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stevo · 12-18-2002, 08:53 AM

I wonder if he's still donating that one billion dollars to the UN.

Robert E. "Ted" Turner

Age: 63; Vice chairman, AOL Time Warner Inc.

Wealth: $2.8 billion

Ted Turner is worth less now than in 1997.

That was 10 months after the merger with Time Warner, but years before the union with AOL. He might be wishing he'd stopped with Time Warner.

It may seem like $2.8 billion is a lot of money, but hold it up next to another sum: $6.1 billion. That's the difference between Turner's stock wealth this year and the end of the first quarter 2001, when the last Stock Market Superstars appeared.

Last year at the close of the first quarter, AOL Time Warner (NYSE: AOL) was trading at $40.25. It closed at $18.70 on May 31, the cutoff for this year's Stock Market Superstars. Turner owned 3.64 percent of the company as of the filing of AOL's March 26 proxy.

The 152 million shares that Turner owned as of Jan. 31 (another 3.8 million shares are included in the 3.64 percent but not tallied in his personal stock wealth estimate because they are controlled by the Turner Foundation) were valued at $2.8 billion on May 31.

Now consider that the $2.8 billion value has since dropped another $1 billion-plus. AOL, which is being investigated by the Securities and Exchange Commission, dropped from $18.70 per share on May 31 to $11.01 on Aug. 1. That puts Turner's stock wealth at $1.7 billion.

Since the proxy was filed, however, Turner has sold more than 10 million shares.

According to a June Vanity Fair magazine article, Turner was the key force behind the resignation of AOL Time Warner CEO Gerald Levin last year. Levin resigned after Turner reportedly pounded his fist on the table and blamed him for the declining stock price.

Turner has another business, albeit much smaller, to focus on. Ted's Montana Grill had three locations at last count, one in Norcross, another in Peachtree City, and the last one in Ohio. The restaurant features bison.

12-18-2002, 08:53 AM
stevo Confirmed User Join Date: Aug 2002 Location: Orlando, Florida Posts: 2,051	I wonder if he's still donating that one billion dollars to the UN. Robert E. "Ted" Turner Age: 63; Vice chairman, AOL Time Warner Inc. Wealth: $2.8 billion Ted Turner is worth less now than in 1997. That was 10 months after the merger with Time Warner, but years before the union with AOL. He might be wishing he'd stopped with Time Warner. It may seem like $2.8 billion is a lot of money, but hold it up next to another sum: $6.1 billion. That's the difference between Turner's stock wealth this year and the end of the first quarter 2001, when the last Stock Market Superstars appeared. Last year at the close of the first quarter, AOL Time Warner (NYSE: AOL) was trading at $40.25. It closed at $18.70 on May 31, the cutoff for this year's Stock Market Superstars. Turner owned 3.64 percent of the company as of the filing of AOL's March 26 proxy. The 152 million shares that Turner owned as of Jan. 31 (another 3.8 million shares are included in the 3.64 percent but not tallied in his personal stock wealth estimate because they are controlled by the Turner Foundation) were valued at $2.8 billion on May 31. Now consider that the $2.8 billion value has since dropped another $1 billion-plus. AOL, which is being investigated by the Securities and Exchange Commission, dropped from $18.70 per share on May 31 to $11.01 on Aug. 1. That puts Turner's stock wealth at $1.7 billion. Since the proxy was filed, however, Turner has sold more than 10 million shares. According to a June Vanity Fair magazine article, Turner was the key force behind the resignation of AOL Time Warner CEO Gerald Levin last year. Levin resigned after Turner reportedly pounded his fist on the table and blamed him for the declining stock price. Turner has another business, albeit much smaller, to focus on. Ted's Montana Grill had three locations at last count, one in Norcross, another in Peachtree City, and the last one in Ohio. The restaurant features bison.