By Sonya Rabbitte, 27 March 2002 11:00
NEWS Shares in AOL Time Warner slumped yesterday after the company said it would write off $54bn in assets for the first quarter of 2002, one of the biggest ever write downs in corporate history. Shares had dropped 3.76 per cent by the close of trading yesterday, despite warnings from AOL in January that it expected to write down between $40bn and $60bn for the quarter. Shares closed yesterday at $23.30, down from a 52-week high of $58.50. AOL shares were trading at about $67 when AOL merged with Time Warner in January 2001. AOL also said yesterday that its top executives would not be paid performance-related bonuses for the 2001 financial year, receiving stock options instead.
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