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  "documentTitle": "Time Warner Inc. (TWX)",
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  "authorName": "Lazard",
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  "presentationDate": "2006-02-01 00:00:00",
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  "notes": "Includes two tables: Exhibit 5.4 (Debt Capacity) and Exhibit 5.5 (Other Assets).",
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      "text": "The analysis suggests that one of the better uses of TWX funds at this point in the investment cycle is to aggressively repurchase its common stock.",
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      "text": "Why Should TWX Return Excess Capital to Shareholders? (1) TWX trades at a meaningful discount... (2) a repurchase should be accretive... (3) a repurchase should improve... (4) private market valuations...",
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      "text": "debt capacity: $1.1bn",
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      "text": "The debt capacity analysis does not incorporate any benefit to the financial flexibility of TWX and the SeparateCos from the potential monetization of certain non-core or unconsolidated assets, including:",
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      "text": "(a) 2005PF OIBDA assumes $35 million... (b) The divisions of TWX... (c) Implied maximum debt... (d) Various Wall Street research reports.",
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      "text": "Exhibit 5.4: 2005PF DEBT CAPACITY ANALYSIS ($ MM)",
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      "text": "Exhibit 5.5: OTHER ASSETS ($ MM)",
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      "text": "CHAPTER 5: SUMMARY AND RECOMMENDATION",
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