Carl Icahn Manage 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,

To the extent that opportunities are now available to enhance value at AOL, which we believe there are, we implore management and the Board to move more decisively than they have in the past.

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.

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.

Last year, the company's board and management claimed to act in the interests of stockholders by spinning off the tobacco business of RJR Nabisco,

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.

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

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.