I’d be shocked if this happened, then again I was shocked Case did the AOL/TW deal in the first place (and, I said this would end in tears on Charlie Rose a couple of weeks after the merger):

Case is said to have approached Time Warner last year about a play for AOL, but was rebuffed because the media giant wasn’t ready to sell, a source said. But things have changed since then. Federal investigations into Time Warner’s accounting are nearing a conclusion, smoothing the path for an AOL handoff. If Case got AOL back and then turned it around, he’d be sticking it to Time Warner again, analysts noted yesterday. The shrewd exec was by far the big winner when he convinced then Time Warner chairman Gerald Levin to deal the media giant in exchange for America Online’s inflated stock.