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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 uses a hierarchical org chart to illustrate the current state before the proposed restructuring.",
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      "text": "In order to maximize the long-term interests of the shareholders of TWX, the Company should immediately pursue the following steps:",
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      "text": "Exhibit 5.7: CURRENT TWX ORGANIZATION",
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      "text": "1. Dutch auction tender offer for $11B. 2. Spin-off 100% of TWC + $5B buyback. 3. Spin-off 100% of Publishing + $2B buyback. 4. Spin-off 100% of AOL.",
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      "text": "The proposed restructuring would result in the creation of four independent companies and the repurchase of a total of $20 billion of stock from TWX shareholders.",
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      "text": "Note: Chart is illustrative and does not represent a legal structure or portray an exhaustive list of TWX's assets.",
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      "kind": "title",
      "text": "V. RECOMMENDATION",
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