But I have employees who read the papers every day. And Parsons had spent too many years in politics not to know that throw the rascals out was a compelling message. The final thing is, he doesnt understand how the Internet works, and, in particular, how the search function is monetized. Icahn insisted, I understand how Google makes its money, but he conceded, I dont understand the digital world. And, despite Icahns efforts, Time Warners stock did not budge; Icahn was further embarrassed when word leaked out that many of those he had talked to about running on his proxy slate had demurred. Dick has a directness and honesty and a sense of fairness and a sense that a negotiation is not about maximizing but about accommodation, AOLs chief negotiator, Kenneth Novack, said then. He stays at the office until eight or eight-thirty and is on the telephone until midnight, Golden told me, when we take a bath together in this huge, huge tub I have, and watch Moneyline or things we tape. He knew that Icahn had made billions as a corporate raider in the eighties and had pioneered the art of greenmail. (The raiders would buy a block of shares in a company and sell them back at a premium, in return for agreeing to drop a challenge to the companys management.) 45 Rockefeller Plaza 700 6th Street, NW New York, NY 10111 Washington DC 20001 Telephone: (212) 589-4200 Telephone: (202) 862-2200 Facsimile: (212) 589-4201 Facsimile: (202) 862-2400 David J. Sheehan Peter M. Friedman Icahns reputation suffered again in late January, when he announced his candidate to replace ParsonsFrank Biondi, the former Viacom and Universal Studios C.E.O. With the leverage that comes from owning the secondlargest cable system, he said, Parsons should have aggressively invested in cable networks, buying Court TV, USA, or the Sci-Fi Channel; and he should have started a gay network, as MTV did, and focussed more on fixing AOL. The St. Regis performance was panned by Wall Street analysts and the press. What are the roots of his effortand of its rejection? Mr. Icahn has made more than a few enemies and frenemies in his time. He is an white, not hispanic male registered to vote in Palm Beach County. I read them and knew more than they did. He hugs strangers, and believes that he can make just about anyone like him. Im saying that what happened to Time Warner is that you have thirty guys over there doing what one guy can do. Icahn got indirect support from Steve Case, who resigned in October from the Time Warner board and recommended, in an op-ed piece for the Washington Post, that it would be best to undo the merger by splitting Time Warner into several independent companies and allowing AOL to set off on its own path. Case said that the promised synergies between divisions and the profit growth touted by analysts had never occurred, and that the company had sapped AOLs entrepreneurial spirit while competitors like Google and Yahoo! But can he set sail? In poker, bluffing and sucking people into a hand you are strong in is just as important as getting people out when you have a weak hand. In the case of Kerr-McGee, the company threw in its hand; it agreed to buy back four billion dollars worth of shares at a fifteen-per-cent premium, which gave Icahn a profit of more than a hundred million dollars. He declined to be interviewed in person for this story. Obituary Robert Currell. At Icahn & Company, he could be brusque; no one was allowed to touch anything on his cluttered desk, and he would scream and curse if a paper was moved. He thought Blockbuster was a monopoly and was poorly run. He was invited to join the board in 1991, and by 1995after a flirtation with politics that included the successful Giuliani runParsons was ready for a career change. In seven months of maneuvering, Icahn could have earned more money from a bank deposit. Obituaries. Both of his parents worked as teachers. Melvin served in the United . Mother: Bella (Schnall) Icahn, teacher Marriages: Gail Golden (1999-present); Liba Trejbal (1979-1999, divorced) . Take Time Warner. But is he smart enough that hes not telling me anything, or does he not know anything? He was certain of one thing about Parsons: He doesnt want to give up his throne. Before the two men shook hands, Icahn issued an icy warning: I cant be responsible if this gets ugly., It did get ugly. He also charged that they had sold such assets as Warner Music and the companys half ownership of the Comedy Central cable network too cheaply, and that they ought to have won a bidding war for M-G-M. Look at the derivatives business. Carl Icahn has a skilled team theres no doubt about that but it really does rest upon his leadership.. His next attempt at ownershipTrans World Airlineswas less successful. Born in New York on 22 Dec 1917 to Isidore Schnall and Yetta Shoen Schnall. They were being given away. A larger payoff was to come with a rise in the value of Time Warners stockWasserstein was to get a percentage of Icahns profit. **, With this Icahn Manifesto, Stevens wrote, Icahn had found a way to intimidate corporate America. Targeted companies would be sold, or corporate managers would panic and pay greenmail. Birth date: February 16, 1936 Birth place: Brooklyn, New York Birth name: Carl Celian Icahn Father: Michael Icahn, cantor and teacher Mother: Bella (Schnall) Icahn, teacher Marriages: Gail Golden. Gordon Crawford, the portfolio manager of Capital Research Global Investors, which has reduced its holdings in Time Warner stock but retains a sizable portfolio, said in a telephone conversation that Icahn was wrong on his math. Mr. Icahn has been particularly active in recent years. Family and friends can send flowers and/or light a candle as a loving gesture for their loved one. You can contact the owner of the tree to get more information. Bella Icahn tried to steer Carl toward medicine. Marie Louise Roy, 74, of Elliot Lake, passed away on February 8, 2023. Died on 15 Nov 1948. Elliot Schnall First Previous of Next ; Last ; Patrick McMullan. He said that the Google deal precluded AOL from making other deals, which Time Warner denies. Parsons came to Time Warners attention when Andrew Heiskell, the chairman of Time Inc., whom he had met while working for Rockefeller, introduced him to other top executives. I dont see a psychiatrist, but, if you really analyzed it, people like me are out to win, and winning is money. Later, Icahn wanted to add that it was not only the money. The younger Icahn, 31, entered the family business after graduating from Princeton and spending a few relatively fruitless years directing movies. "She said Wall Street was for gamblers," Mr.. I enjoy the war, Icahn told me in late January. Consider Alexander the Great, Mr. Icahn says. (Earlier, Parsons had announced plans to sell sixteen per cent of the companys cable operations to the public, and to buy back five billion dollars worth of shares.) We dont make things anymore in this country. What will they say about him? Instead, Michael Icahn, with some bitterness, became a cantor at a local synagogue. Parsons also believed that Icahns boastIm a back-of-the-envelope sort of guywould not play well in the digital age. In 1978, he had married a former Czech ballerina, Liba Trejbal, with whom he had a son and a daughter, born in 1979 and 1982. The report, which was three hundred and forty-three pages long, was distributed only moments before the briefing, and no one had time to seriously question it. Youll get hints when we find information about your relatives . The six-foot-four Parsons attended the University of Hawaii, where he began dating Laura Bush, who is just under five feet tall and white. He was born in Brooklyn in 1936, and reared in Queens, the only child of Bella and Michael Icahn. A Time Warner vice-president said, The most interesting argument Icahn makes is how the board that allowed Gerry to do what he didLevins merger with AOLis still there. He exempted Parsons from this criticism. This database contains family trees submitted to Ancestry by users who have indicated that their tree can only be viewed by Ancestry members to whom they have granted permission to see their tree. As a child, Brett Icahn tagged along when his father scouted for real estate in Westchester County, N.Y. He cut overhead and liquidated assets, boosting earnings, in three years, from five hundred thousand dollars to twenty-seven million. Wall Street was for gamblers. Carl wasnt close to his parents: My father was never able to accomplish anything. We needed to form a coalition of the willingthree partners with more than two billion dollars worth of Time Warner stockso wed have some real skin in the game, Keith Meister, a senior investment adviser to Icahn, said. Word got out that Icahn had called Parsons a moron, prompting Parsons to joke that his wife, Laura, told him, He called you a moron? The instincts that had helped him thrive as a corporate raider clashed with those of a business builder. Carl was raised in Queens and attended Far Rockaway High School. If Brett wins, Carl is pissed, Schnall said. But he once told me, I never made money in the movie business. He was joined in January by Rupal Doshi, formerly chief operating officer of the Icahn Group. He accused the company of failing to address AOLs loss of seven million subscribers over three years, and, at the same time, its failure to evolve from its roots as an Internet service provider. Parsons was nevertheless worried that Icahn had an image to uphold among investors, as a tenacious shareholder activist. And he was worried about the toll of a war. Im not telling you not to do Lord of the Rings. . In a memo to prospective investors, unearthed by Mark Stevens, Icahn wrote: **{: .break one} ** It is our contention that sizeable profits can be earned by taking large positions in undervalued stocks and then attempting to control the destinies of the companies in question by: a) trying to convince management to liquidate or sell the company to a white knight; b) waging a proxy contest; c) making a tender offer and/or; d) selling back our position to the company. Parsons wants to win and make money, too, but he is using a different scorecard. The world has moved. Who. I had a temper, he said. The plan the company presented in February was drastically different from the one it had in December, before Mr. Icahn arrived on the scene, he said. He has a scruffy beard. You put those five people on my board and in a month theyll be on my side.. His mother was a fifth-grade public-school teacher; his father had been a high-school teacher and then trained to be an opera singer. Even if you win the proxy fight, you will only have a minority of the board. In the ballroom of the St. Regis Hotel, Icahn, Wasserstein, and Biondi faced an audience of nearly five hundred reporters, analysts, and shareholders. Start a free family tree online and well do the searching for you. His mother was distraught. of Netscape, who serves as a director, noted that the board had paid penalties. To keep control of the company, the Phillips board voted to top the Icahn bid for its stock, thus giving Icahn a profit of more than fifty million dollars. Malone opposed Icahns proposal to split the company: The reality is that they have stabilized the company and put their legal troubles behind them.. Icahn had also demanded that shareholders be paid a three-hundred-and-thirty-million-dollar dividend, and he waged a proxy fight to elect himself and two other dissidents to the seven-member board of directors. They met for forty minutes, and both later described the meeting as philosophical. Their only point of agreement was that Time Warners stock, at about eighteen dollars per share, was undervalued. Use of this site constitutes acceptance of our User Agreement and Privacy Policy and Cookie Statement and Your California Privacy Rights. They want to believe it has value. Icahn would say that this is the difference between an owner and a manager.
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