CASE NO ACE

September 16, 2008
Michael Sheehan

Physician's Money Digest, May 15 2003, Volume 10, Issue 9

If you bought AOL stock 5 yearsago, you're about even on yourinvestment, but it's been a wild ride.AOL stock spent much of the 1990sin single digits, then took off withthe Internet stocks in 1999, reachinga high of $95 a share late thatyear. AOL fended off the Internetbears and, after merging with TimeWarner, was still selling at close to$60 in mid-2001. Steve Case, formerhead of AOL, took over asCEO of the merged company, andit's been pretty much downhill eversince. By the time Case was shownthe door in January 2003, the stockhad fallen to $14 (it now trades atabout $11). During his tenure,AOL Time Warner amassed $25billion in debt and lost $200 billionin market capitalization. The companyis also under investigation foraccounting "irregularities."