(FORTUNE Magazine) – Ted Turner, 64, may be quitting as vice chairman of AOL Time Warner (parent of FORTUNE's publisher), but he's hardly retiring. Some close to the CNN founder think he's miffed that the AOL board didn't consider him to replace outgoing chairman Steve Case. If that's true (Turner isn't talking), this saga could get even juicier. Turner, whose AOL holdings have sunk some 75%, to about $1.6 billion, since January 2001, could leave the board--and attempt to oust the current team. Or he could dump his 3% AOL stake, flooding the market. Meanwhile, Ted has his philan-thropy, as well as Ted's Montana Grill, a chain of six bison-burger restaurants he co-owns. Plans are to open ten more locations this year. --Stephanie N. Mehta