I think the message here is, pick your targets wisely, and do not pick on managements or boards unless they are demonstrably inept and the management structures are demonstrably bloated and ineffective. I don't think that's a conclusion you draw from the Time Warner experience.
Prior Time Warner directors are going to be looking askance at recommendations coming from these five because they come in with the Icahn agenda. Their interest is in short-term price performance.