It's the wrong time to do anything that's tax inefficient and (that could) subject owners to any unnecessary financial risks.

Within Time Warner right now, AOL is worth somewhere between $17 billion and $20 billion. But if the advertising business grows nicely over the next two to three years, it could be worth $25 billion to $30 billion.

He's becoming strategically complete. The business is undervalued and the stock is growing.

Management is doing the right thing. You don't want to change the driver of the horse when the strategy is clearly appropriate.

What you get with Disney is a low stock valuation on a company that I think will have forward earnings momentum and the strongest balance sheet the company has had in the last five years.

History shows the poison pill under normal circumstances doesn't benefit shareholders. If the corporation wants a poison pill, it's the shareholders' prerogative to decide that. Not the board of directors.