductions at Each SeparateCo",
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