Carl Icahn Welcomed His Son Back

Carl Icahn Welcomed His Son Back
mohamed_hassan / Pixabay

Carl Icahn has welcomed his son Brett back into the family business, although a more accurate description might be that he is charging him for entry. For $10 million – and a contribution toward each investment – Brett Icahn will get a new role managing investments at Icahn Enterprises with a three-man team, a chunk of depositary receipts, and promised jobs as CEO of the investment division and chairman of Icahn Enterprises in at least seven years’ time, by which point Carl Icahn will be 91.

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Q2 2020 hedge fund letters, conferences and more

Carl Icahn Welcomed His Son Back

Beyond the Succession-like spectacle, the drama might indicate more activism from Icahn in the near future. Brett led the highly successful technology-focused Sargon Portfolio between 2010 and 2016 but stepped away when he felt opportunities had dried up. Since then, Icahn’s activism has mostly been in traditional industrial and oil and gas companies. Now, although Brett may be lower profile and less inclined to run proxy fights, the campaigns might broaden and increase.

The Hedge Fund Manager Who Broke Even When Most Other Funds Got Killed

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Quote Of The Week

Quote of the week comes from a selection of Institutional Shareholder Services (ISS) clippings provided by Ashford Hospitality Trust in defense of its cash and common stock exchange offer for its preferred shares, as part of a fundraising drive. Based on ISS’ and Glass Lewis’ cautious approval for the plan, activist attempts to play down the challenges faced by hard-hit industries may struggle to win support while COVID-19 is still around:

"There is no way to tell with a meaningful degree of certainty when the industry will reach the point at which the company could again become viable without intervention (in a form such as the proposed exchange offers)."

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Financial news and data providers Activist Insight and Proxy Insight announced in October 2020 that they had merged to form Insightia, a leader in the field of public company information. Activist Insight was formed in 2012 and offers an extensive range of products including Activist Insight Online, Activist Insight Governance, Activist Insight Vulnerability, Activist Insight Shorts, Activist Insight Monthly magazine, and The Activist Insight Podcast. Proxy Insight has quickly become the world’s leading source of information on global shareholder voting, covering such hot topics as director and auditor elections, “say on pay” resolutions and environmental, social, and governance (ESG) proposals.
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