In two days, AOLTW's stock has plunged 10% to reach a four year low, as investors have grown concerned about the company's balance sheet, turmoil in its Internet unit and stock sales by a big shareholder.

"I don't think anyone would have thought that the stock would go down this far. The price is declining with accelerated volume, which reflects panic selling."

The old AOL and Time Warner each financed their growth through intricate partnerships, including ones with Bertelsmann for AOL Europe, with a publicly traded affiliate for AOL Latin America, and with AT&T and with a group controlled by the Newhouse family for various cable systems. Most of those deals are in various stages of restructuring, adding uncertainty.