Carl Icahn has been doing this for years and he doesn’t show any signs of letting up, rather it seems as though he wants his legacy to show how 30 years on from the 80’s that added “corporate raider” to the English Lexicon, Mr. Icahn would like his name to proceed Gordon Gecko’s when the “best” comes up in conversation. It’s almost as if he’s hired a biographer to also write the book on acquisitions. Wow, I hope he’s not sick, for few are more fun to write about these days.
“Corporate Raider” and “Hostile Takeover,” well they just sound negative. “Activist Investor,” however, suggests an angel sent from the heavens to help shareholders and those close to losing a chunk of the fixed income they count on as their working days tick down to retirement.
Blue Mountain Credit Fund still in the red YTD; here are their biggest holdings
Blue Mountain Credit Alternatives Fund was up 0.36% for November, although the fund remains well into the red for the year. For the first 11 months, the fund was down 24.85% gross. Q3 2020 hedge fund letters, conferences and more Blue Mountain's fundamental credit strategy was up 0.63% for November, including a 1.09% gain for Read More
Let there be no mistake, Icahn is still as shark, just a shark that sounds nicer, and I’m not alone in my admiration. At his advanced age he shows no sign of looking to spend more time with his grandchildren, rather he looks and sounds as sharp as ever.
Icahn is Now More Difficult to Deal With
Icahn has been rich for a long time but his new-found Netflix, Inc. (NASDAQ:NFLX) money is just making him more difficult to deal with. Ask Michael Dell and investing firm Silver Lake Partners. It’s like trying to fight a fanged combination of Carl Reiner and Pauly from Goodfellas.
Today saw Icahn call on Dell Inc. (NASDAQ:DELL) shareholders to get their shares appraised. His call comes from the belief that Dell and Silver Lake “substantially undervalues your Dell shares,” Icahn wrote before continuing, “If you seek appraisal, you will receive more.”
These are not the last ditch tactics of a beaten man, but rather the work of a genius on the financial chessboard according to Anthony Michael Sabino, a professor at St. John’s University who recently said, “This is once again Carl Icahn showing he plays the takeover game just about better than anybody. He simply is relentless. He would have invited [invented?] the siege mentality in medieval times.
Icahn Taunting Dell and Silver Lake?
Icahn is nearly taunting Dell Inc. (NASDAQ:DELL) and Silver Lake, even going so far as to use capital letters in one of his calls to Dell Inc. (NASDAQ:DELL) shareholders as he instructed them in what to do next.
“WHAT IS MOST IMPORTANT ABOUT SEEKING APPRAISAL IS THAT YOU CAN CHANGE YOUR MIND ABOUT APPRAISAL UP TO 60 DAYS AFTER THE MERGER,” he wrote before continuing with, “You can have your cake and eat it, too.”
I’d hate to be in Michael Dell’s shoes.