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Charlie Sheen and the SEC filing…

April Fool’s Day may be right around the corner, but this is not a joke. Time Warner (TWX) has decided that the little matter of Charlie Sheen suing Warner Bros. for $100 million, which you no doubt have heard about unless you were, um, dead, is material enough to mention in an SEC filing. Here’s a snip from the 8-K they filed earlier today, which is written in the legalese that one normally encounters in SEC filings:

On March 10, 2011, Charlie Sheen and 9th Step Productions (collectively, —Sheen) filed a lawsuit in the Superior Court for the County of Los Angeles against WB Studio Enterprises, Inc. (WB Studios), a subsidiary of Warner Bros. Entertainment Inc., and Chuck Lorre and Chuck Lorre Productions, the co-creator and co-executive producer of the television series Two and a Half Men. Plaintiffs— complaint asserts several causes of action in connection with WB Studios— termination of Sheen’s contract for the Two and a Half Men series, including breach of contract claims and intentional interference tort claims. Plaintiffs— complaint seeks monetary damages of $100 million, among other damages in unspecified amounts. WB Studios, through its division Warner Bros. Television, is seeking to arbitrate both the plaintiffs— claims and WB Studios— claims before JAMS, Inc. (JAMS), and on March 7, 2011 JAMS commenced arbitration. The Company intends to vigorously defend against and pursue, as applicable, the claims asserted by and against Sheen in the proceedings described above.

What we can’t figure out here at footnoted is why it took Time Warner this long to mention this in an 8-K. The company seems to be taking the position that it’s an “Other Event” that doesn’t have to be disclosed within the usual four-day window for most 8-Ks. But then why file it now? Or have Time Warner’s lawyers concluded that the lawsuit is a bigger deal than they previously thought?

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