Icahn's Overwrought Time Warner Assault

I've been a fan of Carl Icahn for a while, but I have to say I'm a bit disappointed in the stance he's taking on Time Warner(TWX Quote). But let me be clear, I agree with Icahn on one critically important issue: Time Warner shares are a buy here.

First off, let's summarize what Icahn has been suggesting to Time Warner's management and the actions he's taken:

In August, he announced he was buying shares of Time Warner and had, alongside several hedge funds, accumulated 2.6% of the company. At the time, he specifically suggested that Time Warner increase its share-buyback program to $20 billion from $5 billion and completely spin off the cable division, as opposed to the 16% sliver that the company plans to spin off to the public.

A week later, he met with Dick Parsons, the CEO, and commended Parsons' stewardship on the company. ...