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AOL Time Warner Posts Loss of Nearly $100 Billion!!!
Reuters ^ | January 29, 2003

Posted on 01/29/2003 2:11:44 PM PST by Timesink

AOL TW Posts Loss of Nearly $100 Billion


Wed January 29, 2003 04:56 PM ET

NEW YORK (Reuters) - AOL Time Warner Inc., the world's largest media company, on Wednesday posted a loss for all of 2002 of nearly $100 billion, the largest annual loss in U.S. history, after taking a $45.5 billion charge in the fourth quarter to write down the value of assets.

AOL reported a fourth quarter net loss of $44.9 billion, or $10.04 a share, after taking the non-cash charge to write down the value of its embattled America Online business and other assets, compared to a year-ago loss of $1.8 billion, or 41 cents a share.

The company, which in the first quarter had reported a net loss of $54 billion after writing down the value of assets, posted a full-year 2002 net loss of $98.7 billion.

The full-year loss exceeded the gross domestic product of Egypt in 2001.

Strength in the company's film/entertainment business, with hits like the "Lord of the Rings" sequel, and cable networks offset weakness in the fourth quarter at America Online, which has been suffering from a sharp slowdown in advertising spending and subscriber growth.

The quarter capped a tumultuous year. About two years after AOL completed its $106.2 billion purchase of Time Warner, the old media veterans from Time Warner are running the show and the key architects of the deal have been forced out amid calls from angry investors that view the merger as a failure.

AOL Time Warner said its revenue in the quarter grew 8 percent to $11.4 billion.

Earnings before interest, taxes, depreciation and amortization (EBITDA) -- a key measure of cash flow --- rose 16 percent to $2.8 billion from a year-earlier for the quarter.

Analysts polled by Multex expected, on average, EBITDA of $2.6 billion.

The company said it sees revenue growth for the 2003 full year in the mid-single digits and said it sees EDITDA to be essentially unchanged to down in the low-single digits.

Earlier on Wednesday, AOL Time Warner said it sold its 8.4 percent stake in Hughes Electronics Corp. as part of its efforts to cut its debt load.

The company said it plans to reduce total consolidated debt to approximately $20 billion by the end of 2004.

Shares of AOL closed up 30 cents, or 2.2 percent, at $13.96 on the New York Stock Exchange ahead of the results.


TOPICS: Breaking News; Business/Economy
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Think maybe this is why Ted Turner just quit?
1 posted on 01/29/2003 2:11:44 PM PST by Timesink
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To: Timesink
Wow. That is a lot of money. Wow.
2 posted on 01/29/2003 2:12:42 PM PST by CheneyChick
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To: Timesink
Posted.
3 posted on 01/29/2003 2:14:27 PM PST by GeneD
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To: Timesink
They send me 20 of those stupid AOL disks a year, which I promptly throw in the trash.
4 posted on 01/29/2003 2:15:32 PM PST by Blood of Tyrants (Even if the government took all your earnings, you wouldn’t be, in its eyes, a slave)
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To: Timesink
I'm sure it is. Red Ted and his Stalinist media empire are crumbling.

Boo yeah!

5 posted on 01/29/2003 2:16:54 PM PST by Reactionary
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To: GeneD
Posted.

Whoops. Sorry. I ran a search first, nothing popped up. FR's search engine's been really flaky lately.

6 posted on 01/29/2003 2:18:14 PM PST by Timesink (I offered her a ring, she gave me the finger)
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To: Timesink
That's okay. I know all about the FR search function. It's happened to me too.
7 posted on 01/29/2003 2:19:12 PM PST by GeneD
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To: Timesink
"Think maybe this is why Ted Turner just quit?"

. . .bet 'quit' does not 'quite' tell the real story. . .

8 posted on 01/29/2003 2:19:27 PM PST by cricket
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To: cricket
My collection of AOL CD's and floppies con tinues to look better and better.
9 posted on 01/29/2003 2:21:30 PM PST by bert
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To: Timesink; Grampa Dave
The full-year loss exceeded the gross domestic product of Egypt in 2001.

Egypt's got land, people, farms, some oil, the Sphinx. Most of what AOL TW has/had is "synergy."

10 posted on 01/29/2003 2:22:00 PM PST by Shermy
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To: Timesink
It couldn't happen to a more deserving individual...

Except Hillary, Bubba, Dashole, Giphart... well, uh, you know what I mean. ;-)

11 posted on 01/29/2003 2:22:24 PM PST by Carry_Okie (Because there are people in power who are truly evil.)
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To: Timesink
Maybe Ted could get back the money he gave to the UN.

Guess that would be just a drop in the bucket.
12 posted on 01/29/2003 2:23:43 PM PST by leadpenny
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To: Timesink
Hope they go belly up, socialist bastards.
13 posted on 01/29/2003 2:24:13 PM PST by copycat (Ridicule Hillary!™ to someone you know TODAY!!)
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To: Blood of Tyrants
NOOOO! Don't trash them! They make excellent targets!
14 posted on 01/29/2003 2:25:27 PM PST by RandallFlagg (FReepaholic Navy Vet)
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To: Timesink
AOL sucks. They are to expensive.
15 posted on 01/29/2003 2:26:01 PM PST by TaRaRaBoomDeAyGoreLostToday!
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Updated article:

AOL TW Posts Loss of Nearly $100 Billion

Wed January 29, 2003 05:17 PM ET

By Reshma Kapadia

NEW YORK (Reuters) - AOL Time Warner Inc. AOL.N , the world's largest media company, on Wednesday posted a 2002 loss of nearly $100 billion, the largest annual loss in U.S. corporate history, after taking a whopping $45.5 billion charge in the fourth quarter to write down the value of assets.

The company, which also said media mogul Ted Turner would step down as vice chairman, reported a fourth quarter net loss of $44.9 billion, or $10.04 a share, after taking the non-cash charge to write down the value of its embattled America Online business and other assets. That compared to a year-ago loss of $1.8 billion, or 41 cents a share.

While analysts said overall operating numbers came in near expectations, some expressed disappointment at the size of the charge -- which came on top of a $54 billion charge AOL took in the first quarter.

"The negative was the goodwill writedown of $45 billion, which was bigger than expected, although their debt covenants are still safe because they have to keep at least $50 billion in equity and they finished the year with about $52 billion," said David Joyce, an analyst at Guzman & Co.

Shares of AOL fell to $13 in after-hours trade, after closing at $13.96 in regular New York Stock Exchange trade.

AOL Time Warner posted earnings before a range of items of 28 cents a share, compared to 26 cents a year-ago. This compared to analysts' consensus estimates of 26 cents a share, according to Thomson/First Call.

The company said revenue in the quarter grew 8 percent to $11.4 billion while earnings before interest, taxes, depreciation and amortization (EBITDA) -- a key measure of cash flow --- rose 16 percent to $2.8 billion from a year-earlier for the quarter. Analysts polled by Multex expected, on average, EBITDA of $2.6 billion.

Strength in the company's film/entertainment business, with hits like the "Lord of the Rings" sequel, and cable networks offset weakness in the fourth quarter at America Online, which has been suffering from a sharp slowdown in advertising spending and subscriber growth.

The quarter capped a tumultuous year. About two years after AOL completed its $106.2 billion purchase of Time Warner, the old media veterans from Time Warner are running the show and the key architects of the deal have been forced out amid calls from angry investors that view the merger as a failure.

The company said it sees revenue growth for the 2003 full year in the mid-single digits and said it sees EDITDA to be essentially unchanged to down in the low-single digits.

Earlier on Wednesday, AOL Time Warner said it sold its 8.4 percent stake in Hughes Electronics Corp. GMH.N as part of its efforts to cut its debt load.

The company said it plans to reduce total consolidated debt to approximately $20 billion by the end of 2004.

Turner, AOL's largest individual shareholder and the originator of 24-hour news network CNN who is often called "the mouth from the South," will step down as vice chairman at AOL's annual meeting in May, Chief Executive Richard Parsons told analysts on a conference call.

Turner, in notifying Parsons of his resignation, said he wanted to devote more time to his philanthropic and other interests.

Turner had told cable television executives in November 2001 that he felt sidelined by AOL Time Warner when he was replaced in January 2001 as head of Turner Broadcasting Systems, the unit that includes CNN.

Turner as of the end of July held about 122 million AOL shares.

16 posted on 01/29/2003 2:26:19 PM PST by Timesink (I offered her a ring, she gave me the finger)
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To: Timesink
"WHAT DID TED KNOW AND WHEN DID HE KNOW IT?!"

all of your CD-ROM are belong to us

17 posted on 01/29/2003 2:27:52 PM PST by RandallFlagg (FReepaholic Navy Vet)
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To: CheneyChick
Dang, i wonder if they can afford their fancy new digs in NYC after this...

New York Daily News - http://www.nydailynews.com
AOL Time Warner Columbus Circle future uncertain
By ERIC HERMAN
DAILY NEWS BUSINESS WRITER
Sunday, July 21st, 2002

The future is coming to Columbus Circle.
But for AOL Time Warner, the future is far from certain.

As the steel frames rise on the 2.1 million-square-foot AOL Time Warner Center, some in the real estate industry believe troubles at AOL are already altering the company's plans.

"Whatever [space] they were planning on using, they're going to be using a significant amount less," said a real estate source.

Indeed, several real estate executives told the Daily News the company already has plans to sublease some of its space in the new building.

AOL, for its part, says it intends to go forward with the plan to move into its new home.

"We're committed to building our headquarters at AOL Time Warner Center," an AOL spokesman said. "We have no plans to sublease any of our space."

Alternatively, it could sell its interest. But one thing it can't do is bail out of the project.

That could present a problem for AOL, which is obligated to buy 860,000 square feet of office and studio space when the building is complete. Estimates of the purchase price range from $350 million to $450 million.

The building is set for completion in late 2003 or early 2004.

"They can't back out," said Bruce Warwick, one of the project's developers. "They need the space, and they fully intend to go forward."

In November 2000, a team of developers led by the Related Companies broke ground for an ambitious, twin-towered building that includes offices and studios for AOL Time Warner, 191 luxury condominiums, a hotel, shopping, and a facility for Jazz at Lincoln Center.

The residences sell for $1.6 million to $32.5 million. About 80 of the condos have sold. Buyers include singer Ricky Martin and producer Arnold Kopelson.

Related bought the land for an estimated $345 million from the MTA after the agency's deal with Boston Properties fell through. (Boston Properties chairman Mortimer B. Zuckerman also is chairman and co-publisher of the Daily News.) For financial backing, Related partnered with William Mack's Apollo Real Estate Advisors.

Related's commitment from Time Warner - secured before the merger with AOL - helped it beat out other developers bidding for the land. Later, AOL contributed to a $400 million fund to pay for construction. Related went to GMAC for a $1.3 billion construction loan, the largest ever, to pay for the rest.

Having a top media company as a partner in the project seemed like a safe bet back in the '90s. But times have changed. Management turmoil and a plunging stock price have clouded the company's future.

Even so, many brokers predict AOL will occupy the building. Since AOL is purchasing its space as a condominium, Related is guaranteed to get its money, they say.

But Related already is trying to lease 318,000 square feet of additional office space it owns as landlord, according to CoStar Group. In a market already glutted with sublease space, that could pose a problem.

"If AOL takes all their space and subleases it, then it's obviously a competition for them," said Barry Gosin, chief executive of Newmark & Company, a real estate firm.


...............................................
http://www.newyorkmetro.com/nymetro/realestate/urbandev/features/6287/
AOL's Faulty Towers
Can the city's other twin towers stand as anything but a memorial to the worst corporate marriage in history?

By Simon Dumenco
(Photo credit: Kenneth Chen)

Your marriage is a wreck, you hate each other, everybody thinks you should get divorced, and yet you're still building a lavish new home together.

That, of course, is AOL Time Warner's predicament. As the company's stock has nosedived, its glittering new headquarters -- the 80-story Columbus Circle behemoth slated for completion in fall 2003 -- has just kept on rising, an insta-symbol not of corporate triumph but of astonishing hubris: A lowbrow Internet company from an airport town (Dulles, Virginia) set out to build itself spectacular offices that would tower over a circle dedicated to the discoverer of the New World. The discoverers of the New Media World -- or so they thought -- were taking Manhattan!

Curiously, though, AOL Time Warner Center won't serve as a true corporate home -- only about 2 percent (around 2,000) of its 90,000-plus employees will work there; it's mostly a gleaming clubhouse for corporate apparatchiks. The bulk of AOL's operations will remain in Dulles.

As for the Time Warner operations, it's as if the betrothed -- skittish before the wedding, hysterically miserable after -- had wisely elected to keep her own apartment. "We were never supposed to move in," says one Time Inc. executive who works at the magazine division's stately, modernist headquarters at 1271 Sixth Avenue. "It'd make sense for us to consolidate. There's not enough room here. But Columbus Circle is about them -- the AOL assholes -- not us."

"The collective response to the new building," says another employee, "is similar to how people are thinking about their 401(k)s: I can't even look because I don't want to know."

Even the supposed star power of the center's 191 condos has some employees down in the mouth. "All you ever hear about is how Ricky Martin bought an apartment," says one. "Remember when he was hot? AOL used to be hot, too."

Worse than the center's inability to attract a celebrity with a current hit single (maybe Enrique Iglesias could get a discount on a duplex?) is the fact that it will be eerily defined by its key attribute. Nan Ellin, editor of the book Architecture of Fear, refers, unnervingly, to the center's "twin towers" and points out that "people around the world will be reminded of the World Trade Center." The connotation could go either way -- it could be spooky and upsetting, or "it could almost seem like a tribute."

But one thing's certain: "The way that people end up perceiving the center," says Ellin, "cannot be separated from the way they perceive the corporate marriage. If the marriage falls apart, people will think of that first."

In other words, the AOL Time Warner Center could come off as the first major memorial to premillennial new-media ridiculousness, a monument to overreaching, overpromising, and overstating (earnings).

It's vaguely reminiscent of what happened to another building from Time Inc.'s not-so-distant past. In the late eighties, Time Inc. spent $185 million to buy half of the then-burgeoning Knoxville-based media empire Whittle Communications. Part of the money went toward building a lavish Knoxville headquarters.

Within just a few years, Whittle went belly-up.

Those with little faith in AOL TW's future might be interested to know that the Whittle HQ is now a federal courthouse, where white-collar criminals and other scofflaws get their comeuppance.

18 posted on 01/29/2003 2:28:53 PM PST by finnman69 (Bush Cheney 2004)
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To: 2Jedismom; Alkhin; Argh; Bear_in_RoseBear; BibChr; carton253; Corin Stormhands; Dawntreader; ...
Strength in the company's film/entertainment business, with hits like the "Lord of the Rings" sequel, and cable networks offset weakness in the fourth quarter at America Online, which has been suffering from a sharp slowdown in advertising spending and subscriber growth.

I hope we don't have to donate money so they can get RoTK out on time.... But I would do it! LOL!

19 posted on 01/29/2003 2:30:11 PM PST by HairOfTheDog
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To: Timesink
So when will CNN or the Clintoonian Noodle Nuts be put up for sale?
20 posted on 01/29/2003 2:32:20 PM PST by Grampa Dave (Stamp out Freepathons! Stop being a Freep Loader! Become a monthly donor!)
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To: HairOfTheDog
http://www.nomoreaolcds.com
21 posted on 01/29/2003 2:33:37 PM PST by Ingtar
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To: Blood of Tyrants
They send me 20 of those stupid AOL disks a year, which I promptly throw in the trash.

LOL. I know someone in Silicon Valley who uses them for beverage coasters.

Cheers, CC :)

22 posted on 01/29/2003 2:34:41 PM PST by CheneyChick
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To: Timesink
I like to think that the Democrat induced Netscape purchase by AOL, who in turn was purchased by AT&T, in turn scraffed up by the Ted Turner Time-Warner anit-Microsoft Crowd is getting their just deserved. Microsoft is challenging Tiem-Warner/CNN in the domestic cable industry by proxy company in building a fiber optic H across the US which started in the fall of 99 with about 500 small cable companies bought out and brought together - Ted Turner's faith in government rather than the free market to make honest money is what cost him and many their fortunes; trusing political induced profits is always something that a vote can change and in 2000 that happened!
23 posted on 01/29/2003 2:35:09 PM PST by Jumper
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To: Blood of Tyrants
They make good targets.
24 posted on 01/29/2003 2:36:29 PM PST by coloradan
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To: copycat
AOL currently down $1.06 in after-hours trading. That's almost exactly TEN PERCENT. In an hour and a half! BWA-HA-HAAA!
25 posted on 01/29/2003 2:36:37 PM PST by Timesink (I offered her a ring, she gave me the finger)
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To: Timesink
Most of that money was spent sending me AOL CD's in the mail.
26 posted on 01/29/2003 2:36:46 PM PST by GalvestonBeachcomber
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To: Timesink
I never went to business school but I think a good solution would be for them to offer a good and fairly priced product. AOL never seemed to care about either. If I got a MBA degree, could I too learn to make decisions that lose several billion dollars?
27 posted on 01/29/2003 2:38:30 PM PST by Hillarys Gate Cult ("Read Hillary's hips. I never had sex with that woman.")
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To: Liz
Well this is taking care of at least three of our favorite rat run companies and former big time donors to the DNC:

1. AOL
2. Time/Warner
3. CNN or the Clintoonian Noodle Nuts

The DNC gets more bad news!
28 posted on 01/29/2003 2:38:35 PM PST by Grampa Dave (Stamp out Freepathons! Stop being a Freep Loader! Become a monthly donor!)
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To: Shermy; Liz
This loss could finance the war against Iraq, Iran, Syria, N Korea and probably bail California out.

Any business that did great from 1993 to Jan 2001 and the CEO's and were big time friends of the Clintoons, the Da$$holes, and other Rat Politicians are truly endangered species.

Sell their stock and short them until they go belly up.
29 posted on 01/29/2003 2:43:31 PM PST by Grampa Dave (Stamp out Freepathons! Stop being a Freep Loader! Become a monthly donor!)
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To: HairOfTheDog
I feel so guilty about signing up just to view that Two Towers trailer, only to cancel it the next day...

I feel so soo guilty...
30 posted on 01/29/2003 2:44:31 PM PST by 2Jedismom (HHD)
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To: 2Jedismom
It is your fault, isn't it?
31 posted on 01/29/2003 2:45:30 PM PST by HairOfTheDog
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To: CheneyChick
You are so right. It's almost hard to put in perspective.

100 billion days is roughly 274 million years. (I sure hope my math is right. )
Man first appeared in Africa about 2 million years ago.

Scary, isn't it?

Not as scary as this:

US government spending: 1.703 trillion (1999)
32 posted on 01/29/2003 2:46:51 PM PST by VMI70
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To: GalvestonBeachcomber
I hope they don't go under. I like the free metal CD mailers they supply me with on a monthly basis.
33 posted on 01/29/2003 2:47:13 PM PST by AmericaUnited
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To: Timesink
Yay!
34 posted on 01/29/2003 2:51:56 PM PST by HaveGunWillTravel
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To: HaveGunWillTravel
Wonder how TIME's circulation is doing...?
35 posted on 01/29/2003 2:55:03 PM PST by Eric in the Ozarks
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To: Timesink
Looks kie Wiley Coyote just caught up with The Roadrunner.
36 posted on 01/29/2003 2:55:55 PM PST by oyez (Is this a great country...........Or what?)
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To: AmericaUnited
I like the free metal CD mailers they supply me with on a monthly basis.

What are they good for? Just outta curiosity. I've got quite a few and can't think of anything.

37 posted on 01/29/2003 2:55:58 PM PST by Who dat?
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To: Timesink
100 Billion. That's a lot of AOL CDs drink coasters.
38 posted on 01/29/2003 2:57:05 PM PST by ChadGore
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To: Who dat?
I like the free metal CD mailers they supply me with on a monthly basis.

What are they good for? Just outta curiosity. I've got quite a few and can't think of anything.

I like to etch pictures on the shiny side. It looks really cool.

39 posted on 01/29/2003 3:10:50 PM PST by Luna
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To: HairOfTheDog
Probably...they were depending on me, I guess. I can just see the headlines now..."Slightly pudgy housewife at fault for the demise of AOL Time Warner".
40 posted on 01/29/2003 3:12:53 PM PST by 2Jedismom (HHD)
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To: Grampa Dave
Grampa, you are so right! The DNC is losing a huge cash cow. Now the heifer Senator from NY will have to rethink her stratergya little.

AOL/Time-Warner was so typical of the smoke and mirrors ecomony of Clintoon. No value-no worth.
41 posted on 01/29/2003 3:13:46 PM PST by exit82
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To: 2Jedismom
"She was just using us. She never intended to pay us, no...not at all" they will say.
42 posted on 01/29/2003 3:17:11 PM PST by HairOfTheDog
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To: Who dat?
Funky Christmas tree ornaments.
43 posted on 01/29/2003 3:17:25 PM PST by MaeWest (Reporting from behind west coast enemy lines.)
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To: Grampa Dave
So when will CNN or the Clintoonian Noodle Nuts be put up for sale?

I have a feeling that's why Ted Turner quit.

44 posted on 01/29/2003 3:21:07 PM PST by aristeides
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To: Jumper
I like to think that the Democrat induced Netscape purchase by AOL, who in turn was purchased by AT&T, in turn scraffed up by the Ted Turner Time-Warner anit-Microsoft Crowd is getting their just deserved.

I wonder if all those deals were only able to happen because they had the blessing of Joel Klein's Antitrust Division at Janet Reno's Justice Department.

45 posted on 01/29/2003 3:23:02 PM PST by aristeides
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To: exit82; Liz
I hadn't even thought of how these DNC corporations going belly up would affect the Hilldebea$t. I was just looking at it as a national picture. In two years a lot of corporate cash cows for the DNC are belly up or getting ready to assume that position. They have to be really hurting for money.

However, you are right on target re the Hilldebeast. One of her biggest cash cows, Martha, is out of the donations business. The Hilldebeast could really be hurting for money really bad when the Opecker Thugs and these Rat CEOs no longer exist. Ted Turner was a big cash cow for the Clintoons, and he is back to breeding buffaloes to be with his family.
46 posted on 01/29/2003 3:25:22 PM PST by Grampa Dave (Stamp out Freepathons! Stop being a Freep Loader! Become a monthly donor!)
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To: aristeides; Liz; Mudboy Slim; Shermy
When I saw on Fox News the headline on the bottom of the screen about Ted Fonda leaving, the first thing that came to my mind was a plan to sell CNN was discusse.

Ted Fonda got up and said, "You will sell CNN over my dead body!"

Then the bean counters at AOL said> "That could be arranged if you don't resign and go breed buffalo to spend time with your family."

So Ted Fonda is leaving AOL/TW/CNN and whatever. Adios Ted and please let the door knob whack you as you leave!
47 posted on 01/29/2003 3:30:01 PM PST by Grampa Dave (Stamp out Freepathons! Stop being a Freep Loader! Become a monthly donor!)
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To: Timesink
The full-year loss exceeded the gross domestic product of Egypt in 2001.

Wow, that's a lot of dates, explosive belts and King Tut T-Shirts.

48 posted on 01/29/2003 3:31:31 PM PST by montag813
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To: aristeides; Liz; Ernest_at_the_Beach; Shermy; Mudboy Slim
All these rat run companies gave massive sums of money to the DNC. Then Jake Reno okayed any takeover or whatever they wanted. She even sued Microsoft to please them.

In January 2001, the Clintoon left power. Jake Reno could no be the enforcer for these rat run companies. They invested in the Clintoons and the DNC instead better products, services and personnel. That investment ran out of air when GW became president.
49 posted on 01/29/2003 3:32:54 PM PST by Grampa Dave (Stamp out Freepathons! Stop being a Freep Loader! Become a monthly donor!)
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To: Timesink
I'm dancin' a Happy Jig, I am...MUD
50 posted on 01/29/2003 4:13:30 PM PST by Mudboy Slim (Rudy Guiliani Fer Attorney General...NOW!!!)
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