COMPANY TOWN ANNEX

Time-Warner Stockholders’ Lawsuit Revived: A federal appeals court in New York reinstated a shareholder lawsuit over Time Warner Inc.’s method of reducing the $10-billion debt it assumed when Time Inc. and Warner Communications Inc. merged in 1989. A lower court had dismissed the suit as baseless in June, 1992. When Time Warner was unable to secure the billions of dollars in equity it had hoped to raise through business alliances, it said in 1991 that it would issue new stock to raise the funds for debt payments, according to the opinion. Investors who bought Time Warner stock between Dec. 12, 1990, and June 7, 1991, are alleging that the new stock offering diluted the value of their shares.