There is new speculation on Wall Street that a 16 percent stake in Time
Warner Cable could be registered by Time Warner Inc. (NYSE: TWX) as
early a the first week of January. The company is waiting for a final
provision of the bankruptcy of cable firm Adelphia to be approved. Time
Warner paid for some of Adelphia's assets with shares in its cable unit.

Bear Stearns says that now that the fighting between Adelphia and its
creditors is drawing to a close, the Time Warner shares could be
available on January 7, 2007. With these shares coming to market Time
Warner Cable will not have to go through the normal IPO exercise. The
Adelphia stake hitting the public market will act as a proxy.

Time Warner's stock continues to rise since its last quarterly report.
The shares closed Friday at $22.08, a new closing high. Speculation is
that the public trading of Time Warner Cable will "unlock" the value of
the asset so that investors can see its value more clearly. This, in
turn, will increase the value of Time Warner as a whole.

One would think that sophisticated investors knew all that already,
wouldn't you say?

whoa---interestin'----