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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": "Page 334 of a Lazard report; contains specific tax basis figures for TWX, AOL, and Publishing.",
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      "text": "Therefore, because it is assumed that Content has the lowest tax basis, retaining Content as the Parent would enable Content to more meaningfully contribute to the funding of the share repurchase program than if Content were to become a SpinCo.",
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      "text": "As proposed, Content will not be distributed to TWX shareholders and will remain as the sole business unit within New TWX. The rationale for Content remaining within TWX is its assumed: (1) low tax basis both in absolute terms and relative to other divisions (2) ability to manage substantial indebtedness",
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      "text": "The estimated tax basis of each of the divisions is shown in Exhibit 10. Content is assumed to have a nominal tax basis... TWC is assumed to have a tax basis of $15.8 billion... AOL and Publishing are assumed to have a tax basis of $7.5 billion and $2.4 billion, respectively.",
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      "text": "(3) Certain Contractual Agreements: Based on advice received from counsel, the proposed spin-offs do not appear to conflict with any of the provisions of the Adelphia/Comcast transactions.",
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      "text": "(a) It is possible that if Content were a SpinCo... (b) Given that the tax basis of each entity is not publicly disclosed...",
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      "kind": "title",
      "text": "Why is Content the Sole Business of the New TWX?",
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      "text": "CHAPTER 5: SUMMARY AND RECOMMENDATION",
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