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.

Certain companies have publicized my Hart Scott filings in the hope that this might induce investors into running the price up, which might cause me to sell my shares, make a profit and become uninvolved in the company, ... While I am flattered that investors would buy on the news that I have made a Hart Scott filing, I believe that they are taking risks which are not being explained to them by the companies making the disclosure.

If we are able to conduct such a due diligence review, we believe that we may be in a position to make an offer for the entire company at a substantially increased price.

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