Shareholders Unplugged
Legal Affairs, March, 2006 by Lynn A. Stout
CARL ICAHN, THE ONE-TIME CORPORATE RAIDER and present-day hedge-fund manager, portrays himself as a champion of the average investor. His latest Robin Hood maneuver is an attack on the media giant Time Warner and its share price, which has been stagnant for the past three years. In partnership with some outside hedge funds, Icahn has acquired 3.1 percent of Time Warner's stock.
With the advice of the investment bank Lazard, he is using this stake to try to pressure Time Warner's board into (in Icahn's words) "maximizing shareholder value." In particular, Icahn wants the company to sell some of its key business lines, including, perhaps, America Online, and to buy back $20 billion of its $79 billion of outstanding stock, all to drive up the price of company shares....
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