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To: BWAC who wrote (39085)	4/9/2002 9:08:24 AM
From: Joe Stocks	Read Replies (1) \| Respond to of 53068

>>But that's a good thing. AOL plus Time Warner makes a much stronger dominant company.< Indeed the synergies are awesome. That's not my point. IMO AOL was worth much more by itself because of profitability. I'm saying, "show me the money". I think the way the deal was structured It's going to be very difficult for AOL to show strong earnings. Also, without strong topline growth it's hard to expect strong bottomline growth. IF TWX's assets are so valuable, why haven't they been able to grow revenues and earnings at a higher rate? How much is Time worth and the others? Only as much as they can spin off some earnings. I'm looking forward to see what AOL's financials look like this quarter. Could be interesting. Joe