Carl Icahn Unleashed: Wall Street's Richest Man Is On The Attack

www.forbes.com Modified: March 29, 2013 at 10:29 am •  Published: March 29, 2013
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Freed from investors and flush with cash, Carl Icahn is targeting companies by the dozen. The bigger, the better -- just ask Michael Dell.

Carl Icahn’s offices carry a distinct museum quality. Three decades of scalps, resulting from some of the most famous hostile takeovers, proxy fights and board assaults in American financial history, cover every cranny of his wood-lined corridors. There are model airplanes from TWA–the takeover that cemented his name among major league dealmakers –and toy trains from ACF Industries, which has served as his cash machine for decades. Lucite tombstones recount conquests involving many of the great companies of the 20th century, from MGM to Motorola, Texaco to Nabisco.



Yet Icahn’s backward-looking perch, near the top of Manhattan’s old-school GM Building, has never been more relevant, as fortysomething billionaires like Michael Dell and Bill Ackman are learning to their chagrin. In the last 15 months the 77-year-old has taken positions in and then launched campaigns against 14 companies, a burst that has made him, at an age when he would have long been expected to fade away, the most disruptive individual in business, with a hand in almost every major corporate story in America.

One moment he’s launching a full-blown bid to snatch Dell from its eponymous founder. The next he’s needling deepwater driller Transocean to pay out a gusher of a dividend. When there’s good news at Netflix, money managers shake their heads at Icahn’s timely investment. And if you stand in his way? His finger-prints were all over the resignation of Chesapeake Energy‘s notorious Aubrey McClendon. Meanwhile, his live CNBC brawl with Ackman, who’s on the other side of his position in controversial vitamin company Herbalife, lit up trading floors around the world.

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