Ted Turner has lost 89% of his $10.5BN Fortune [AOL in Freefall]

The New York Post ^ | July 26, 2002 | Paul Tharp

[SlickWillard]

July 26, 2002 -- The stock collapse of AOL Time Warner yesterday is dragging a virtual who's who of media moguls into pikersville.

A growing accounting scandal sent shares of the world's largest media company to their lowest level since the early 1990s.

[ConservativeNJdad]

Here's what Ted said at the time about his $1 Billion gift:

Turner announced Thursday night that he would give $100 million in Time Warner stock each year over the next decade to a "United Nations Foundation" that he will create. The money will be used to support U.N. programs. To fund the gift Turner is putting aside about one-third of his Time Warner stock, which is now valued at about $3.2 billion. That stock will not be transferred or sold, he said, but he will likely be used to borrow $100 million each year that would go to the U.N. foundation. If the stock value falls, which he said was possible, the total contribution will be less than $1 billion. If the stock price rises, he would keep the gain.

It looks like the UN lost a bundle on this deal. For more details, click here

[Blood of Tyrants]

There are many born abain Christians in my church that support liberal Democrats. No amount of logic or evidence in the world will convince them otherwise.

BTW, Jesus warns us agains judging the salvation of others, lest we be judged in the same manner.

[Humidston]

LOL!!!!

[wardaddy]

Here's a fairly recent link on this subject:

http://www.washingtonpost.com/wp-dyn/articles/A22425-2002Mar26.html

links to the peckerheads at WashPost are ok aren't they?

[wardaddy]

Your church sounds like those I attend....typical of any suburban middle class church.....when the preacherette starts in on tolerance, I usually know it's my last visit to that church.

[185JHP]

"When the righteous prosper, the city rejoices. When the wicked perish, there are shouts of joy!" (The Psalms)

[Lee_Atwater]

What the article doesn't say is that the options granted are only in the money if the share price recovers. Hence, there is an economic incentive to plug the holes in the ship. Either I am wrong - always a possibility - or this is the usual case of poor journalism. Either way the story is incomplete without the mention of strike price and expiration date of the options.

[Diddle E. Squat]

Snicker!

[ProudAmerican2]

Q: Who lasted longer as a born-again Christian, "Hanoi" Jane Fonda, or Robert Allen "Bob Dylan" Zimmerman ?

I could be wrong, but I don't think you can lose your salvation by giving money to liberal causes.

[blam]

"I wonder if Ted is gonna call up the U.N. and ask for some of his money back..."

Yup, $1,25bn to date. Ted is the largest private land owner in the US.

[My2Cents]

His 29-years at the company gave him a stock and option nest egg valued at around $529 million at the time of the merger. Today it's worth just $24.5 million.

Oh, the humanity!! How can this poor guy expect to live out his retirement years on only $24.5 million!? Guess he'll be sleeping on the street and eating dog food.

[SlickWillard]

There are many born abain Christians in my church that support liberal Democrats. No amount of logic or evidence in the world will convince them otherwise.

BTW, Jesus warns us agains judging the salvation of others, lest we be judged in the same manner.
     - Blood of Tyrants

I could be wrong, but I don't think you can lose your salvation by giving money to liberal causes.
     - ProudAmerican2

This probably isn't the place to start a Justification by Faith -vs- Justification by Works smackdown, and I didn't pass judgment on any person's fitness or unfitness for salvation, but I will say this: Funding, supporting, or voting for a politician who in turn votes for the murder of the unborn child in the womb is manifestly, tautologically incompatible with Christianity. If you call yourself a Christian, yet give succor to this evil, then you have proved by your actions that you have no earthly idea what the word means.

[tracer]

Hey, Ted! Just think of it as a pie in the face from the God you deny exists.

Only 1 billion plus to go, so you should start begging the UN to give back the money you gave to that nest of jackals.....

[dighton]

Oh, the humanity!!

Things are tough all over.

[RetiredArmy]

Ted The Red lost $9.3 billion. Ho ho ho, ha ha ha, ROTFLMAO!! Ted is in the Red now! Ho ho ho ho ha ha ha ha ha ha ha ha ha ha ha ha ha! I can't breath. Ha ha ha!!

[Aric2000]

I hope that she gave them the stock, and they still have it. It means that theya re just as BROKE!! LOL

This couldn't have happened to nicer people!!

[Pining_4_TX]

OK, I know I'll be called a dweeb, but I use AOL. Which service should I use? Keep in mind I am techno-challenged and need something simple and safe.

BTW, my favorite part of this article is that Jane gave her AOL stock to liberal causes and politicians. Makes my day!

[OldFriend]

No gloating.......lots of regular folk own that stock and lots of regular people work for these companies and are hurting.

[habs4ever]

As I wrote earlier, what Case was doing was for the benefit of AOL shareholders.What he did with his own PERSONEL stake I have no idea, but dumping high priced, outdated technology by using a higher P/E for better, lower cost technology is a prudent use of shareholder equity.How the market chose to punish AOL stock does not detract from the merits of Case doing this deal.

[RnMomof7]

Q: Who lasted longer as a born-again Christian, "Hanoi" Jane Fonda, or Robert Allen "Bob Dylan" Zimmerman ?

Luk 18:25 For it is easier for a camel to go through a needle's eye, than for a rich man to enter into the kingdom of God.

Maybe Ted will get on his knees...to pray