Time Warner is also famous for introducing common stockholders to the practical use of game theory concepts. In 1991, the company introduced a controversial plan to raise new equity capital through use of a complex Acontingent@ rights offering. After months of assuring Wall Street that it was close to raising new equity from other firms through strategic alliances (กลยุทธ์พันธมิตร), Time Warner instead asked its shareholders to ante up more cash. Under the plan, the company granted holders of its 57.8 million shares of common stock the rights to 34.5 million shares of new common, or 0.6 rights per share. Each right enabled a shareholder to pay Time Warner $105 for an unspecified number of new common shares. Because the number of new shares that might be purchased for $105 was unspecified, so too was the price per share. Time Warner=s Wall Street advisers structured the offer so that the new stock would be offered at cheaper prices if fewer shareholders chose to exercise their rights.