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 5/10 Good --- feeds.portfolio.com http://feeds.portfolio.com/portfolio/top5
| Updates throughout the day on the top stories you should be talking about. ... |
Thursday, May 15, 2008 --- 71 days ago http://www.portfolio.com/news-markets/top-5/2008/05/14/Icahns-Yahoo-Board-Fight?
| Note to Carl Icahn: Now that you've chosen to run a dissident slate of 12 new board members at Yahoo - or so reports say- take a minute and consider that you're hunting a very different animal than you're used to. Icahn built his $8.5 billion fortune on the back of a simple strategy: Control is a matter of how, not what. In Wall Street People, Charles Ellis quotes Icahn's uncle and early role model Elliott Schnall on his philosophy: "When Carl told me he was going after undervalued companies, I said, 'What! Why the hell don't you stick to Wall Street - stick to what you know,'" Schnall said of Icahn's move on Tappan Co. in 1979. "But to Carl, what the company made was basically irrelevant." That approach served Icahn well for decades, but it doesn't seem to be working with his growing involvement with tech companies. Icahn Enterprises' investment in Blockbuster, the video store grappling with an online business model, fell $19 billion in 2007, a 34 percent drop in fair value. It lost another $9.4 million last quarter. And his private funds of company investments returned only 1 percent in the first quarter of 2008, dragged down by Motorola, it's largest position. While Icahn was battling to appoint two directors to Motorola's board, he has lost 39 percent this year. Then there's XO Holdings, a telecom concern that Icahn owns 60 percent of: Yesterday, XO hit a five-year low of 54 cents a share. Even Icahn's few successes ... |
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