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  "documentTitle": "Time Warner Inc. (TWX)",
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  "authorName": "Lazard",
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  "notes": "Includes a table (Exhibit 5.11) detailing debt, cash, and net debt adjustments for the repurchase.",
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      "text": "Net Debt: $36,020",
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      "text": "The pre-distribution dividend payable by each SpinCo to the Parent generally cannot exceed the tax basis of that SpinCo and qualify as a tax-free distribution...",
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      "text": "The initial leverage levels for the SpinCos, immediately prior to their distribution to shareholders, will be dictated by the: (1) estimated tax basis of the SpinCo (2) debt capacity of the SpinCo based on its target credit ratings.",
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      "text": "The implied maximum amount of debt... are shown in Exhibit 5.12. Pro forma for the Adelphia/Comcast transactions, TWC is proposed to have initial allocated debt of $15.8 billion...",
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      "text": "Compared to a fixed price tender, a dutch tender is fair to both the selling shareholders as well as remaining shareholders...",
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      "text": "(a) Figures reflect an estimated year-end balance based on the September 30, 2005 reported figures...",
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      "text": "Exhibit 5.11: TWX DEBT PRO FORMA FOR $13 BILLION SHARE REPURCHASE ($ MM)",
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      "text": "CHAPTER 5: SUMMARY AND RECOMMENDATION",
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