They're probably going to look more like Yahoo. It's funny, because for the longest time, Yahoo wanted to be AOL. Now it's probably the other way around.

Ah, well, when you explain it like that, it seems obvious," said Mudge. "Of course, it always seems obvious once it's been explained.

The restriction with a lot of the other companies (like AOL-Time Warner) might have involved cross ownership restrictions between a lot of the other types of media, but I don't think that's an issue here.

I've never spent so much time with someone who is so fully present and conscious.

I think AOL Time Warner is worth a lot more than it's trading for,

Usually you have some perspective on things. But what seemed acceptable at the time, what seemed like the norm, now you're judging people by standards that didn't exist at the time. I think it's worth twice what it's trading for, but you won't get credit for it until some of these clouds are lifted.