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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 compares a 'Management Repurchase Plan' vs a '$20.0b Repurchase Plan' across two different consolidation scopes.",
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      "text": "The business units of TWX, if separated, should have the ability to manage even more debt (estimated at up to $23 billion) without jeopardizing their ability to secure investment grade ratings.",
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      "text": "Exhibit 5.3: PROJECTED NET DEBT/OIBDA – TWX (EXCLUDING TWC)",
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      "text": "Exhibit 5.2: PROJECTED NET DEBT/OIBDA – CONSOLIDATED TWX",
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      "text": "Net Debt/OIBDA: 1.1x",
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      "text": "The business units of TWX, if separated, should have the ability to manage even more debt (estimated at up to $23 billion) without jeopardizing their ability to secure investment grade ratings.",
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      "text": "(a) Management Repurchase Plan contemplates a $12.5 billion repurchase program implemented over 24 months beginning in July 2005. (b) $20.0 billion plan assumes a dutch auction for $18.0 billion...",
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      "text": "Source: Information and estimates based on various Wall Street research reports and Company filings.",
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      "text": "Separation Allows Tapping of TWC Debt Capacity",
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      "text": "CHAPTER 5: SUMMARY AND RECOMMENDATION",
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