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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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      "text": "Potential obstacles to executing the restructuring plan might include: (1) tax-related constraints, (2) restrictions in existing bank or other debt agreements prohibiting the separation of the assets, or (3) restrictions in certain contractual agreements of TWX.",
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      "text": "Business Purpose: Each spin-off must be motivated in whole or in substantial part by one or more corporate business purposes.\nDistribution of \"Control\": TWX must \"control\" each SpinCo immediately before its distribution to TWX shareholders.",
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      "text": "(1) Tax-Related Issues: A review of publicly available information on TWX... would suggest... each of the business units of TWX... could satisfy the criteria to implement tax-free distributions in accordance with Section 355 of the Internal Revenue Code.",
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      "text": "Are There Any Constraints to Executing the Proposed Restructuring? Potential obstacles to executing the restructuring plan might include: (1) tax-related constraints, (2) restrictions in existing bank or other debt agreements prohibiting the separation of the assets, or (3) restrictions in certain contractual agreements of TWX.",
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      "text": "Strategic Focus, Highlight/Maximize Long-Term Value, Tax Efficiency, Attract Appropriate Shareholder Base, Acquisition Currency, Optimization of Capital Structure, Equity-Based Management Incentives, Ease of Execution/Simplicity, Timing",
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      "kind": "title",
      "text": "Exhibit 5.9: APPROACHES TO VALUE ENHANCEMENT",
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