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Technology Stocks : What about old Time Warner -- Ignore unavailable to you. Want to Upgrade?

To: sixty2nds who wrote (56)	10/11/2005 11:47:05 AM
From: sixty2nds	Read Replies (1) \| Respond to of 102

09:37 TWX Time Warner: Icahn Group issues open letter to Time Warner shareholders (18.00 -0.01) -Update- Icahn's group concludes in a very long letter to TWX shareholders: "... First and foremost, we believe that the greatest investment the Board can make at this time is to initiate a $20 billion share buyback.... We also believe that all of Time Warner Cable should be spun out to give shareholders a choice of owning the world's best collection of content assets, a well run and growing cable franchise or some combination of both. Furthermore, although we are generally supportive of the recent acquisition of the assets of Adelphia, we are baffled by the logic of taking Time Warner Cable public through the issuance of 16% of the shares to former Adelphia distressed debt investors, an example we believe of poor execution by management and a lack of adequate oversight by the Board. To follow the current course of a $5 billion buyback and the public distribution of only 16% of Time Warner Cable would be akin to inaction, which is inexcusable at this juncture, and would be yet another example of the Board's inability to perform. But whether or not you agree with our proposals, we believe the simple truth is that Time Warner is a company sorely in need of new shareholder representation on the Board..."