Carl Icahn Time Quotations

Given the fact that, despite its exceptional assets and a generally favorable operating environment, the company's stock price has underperformed significantly since 2002, we believe the time for steps to make the board and management more accountable are long overdue,

I believe there is great value for Time Warner if it were broken into parts, ... get away from the huge cost structure and excessive layers of management at the top, both literally at the Time Warner Center, and figuratively.

particularly important at Time Warner because of the difference of opinion between many large shareholders and management concerning the direction of the company and the lack of share price performance under current management.

We continue to believe that Time Warner's stock is greatly undervalued and that the company is in need of a major restructuring,

Time Warner management has offered several reasons for not completely separating the cable business and buying back Time Warner shares aggressively, ... rejects management's arguments against separation and challenges management's capital return plan as a weak attempt to silence growing investor criticism.

In life and business, there are two cardinal sins, ... The first is to act precipitously without thought, and the second is to not act at all. Unfortunately the board of directors and top management of Times Warner already committed the first sin by merging with AOL, and we believe they are currently in the process of committing the second; now is not a time to move slowly and suffer the paralysis of inaction.

If you just broke it up, the stock would be higher. In Time Warner, we're saying the conglomerate concept does not work.

Doing this AOL deal is on the way, but not enough, to enhancing shareholder value at Time Warner, ... It proves my point that there is a great deal of unrealized value here. The best investment the company can make is in their own stock at this time.

Their earnings are way down. It's time for management to go,

In 2008, people who invested in hedge funds needed capital badly, but many of the funds would not return their money. However, I gave money back to any investor who requested it. It was the bottom of the market and a pretty tough time.

The Icahn Group believes that these actions would immediately narrow the gap between the current share price of Time Warner and the true value of Time Warner?s assets, which the Icahn Group believes is significantly higher,

We sincerely hope that this important resolution has come in time to save Marvel and help restore it to its preeminent place in the growing global entertainment business.