AOL’s Spinoff From Time Warner: The Process; AOL India May Be Retained By TW

AOL (NYSE: TWX) Inc, the new about-to-be-spun-off unit from Time Warner, has filed an amended filing with SEC detailing some of the spin-off specifics. This comes as it named nine new board member for the new company this morning. In it, the exact steps required for this complex spinoff. The very-interesting part: AOL India may be retained by Time Warner, as the language below says. We have a query into AOL on what prompted this move. The full filing-speak:

The Internal Transactions will take place in the following steps, all of which have occurred or will occur prior to the Distribution in the following order, unless otherwise determined by the Parties:
Step 1: Conversion of TWA to a Limited Liability Company. On , 2009, TWA filed with the Virginia Secretary of State, pursuant to Section 13.1-722.9 of the Virginia Code, the documentation necessary to become a Virginia limited liability company named TW AOL Holdings LLC (the