King Icahn: The Biography of a Renegade Capitalist (20th Edition)

King Icahn: The Biography of a Renegade Capitalist (20th Edition)

Mark Stevens

Language: English

Pages: 212

ISBN: 1494348926

Format: PDF / Kindle (mobi) / ePub

Publish Year note: First published in 1993

he only biography ever written -- revealing the wildly successful career and the brilliant, eccentric and pugnacious personality of financier Carl Celian Icahn -- is now available in a new and expanded 20th anniversary edition.

Chronicling the renegade capitalist's rise from lower middle class roots to the most powerful force on Wall Street and the most feared change agent in corporate America, King icahn is a unique and revealing look into the making of a massive American fortune.

Written by CEO Mark Stevens--who as Carl's neighbor and tennis partner gained unprecedented access to Icahn for this uncensored and and unauthorized book -- King Icahn; The Biography Of A Renegade Capitalist's 20th edition is now reissued with a never before told forward: The Battle To Publish This Book.

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hardly came as a surprise to Icahn, who had already formed a view of management as a spoiled elitist group insulated from the company’s ups and downs by the generous terms of their compensation packages. And he was fully prepared to act against them. In the Baird & Warner case, he did so by identifying an apparent weakness in the REIT’s management, using this vulnerability to rally the shareholders to his side. Carl claimed that the company’s financial performance was hampered by an all-too

as catalysts in the mergers and acquisitions spree, concocting deals on their own. By alerting raiders to companies whose anemic stock prices and high “break-up” values made them vulnerable to takeovers and by encouraging the raiders to take significant positions in the companies’ stock, the investment bankers would effectively put the targets “in play.” As other raiders circled the prey, they would ignite a heated competition for the companies’ shares, prompting management to succumb to a

said. “He asked for my help in taking over Dan River. If I helped him, he offered me a ten-year contract for full salary and a compensation package that I could cash out for 100 percent of the money at any time. In other words, he would pay for me to do nothing if I helped him. I thought that was obscene and I told him so.” Johnston, who also rejected what he characterized as a bribe out of hand, said, “I thought Carl Icahn was an evil person trying to take advantage of the shareholders.

hope so, but the assurances bring to mind the joke that my kids used to tell me about the world’s biggest lies... On Wall Street, this year’s version of the old joke is that the three biggest lies are, first, ‘I am buying your stock only for investment purposes’; second, ‘We have no interest in liquidating the business’; and third, ‘We have the long-term interests of the employees, customers and communities in mind.’” Responding to Carl’s demand that his $18 offer be presented for a

the machinists, who were lower paid and less viscerally opposed to Lorenzo, drew the line at 15 percent. Claiming he would have to sell out to Lorenzo if this was all he could get, Carl returned to the pilots, demanding that they make up the difference. With consternations, the pilots caved in, agreeing to wage and benefits reductions to 26 percent. Taken together, these deep cuts in payroll and fringe benefits promised to put an Icahn-controlled TWA $200 million to $300 million in the black. The

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