Word: warner
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...Clark maintains that despite the fact that Lazard was advising a shareholder mounting a takeover attempt of Time Warner, his seat on the two boards did not pose a conflict...
Dissident shareholder Carl C. Icahn retained Lazard on Nov. 29, 2005 as part of his battle to split up the media conglomerate, which was formed by a merger of America Online and Time Warner in January...
...There was no conflict of interest here,” Clark said. “Lazard has annual revenues of about $1.5 billion—when you consider that the income [from Icahn] was $5 million, and maybe a bonus if the [Time Warner] stock price was raised, this issue would never have made it to the board of directors...
...joined the board of [Time Warner] in January of 2004 while I was only with Lazard since May of 2005,” Clark said. “This decision was not a statement of my feelings toward the management of either company...
...Warner...