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Encyclopedia > Carl Icahn

Carl Celian Icahn (born February 16, 1936) is an American billionaire financier, corporate raider, and private equity investor. Image File history File links No higher resolution available. ... Image File history File links No higher resolution available. ... is the 47th day of the year in the Gregorian calendar. ... 1936 (MCMXXXVI) was a leap year starting on Wednesday (link will take you to calendar). ... A billionaire is a person who has a net worth of at least one billion units of currency, such as United States Dollars (USD), Pounds or Euros. ... Financier (IPA: /ˌfi nãn ˈsjei/) is an elegant term for a person who handles large sums of money, usually involving money lending, financing projects, large-scale investing, or large-scale money management. ... A corporate raid is a business term, sometimes also referred to as breaking a company. ... Private equity is a broad term that refers to any type of equity investment in an asset in which the equity is not freely tradable on a public stock market. ...

Contents

Biography

Raised in Queens, New York City, Icahn developed a reputation as a great corporate raider after his hostile takeover of TWA in 1985.[1] He was educated at Princeton University (A.B., Philosophy, 1957) and New York University School of Medicine, where he dropped out before graduation. For other uses, see Queens (disambiguation) and Queen. ... New York, New York and NYC redirect here. ... A corporate raid is a business term, sometimes also referred to as breaking a company. ... A takeover in business refers to one company (the acquirer, or bidder) purchasing another (the target). ... Trans World Airlines (IATA: TW, ICAO: TWA, and Callsign: TWA), commonly known as TWA, was an American airline company that was acquired by American Airlines in April 2001. ... This article is about the year. ... Princeton University is a private coeducational research university located in Princeton, New Jersey. ... A Bachelor of Arts (B.A. or A.B.) is an undergraduate academic degree awarded for a course or program in the arts and/or sciences. ... The philosopher Socrates about to take poison hemlock as ordered by the court. ... Year 1957 (MCMLVII) was a common year starting on Tuesday (link displays the 1957 Gregorian calendar). ... The New York University School of Medicine was founded in 1841, ten years after the New York Universitys founding, as the University Medical College. ...


Icahn began his career on Wall Street in 1961. In 1968, he formed Icahn & Co., a securities firm that focused on risk arbitrage and options trading. In 1978, he began taking control positions in individual companies. He has taken substantial or controlling positions in various corporations including: RJR Nabisco, TWA, Texaco, Phillips Petroleum, Western Union, Gulf & Western, Viacom, Uniroyal, Dan River, Marshall Field, E-II (Culligan and Samsonite), American Can, USX, Marvel Comics, Revlon, Imclone, Federal-Mogul, Fairmont Hotels, Kerr-McGee, Time Warner and Motorola. Risk arbitrage is an investment or trading strategy often associated with hedge funds. ... In finance options are types of derivative contracts, including call options and put options, where the future payoffs to the buyer and seller of the contract are determined by the price of another security, such as a common stock. ... RJR Nabisco, Inc. ... Trans World Airlines (IATA: TW, ICAO: TWA, and Callsign: TWA), commonly known as TWA, was an American airline company that was acquired by American Airlines in April 2001. ... Texaco is the name of an American oil company that was merged into Chevron Corporation in 2001. ... ConocoPhillips (NYSE: COP) was founded by the merger of the Conoco Inc. ... Western Union (NYSE: WU) is a financial services and communications company based in the United States. ... Viacom (NYSE: VIA) (NYSE: VIAb) is an American media conglomerate with various worldwide interests in cable and satellite television networks (MTV Networks and BET), and movie production and distribution (the Paramount Pictures and DreamWorks movie studios). ... The United States Rubber Company was a rubber manufacturer founded by Charles R. Flint in 1892. ... The Dan River flows in both North Carolina and Virginia, USA. It arises in the state of Virginia in Patrick County and crosses the state border into Stokes County, North Carolina. ... Marshall Field (1834 -1906) was founder of Marshall Field and Company, the Chicago based chain of department stores. ... Culligan is an international water purification business based in Northbrook, Ill. ... Samsonite is the world’s largest maker of third-ratecitation needed luggage, making everything from large suitcases to smaller toiletries bags. ... The United States Steel Corporation (NYSE: X) is an integrated steel producer with major production operations in the United States and Central Europe. ... This article is about the comic book company. ... Revlon (NYSE: REV) is an American cosmetics company. ... ImClone Systems Incorporated (NASDAQ: IMCL) is a biopharmaceutical company dedicated to developing biologic medicines in the area of oncology. ... Federal-Mogul Corporation is a major automotive parts supplier based in Southfield, Michigan, USA. Currently operating under Chapter 11 reorganization, Federal-Mogul employs some 41,000 people in 24 countries. ... Banff Springs Hotel Quebec City - Château Frontenac Victoria - The Empress Chateau Lake Louise Ottawa - Château Laurier Toronto - Royal York Montreal - Queen Elizabeth Saint Andrews - The Algonquin Hotel Vancouver Calgary - Palliser Hotel Fairmont San Jose Hotel Fairmont Washington D.C. Fairmont Hotels & Resorts is a Toronto, Ontario based owner... The Kerr-McGee Corporation (NYSE: KMG) is an energy company involved in the exploration and production of oil and gas resources, as well as the manufacture of titanium dioxide (TiO2) pigment. ... Time Warner Inc. ... Motorola Inc. ...


Icahn, made extensive use of financier Michael Milken's junk bonds. After the junk bond and overall market bust in the early 1990s, Icahn played a lower-profile role in the business world, preferring to be less public in his dealings. Michael Robert Milken, born July 4, 1946, in Encino, California, is an American financier best known as the Junk Bond King of 1980s era Wall Street. ... In finance, a high yield bond (non-investment grade bond, speculative grade bond or junk bond) is a bond that is rated below investment grade at the time of purchase. ...


Business interests

As of 2007, Icahn and his affiliates currently own majority positions include ACF Industries, American Railcar, XO Communications, Philip Services, American Real Estate Partners, and American Casino and Entertainment Partners. American Car and Foundry (often abbreviated as ACF) is a manufacturer of railroad rolling stock. ... XO Holdings, Inc. ... American Real Estate Partners, L.P. (AREP) is a dirversified real estate holding company based in Mount Kisco, New York. ...


Icahn is a director of Blockbuster Inc., and the Chairman of Imclone, American Real Estate Partners LP, XO Communications Inc, WestPoint Home Inc., Cadus, and American Railcar. Also he is a beneficial owner of Adventrx Pharmaceuticals Inc, Hollywood Entertainment, National Energy Group Inc, Vector Group Ltd and has significant holdings in Time Warner Inc. He has casino interests in Las Vegas, Nevada, including the Stratosphere, Arizona Charlie's Boulder and Arizona Charlie's Decatur, which are operated through American Entertainment Properties, a subsidiary of Icahn's major company American Real Estate Partners. Icahn has also tried to take over Marvel Comics [2]. Blockbuster (NYSE: BBI) is one of the largest chains of DVD and video game rental stores in the world. ... ImClone Systems Incorporated (NASDAQ: IMCL) is a biopharmaceutical company dedicated to developing biologic medicines in the area of oncology. ... WestPoint Home is a conglomerate corporation that dates back over 200 years through the companies that have merged together. ... The beneficial owner is the real owner of funds helt by for instance a nominee bank. ... This article or section does not adequately cite its references or sources. ... Vegas redirects here. ... The Stratosphere Las Vegas is a hotel and casino located on the Las Vegas Strip in Las Vegas, Nevada, owned by American Casino & Entertainment Properties which is a wholly owned subsidiary of American Real Estate Partners. ... This article is about the comic book company. ...


In 2004, Icahn purchased a large block of stock in a pharmaceutical concern, Mylan Laboratories, after Mylan had announced a deal to acquire another company in that market, King Phamaceuticals, of Bristol, Tennessee. Icahn threatened a proxy fight over the acquisition, saying that the contract required Mylan to over-pay. He also contended that Mylan's chief executive, Robert J. Coury was significantly overcompensated and that Mylan's corporate governance was otherwise badly flawed. This article does not cite any references or sources. ... Pharmacology (in Greek: pharmakon (φάρμακον) meaning drug, and lego (λέγω) to tell (about)) is the study of how drugs interact with living organisms to produce a change in function. ... Mylan Laboratories, Canonsburg, Pennsylvania, is a pharmaceutical corporation. ... Nickname: Motto: A Good Place To Live Coordinates: , Country United States State Tennessee County Sullivan Government  - Mayor Jim Messimer Area  - City  29. ... Official language(s) English Capital Nashville Largest city Memphis Largest metro area Nashville Area  Ranked 36th  - Total 42,169 sq mi (109,247 km²)  - Width 120 miles (195 km)  - Length 440 miles (710 km)  - % water 2. ... Proxy fight is an event that may occur when opposition develops to a corporation management among its stockholders. ... A contract is a legally binding exchange of promises or agreement between parties that the law will enforce. ... “Chief executive” redirects here. ... Corporate governance is the set of processes, customs, policies, laws and institutions affecting the way a corporation is directed, administered or controlled. ...


In early 2005, Mylan gave up its efforts to acquire King, but management said this was a result of its ongoing monitoring of relevant facts, not due to pressure from Mr. Icahn.


In 2006 Icahn sold his stake in KT&G (Korea Tobacco & Ginseng) for a significant quick one year profit.


At the moment Icahn is also a major shareholder of Time Warner owning about 3.3% of the company valued at billions of dollars. He has been actively attempting to influence the direction of Time Warner, often in conflict with its Chief Executive, Richard Parsons. Although Time Warner recently sold 5% of its AOL division, Icahn has been pressing for additional action to increase shareholder value. On February 7, 2006, a group led by Icahn and Lazard Frères CEO Bruce Wasserstein unveiled a 343-page proposal calling for the breakup of Time Warner into four companies and stock buybacks totaling approximately $20 billion. On February 17, 2006, the Icahn-led group agreed with Time Warner to not contest the re-election of TW's slate of board members at the 2006 shareholders meeting. In exchange for the Icahn group's cooperation, Time Warner will buy back up $20 billion of stock, nominate more independent members to the board of directors, cut $1 billion of costs by 2007, and continue discussions with the Icahn group over their proposal, particularly on the future of Time Warner Cable. Time Warner Inc. ... Richard Parsons (born April 4, 1948), is the chairman and CEO of Time Warner. ... Lazard LLC NYSE: LAZ is a New York-based, independent investment bank with more than 2,500 employees in Asia, North America, and Europe. ... Bruce Wasserstein (born December 25, 1947 in Brooklyn, New York)[1] is an American investment banker and businessman. ... Time Warner Cable (NYSE: TWC) is an American national cable television company that operates in 27 states and has 31 operating divisions. ...


Recent developments

In August 2006, he bought stock in the video game publisher Take Two Interactive. Take-Two Interactive Software, Inc. ...


In January 2007, he purchased a 9.2% stake in Telik, Inc. (Nasdaq: TELK), a biotech company engaged in cancer research, because he believed its shares were undervalued.


On January 16, 2007 it was disclosed in a Securities and Exchange Commission filing that Mr. Icahn is the beneficial owner of 14.57%, or 6.1 million shares, of WCI Communities Inc. (NYSE: WCI) [1]. In the filing Mr. Icahn indicated that he intends to contact WCI to discuss how to "unlock the inherent value" of its shares. WCI Communities, Inc. ...


On January 30, 2007 Motorola (NYSE: MOT) said it received notice that Icahn owns about 33.5 million shares, representing a 1.39% interest in the company and pressed for a seat on its board. But he was promptly turned down by the majority of the stock holders in the election for Board Directors which was held on May 8th. Motorola Inc. ...


On February 9, 2007, Lear Corporation's (NYSE: LEA) board of directors agreed to a $2.3 billion takeover offer from Icahn, pending a 45 day solicitation period for other offers, which it did not receive, and shareholder approval.[3] [4] Lear Corporation, headquartered in Southfield, Michigan, USA is a Fortune 500 company, engaged in the business of manufacturing and distribution of automotive interiors systems. ...


On February 27, 2007, Icahn invested $50 million in Motricity, a North Carolina-based provider of mobile content delivery technology. Motricity provides Mobile Marketplace Management solutions, with a catalog of more than 600,000 digital media titles, reaching over 120 million consumers worldwide. ...


On April 23, 2007, Carl Icahn's company announced it was selling the Stratosphere and three other southern Nevada casinos to an affiliate of Goldman Sachs for $1.3 billion.


During April, 2007, Icahn successfully pressured Medimmune Inc (MEDI) to consider takeover bids. The company was bought out by AstraZeneca. AstraZeneca PLC (LSE: AZN, NYSE: AZN), is a large Anglo-Swedish pharmaceutical company formed on 6 April 1999 by the merger of Swedish Astra AB and British Zeneca Group. ...


On May 7, 2007, Icahn's quest for a board seat on Motorola is effectively ended, as the company announced the next day that in a preliminary count of the votes for board members Icahn did not posses the number needed to be elected. Icahn stated that he would not sell his shares in the company.


On September 14, 2007, Icahn disclosed his ownership of 8.5% of outstanding shares in business software company BEA Systems Inc. BEA Systems shares rose more than 4% after Icahn disclosed his stake in a filing with the Securities and Exchange Commission. In the filing, Icahn, known for forcefully pushing an agenda at companies where he acquires ownership, suggested that BEA Systems should put itself up for sale. By September 21, Icahn increased his stake to 9.88% of BEA.


Philanthropy

Icahn Stadium on Randall's Island in New York City is named after him, as is the Carl C. Icahn Center for Science and Icahn Scholar Program at Choate Rosemary Hall, a top tier New England prep school. This organization pays for tuition, room and board, books, and supplies for 10 students every year for four years (freshman-senior), an expense that adds up to about 160,000 dollars per student. Icahn Stadium is a track and field stadium in New York City. ... Randalls Island is situated in the East River in New York City. ... Choate Rosemary Hall Choate Rosemary Hall (commonly referred to as Choate) is a New England preparatory school for students (who call themselves Choaties) in grades 9-12, known as the third through sixth forms at the school. ...


Icahn made a substantial donation to his alma mater Princeton University to fund a genomics laboratory which bears his name, the Carl C. Icahn Center for Science, Choate Science Building designed by I.M. Pei; and the Carl C. Icahn Laboratory for Princeton University’s Institute for Integrated Genomics. He also made a large donations to Mount Sinai Hospital, New York, of which he is a trustee, which in return named a building the Icahn Medical Institute. Alma mater is Latin for nourishing mother. It was used in ancient Rome as a title for the mother goddess, and in Medieval Christianity for the Virgin Mary. ... Princeton University is a private coeducational research university located in Princeton, New Jersey. ... Genomics is the study of an organisms entire genome; Rathore et al, . Investigation of single genes, their functions and roles is something very common in todays medical and biological research, and cannot be said to be genomics but rather the most typical feature of molecular biology. ... This article does not cite any references or sources. ... Ieoh Ming Pei (貝聿銘 pinyin Bèi Yùmíng) is a Chinese American architect born in Suzhou, China on April 26, 1917. ... The Mount Sinai Hospital is a hospital in New York City, New York, serving Manhattans Upper East Side and Harlem. ...


His foundation, the Children’s Rescue Fund, built Icahn House in The Bronx, New York City, a 65-unit complex for homeless families consisting of single pregnant women and single women with children, and operates Icahn House North and Icahn House South, both of which are homeless shelters located in New York City. For other uses, see The Bronx (disambiguation). ...


Icahn has received numerous awards, including the Starlight Foundation’s Founders Award and the 1990 Man of the Year Award, and was named The Guardian Angel 2001 Man of the Year. In 2004, he was honored by the Center for Educational Innovation - Public Education Association for his charter school work. In 2006, He was honored with the 100 Women in Hedge Funds Effecting Change Award for his outstanding contributions to improving education. A guardian angel is a spirit who is believed to protect and to guide a particular person. ... Charter schools are publicly funded elementary or secondary schools in the United States which have been freed from some of the rules, regulations, and statutes that apply to other public schools, in exchange for some type of accountability for producing certain results, which are set forth in each charter school...


Thoroughbred horse racing

In 1985 Carl Icahn established Foxfield Thoroughbreds, a horse breeding operation. At that years' Newstead Farm Trust sale run by Fasig-Tipton, he paid $4 million for Larida, a 6-year-old mare and a record $7 million for the 4-year-old bay mare Miss Oceana who was in foal to champion sire, Northern Dancer. Horse breeding is the process of using selective breeding to produce additional individuals of a given phenotype, that is, continuing a breed. ... The Fasig-Tipton Company, Inc. ... Northern Dancer (May 27, 1961 - November 16, 1990) was a Canadian-bred Thoroughbred racehorse and the most successful sire of the 20th Century. ...


Icahn's Meadow Star won the 1990 Breeders' Cup Juvenile Fillies and was voted the Eclipse Award for Outstanding Two-Year-Old Filly. In 1992, Foxfield ended its racing operation and became a commercial breeder. Having bred more than 140 stakes horses, in 2004 Icahn shut down Foxfield, selling all his mares and weanlings without reserve at the Keeneland November breeding stock sale. The Breeders Cup World Thoroughbred Championships is an annual series of thoroughbred horse races sponsored by the National Thoroughbred Racing Association and held on a single day at a predetermined site, usually in the United States but sometimes in Canada. ... Eclipse Award for Outstanding Two-Year-Old Filly is an American Thoroughbred horse racing honor. ... A graded stakes race is a term applied to a Thoroughbred horse race in the United States and Canada to describe races that derive their name from the stake, or entry fee, owners must pay. ... Keeneland Race Course at Dawn There is also a town in Jefferson County, Kentucky, with the same name, unrelated to this article; for the town, see Keeneland, Kentucky. ...


External links

  • Forbes World's Richest People (2006): #53 Carl Icahn
  • Forbes 400 listing (2005): #24 Carl Icahn
  • Forbes World's Richest People (2004): #47 Carl Icahn
  • MarketWatch.com: Icahn's recent track record and Motorola
  • Carl Icahn Invests $50 Million in Mobile Content Distributor Motricity
  • "If He Ruled the World" Knowledge at Wharton
  • NewsVisual: Carl Icahn's Connections- The Root of His Investing Power

See also

Dan Raviv (born 1954) is an American journalist. ... Avi Arad (Hebrew: אבי ארד) is an Israeli-American businessman. ... Toy Biz logo. ... Gordon Gekko, portrayed by Michael Douglas. ... T. Boone Pickens, Jr. ...

References

  1. ^ 10 Questions for Carl Icahn by Barbara Kiviat, Time Magazine, Feb. 15, 2007
  2. ^ Comic Wars by Dan Raviv, Broadway Books, April 2002
  3. ^ Lear agrees to Icahn buyout, may seek other offers, by David Bailey, Reuters, February 9, 2007
  4. ^ Lear Announces Expiration of Solicitation Period for Alternative Acquisition Proposal, Lear Corporation Press Release, March 27, 2007

Time (whose trademark is capitalized TIME) is a weekly American newsmagazine, similar to Newsweek and U.S. News & World Report. ... Reuters Group plc (LSE: RTR and NASDAQ: RTRSY); pron. ...

Additional reference

Connie Buck, The Predator's Ball (1988), chapter eight ("Icahn-TWA: From Greenmailer to Manager-Owner").


 
 

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