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  "documentTitle": "Time Warner Inc. (TWX)",
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  "notes": "Page 333 of a Lazard document, likely part of a larger tax or restructuring analysis.",
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      "text": "5-Year Active Trade or Business; Continuity of Interest; No Device; Spin-offs Not Part of a Plan to Acquire a 50-Percent or Greater Interest",
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      "text": "(2) Debt Agreements: Based on a review of the existing indebtedness of TWX and its subsidiaries...",
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      "text": "Tax issues associated with corporate restructurings such as spin-offs are complex and require detailed historical tax information that would only be in the possession of TWX.",
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      "text": "(a) In addition, because it does not appear that any shareholder or group of shareholders acting in concert would own more than 50% of the stock in New TWX or any SpinCo after the Separation...",
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      "text": "CHAPTER 5: SUMMARY AND RECOMMENDATION",
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