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Activist Profile
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Carl Icahn
Contact Information
CARL ICAHN
767 5th Avenue, 47th Floor
New York, NY 10153
212-702-4300
Description
Icahn has three main investment vehicles: (i) Icahn Partners: his hedge fund, created in late 2004, manages about $7 billion (Icahn also puts an additional 20% of his own money outside the fund, into every stock that Icahn Partners purchases), clients include university endowments, pension funds and wealthy investors $25 million minimum), fund does type of investing Icahn is renowned for - minority stakes are taken in public companies and typically pushes for change, often threatening proxy fights, idea is to make quick fix, big stock buyback, asset spinoffs and ousting of CEO; (ii) Icahn Enterprises, LP (IEP): a a diversified holding company engaged in a variety of businesses, including investment management, metals, real estate and home fashion; and (iii) Personal Stakes: Icahn owns personal controlling stakes in companies.
Management
Carl Icahn is an American billionaire financier, corporate raider and private equity investor. In 2009, Forbes estimated his net worth to be $9 billion and is in an eight way tie for the 43rd richest man in the world. Icahn obtained an A.B. in Philosophy from Princeton University in 1957 and dropped out of the New York University School of Medicine. His career on Wall Street began in 1961 and in 1968 he formed Icahn & Co., a securities firm that focused on risk arbitrage and options trading. In 1978 he began seizing control of positions in individual companies including: RJR Nabisco, TWA, Texaco, Phillips Petroleum, Western Union, Gulf & Western, Vicacom, Uniroyal, Dan River, Marshall Field, E-II (Culligan and Samsonite), American Can, USX, Marvel Comics, Revlon, Imclone, Federal-Mogul, Fairmont Hotels, Kerr-McGee, Time Warner and Motorola. Icahn is currently working behind the scenes of Yahoo with Microsoft and others to effect a sale of the Company or a strategic joint venture in order to increase shareholder value.
Potential Allies
Highfields Capital
Tudor Investment
Metropolitan Capital Advisors
SAC Capital
Sandell Asset Management
Eastborrne Capital Management
Commentary
Carl Icahn is the quintessential activist and has been extremely successful in both his return on investment and attaining his activist goals. He is very passionate about shareholder rights and good corporate governance and will go to extreme lengths to fight incompetent boards and over compensated managers. He has even formed the United Shareholders of America to assist in this battle. However, his most successful activist maneuvers have been orchestrating acquisitions or joint ventures in some of his larger positions, such as BEA Systems, ImClone and Medimmune. In March of 2011 he returned all outside money to investors and now manages only his own capital, in excess of $5 billion.



Activist Summary
13F Summary  (6/30/2014) ($000)
Total Holdings: $38,531,715
# of Position: 19
Average Position: $2,027,985
Largest Position: $10,552,492
Live 13D Filings Returns
# of 13D Filings 22
Avg Filings 90.73 % Avg S&P 50.91 %
# of Item 4 Actions 16
Avg Filings 16.89 % Avg S&P 39.20 %
Exited 13D Filings Returns
# of 13D Filings 71
Avg Filings 18.32 % Avg S&P 8.31 %
# of Item 4 Actions 56
Avg Filings 22.55 % Avg S&P 7.54 %
Average Holding Time (Number of Months)
All 13D Positions
All Item 4 No Item 4
35.85 30.28 54.95
Exited Positions
27.43 25.20 35.79
Activist History
Company NameIndustry13D Filing DateHoldings SharesHoldings (%)Filing Date Closing PricePurchaser CostItem 4 ActionCurrent Price / Exit PriceDividends Per Share13D ReturnS&P ReturnExit DateExit Type
Hertz Global Holdings, Inc. (HTZ) Consumer Services8/20/2014 38,800,000 8.48 % 29.68 28.35 Yes 24.93 0.00 -12.05 % -0.67 % Live n/a
Gannett Company, Inc. (GCI) Consumer Services8/14/2014 14,967,373 6.63 % 34.05 31.76 Yes 29.77 0.00 -6.27 % 0.94 % Live n/a
Seventy Seven Energy Inc* (SSE) Oil and Gas7/9/2014 4,746,421 9.98 % 24.62 n/a No 23.94 0.00 -2.76 % 0.17 % Live n/a
Family Dollar Stores Inc. (FDO) Consumer Services6/6/2014 4,115,545 3.61 % 60.53 58.18 Yes 75.21 0.00 29.27 % 0.94 % 7/30/2014 13D/A
Hologic Inc. (HOLX) Health Care11/21/2013 34,154,879 12.63 % 22.28 21.35 Yes 24.40 0.00 14.29 % 9.81 % Live n/a
Talisman Energy Inc. (TLM) Oil & Gas10/7/2013 76,060,078 7.37 % 13.15 11.76 Yes 8.61 0.00 -26.83 % 17.03 % Live n/a
Nuance Communications, Inc. (NUAN) Technology8/29/2013 58,933,723 18.72 % 18.31 18.50 Yes 15.42 0.00 -16.65 % 20.16 % Live n/a
Dell Inc (DELL) Technology5/10/2013 - 0.00 % n/a 13.57 Yes 13.75 0.00 1.33 % 8.59 % 10/30/2013 Sale of Company
Herbalife Limited (HLF) Consumer Goods2/14/2013 16,966,485 16.48 % 38.27 36.96 Yes 42.96 0.00 16.23 % 29.60 % Live n/a
Transocean Limited (RIG) Oil & Gas1/25/2013 21,477,900 5.96 % 56.76 48.60 Yes 31.79 0.00 -34.59 % 31.25 % Live n/a
CVR Refining Limited Partnership (CVRR) Oil & Gas1/25/2013 103,315,764 70.00 % 25.70 n/a No 23.13 0.00 -10.00 % 31.25 % Live n/a
Greenbrier Companies Inc. (GBX) Industrials11/13/2012 - 0.00 % 13.95 14.87 Yes 16.44 0.00 10.60 % 3.08 % 12/21/2012 13D/A
Netflix, Inc. (NFLX) Consumer Services10/31/2012 1,764,904 2.94 % 83.11 58.40 Yes 328.80 0.00 463.01 % 24.46 % 10/22/2013 13D/A
Motricity Inc (MOTR) Technology10/19/2012 - 0.00 % 0.42 n/a No 0.36 0.00 -14.29 % 0.00 % 4/9/2013 Sale of Company
Chesapeake Energy Corp. (CHK) Oil & Gas5/25/2012 66,450,000 9.98 % 15.81 16.84 Yes 22.83 1.68 45.53 % 49.29 % Live n/a
CVR Energy Inc. (CVI) Oil & Gas1/13/2012 71,198,718 80.50 % 23.05 28.22 Yes 44.57 0.00 57.94 % 53.46 % Live n/a
WebMD Health Corp. (WBMD) Consumer Services10/21/2011 - 0.00 % 32.39 30.33 Yes 34.00 0.00 12.12 % 42.21 % 10/21/2013 13D/A
Navistar International Corp. (NAV) Industrials10/13/2011 14,337,524 17.64 % 38.68 30.97 Yes 33.21 0.00 7.22 % 63.77 % Live n/a
Commercial Metals Company (CMC) Basic Materials7/28/2011 - 0.00 % 14.30 13.96 Yes 15.29 0.00 9.49 % 11.91 % 1/8/2013 13D/A
Oshkosh Corp. (OSK) Industrials6/30/2011 - 0.00 % 28.94 29.06 Yes 28.57 0.00 -1.69 % 7.46 % 12/13/2012 13D/A
Forest Laboratories Inc (FRX) Health Care6/17/2011 - 0.00 % 38.69 34.66 Yes 100.09 0.00 188.77 % 0.00 % 7/1/2014 Sale of Company
The Clorox Company (CLX) Consumer Goods2/11/2011 - 0.00 % 71.87 63.47 Yes 65.33 0.00 2.93 % -6.13 % 12/1/2011 13D/A
Motorola Mobility Holdings Inc. (MMI) Technology1/12/2011 - 0.00 % 32.63 33.12 Yes 40.00 0.00 20.77 % 2.78 % 5/22/2012 Sale of Company
Chesapeake Energy Corp. (CHK) Oil & Gas12/17/2010 - 0.00 % 23.30 24.49 Yes 34.85 0.00 42.31 % 2.84 % 3/18/2011 13D/A
Dynegy Inc. (DYN) Utilities10/12/2010 - 0.00 % 4.87 4.79 Yes 0.00 0.00 -100.00 % 15.40 % 7/6/2012 Bankruptcy / Liquidation
Mentor Graphics Corp. (MENT) Technology5/27/2010 16,120,289 14.70 % 9.05 9.08 Yes 20.63 0.00 127.20 % 78.70 % Live n/a
Lawson Software, Inc. (LWSN) Technology5/24/2010 - 0.00 % 8.15 7.79 Yes 11.25 0.00 44.46 % 24.61 % 7/5/2011 Sale of Company
The Hain Celestial Group, Inc. (HAIN) Consumer Goods5/13/2010 - 0.00 % 21.18 20.63 Yes 78.47 0.00 280.28 % 46.87 % 9/16/2013 13D/A
TROPICANA ENTERTAINMENT INC. (TPCA) Consumer Services3/9/2010 17,862,706 67.89 % n/a n/a No 16.60 0.00 n/a 72.84 % Live n/a
Take Two Interactive Software Inc. (TTWO) Consumer Goods12/17/2009 - 0.00 % 8.25 9.24 Yes 16.76 0.00 81.45 % 64.91 % 11/26/2013 13D/A
Yahoo! Inc (YHOO) Technology12/4/2008 - 0.00 % 11.05 23.59 Yes 14.75 0.00 -37.47 % 20.75 % 8/31/2009 13D/A
Lions Gate Entertainment Corp. (LGF) Consumer Services10/20/2008 - 0.00 % 7.37 6.96 Yes 7.03 0.00 1.03 % 24.27 % 10/14/2011 13D/A
Biogen Idec Inc (BIIB) Health Care8/11/2008 - 0.00 % 50.76 52.34 Yes 99.32 0.00 89.75 % -1.39 % 6/22/2011 13D/A
Amylin Pharmaceuticals Inc. (AMLN) Health Care5/22/2008 - 0.00 % 30.96 23.29 Yes 31.00 0.00 33.08 % 0.53 % 8/8/2012 Sale of Company
Enzon Pharmaceuticals Inc. (ENZN) Health Care3/14/2008 5,904,863 13.29 % 8.66 9.21 Yes 1.09 2.00 -66.43 % 53.03 % Live n/a
Motorola Solutions Inc* (MSI) Technology2/6/2008 - 0.00 % 11.47 12.03 Yes 7.08 4.14 -6.78 % 3.14 % 2/27/2012 13D/A
Greenbrier Companies Inc. (GBX) Industrials2/4/2008 - 0.00 % 24.75 18.21 Yes 20.61 0.00 13.18 % -7.52 % 7/22/2008 13D/A
Guaranty Financial Group Inc (GFGF) FINANCE1/24/2008 - 0.00 % 3.76 n/a Yes 0.09 0.00 -97.62 % -22.89 % 10/28/2009 13D/A
Federal Mogul Corp. (FDML) Consumer Goods1/7/2008 121,111,976 80.73 % 14.83 n/a Yes 14.89 0.00 0.40 % 39.19 % Live n/a
BEA Systems Inc (BEAS) Technology9/14/2007 - 0.00 % 13.25 12.81 Yes 19.34 0.00 50.98 % -6.29 % 4/29/2008 Sale of Company
Cyberonics Inc (CYBX) Health Care1/22/2007 - 0.00 % 20.14 18.68 Yes 32.82 0.00 75.69 % -7.62 % 6/1/2011 13D/A
Temple Inland Inc (TIN) Industrials1/22/2007 - 0.00 % 27.31 45.68 Yes 19.16 22.62 -8.54 % -37.02 % 11/28/2008 13D/A
WCI Communities, Inc. (WCI) Consumer Goods1/16/2007 - 0.00 % 22.47 18.46 Yes 0.00 0.00 -100.00 % -12.77 % 8/4/2008 Bankruptcy / Liquidation
Telik Inc (TELK) Health Care1/16/2007 - 0.00 % 6.11 7.29 No 0.25 0.00 -96.61 % -32.35 % 10/31/2008 13D/A
Reckson Associates Realty Corp. (RA) Real Estate Investment Trusts11/27/2006 - 0.00 % 49.11 44.49 Yes 45.75 0.00 2.83 % 1.97 % 12/4/2006 Dissolution of Group
Lear Corporation (LEARQ) Consumer Goods10/17/2006 - 0.00 % 28.34 21.92 Yes 1.96 0.00 -91.06 % -29.16 % 11/3/2008 13D/A
Lexar Media, Inc. (LEXR)  3/17/2006 - 0.00 % 9.39 7.71 Yes 9.69 0.00 25.68 % -4.69 % 6/28/2006 Sale of Company
Imclone Systems Inc (IMCL) Health Care2/14/2006 - 0.00 % 36.25 33.46 Yes 70.00 0.00 109.21 % -33.22 % 11/24/2008 Sale of Company
American Railcar Industries Inc (ARII) Industrials1/31/2006 11,802,298 55.30 % 21.32 n/a Yes 74.06 0.00 247.37 % 53.99 % Live n/a
Fairmont Hotels & Resort Incorporated (FHR) Financials11/7/2005 - 0.00 % 38.04 27.62 Yes 45.00 0.00 62.93 % 3.89 % 5/17/2006 13D/A
BKF Capital Group Inc (BKFG) Financials10/31/2005 - 0.00 % n/a 17.82 Yes 1.15 0.00 -93.55 % 2.27 % 7/28/2008 13D/A
Adventrx Pharmaceuticals Inc (ANX) Health Care8/5/2005 8,648,648 12.30 % 3.60 1.85 Yes 0.00 0.00 -100.00 % 60.73 % Live n/a
Transkaryotic Therapies Inc. (TKTI) Biotechnology and Drugs7/21/2005 - 0.00 % 37.41 37.19 Yes 37.00 0.00 -0.51 % 1.36 % 7/28/2005 Sale of Company
Kerr McGee Corp. (KMG) Independent Oil & Gas3/3/2005 - 0.00 % 81.46 73.64 No 98.68 0.00 34.00 % 4.99 % 2/2/2006 13D/A
Blockbuster Inc (BBICP) Consumer Services12/14/2004 - 0.00 % 9.20 7.34 Yes 0.25 0.00 -96.58 % -1.41 % 4/8/2010 13D/A
Hollywood Entertainment (HET) Recreational Activities11/26/2004 - 0.00 % 12.74 12.08 Yes 13.25 0.00 9.69 % -2.22 % 4/27/2005 Sale of Company
Mylan Inc (MYL) Health Care9/7/2004 - 0.00 % 12.92 17.46 Yes 19.39 0.00 11.01 % 10.02 % 7/22/2005 13D/A
Atlantic Coast Entertainment Holdings, Inc. (ATLCC) Hotels and Motels8/2/2004 - 0.00 % n/a n/a Yes 21.19 0.00 n/a 31.82 % 11/16/2007 Sale of Company
Register Com Inc. (REGCOM) Comp. Software & Services8/1/2003 - 0.00 % 6.18 5.90 Yes 5.07 0.00 -14.07 % 6.48 % 11/17/2003 13D/A
Perry Ellis International Inc. (PERY) Consumer Goods7/3/2003 - 0.00 % 23.98 n/a No 28.55 0.00 19.06 % 1.04 % 9/30/2003 13D/A
TROPICAL SPORTSWEAR INTERNATIONAL CORPORATION (TSIC) Apparel/Accessories4/4/2003 - 0.00 % 4.60 4.80 No 0.45 0.00 -90.55 % 37.69 % 12/23/2004 13D/A
Hallwood Realty Partners, L.P. (HRY) Construction Services3/3/2003 - 0.00 % 80.00 80.00 Yes 137.91 0.00 72.39 % 31.93 % 7/16/2004 Sale of Company
XO Holdings Inc (XOHO) Fixed Line Telecommunications1/27/2003 - 0.00 % n/a n/a Yes 1.40 0.00 n/a 34.16 % 8/18/2011 Sale of Company
Insignia Financial Group, Inc. (INSGA) Capital Goods12/2/2002 - 0.00 % 7.49 7.56 Yes 11.16 0.00 47.64 % 6.86 % 7/25/2003 Sale of Company
Shelbourne Properties III, Inc. (SBIII) Real Estate Investment Trusts8/1/2002 - 0.00 % 48.10 37.45 Yes 58.30 0.00 55.67 % 0.99 % 9/4/2002 13D/A
Mortons Restaurant Group Inc (MRT) Consumer Services5/6/2002 - 0.00 % 6.79 13.82 Yes 17.00 0.00 23.01 % -20.33 % 7/25/2002 Sale of Company
Cadus Corp. (KDUS) Health Care4/25/2002 17,824,678 67.81 % 1.58 1.64 No 1.51 0.00 -7.88 % 80.60 % Live n/a
Ladenburg Thalman Financial (LTS) Financials12/28/2001 3,396,258 8.08 % 0.83 n/a No 4.27 0.00 414.46 % 69.78 % Live n/a
GenesisIntermedia Inc (GENI) Consumer Services7/10/2001 5,500,000 21.27 % n/a n/a Yes 0.01 0.00 n/a 66.84 % Live n/a
GB Holdings Inc. (GBHD) Casinos & Gaming2/13/2001 - 0.00 % n/a n/a No n/a 0.00 n/a -9.20 % 6/6/2005 Sale of Company
VISX Inc. (VISX) Medical Equipment & Supplies10/20/2000 - 0.00 % 21.01 23.58 Yes 17.60 0.00 -25.36 % -32.02 % 5/29/2003 13D/A
TransTexas Gas Corp. (TTGC) Oil and Gas Operations5/2/2000 - 0.00 % n/a n/a No 0.00 0.00 n/a -36.65 % 5/1/2003 Bankruptcy / Liquidation
Philip Services Corp. (PSCDE) Business Services4/18/2000 - 0.00 % n/a n/a Yes 0.00 0.00 n/a -32.61 % 6/3/2003 Bankruptcy / Liquidation
Federal Mogul Corp. (FDML) Consumer Goods3/28/2000 - 0.00 % 14.83 15.97 No 0.67 0.00 -95.80 % -28.80 % 10/19/2001 13D/A
RJR Acquisition Corp. (RJRAC) Cookies And Crackers2/4/2000 - 0.00 % 8.91 9.98 Yes 30.00 0.00 200.60 % -4.52 % 12/13/2000 Sale of Company
New Valley Corporation (NVCP) Real Estate Operations6/14/1999 - 0.00 % n/a n/a No 10.28 0.00 n/a -2.05 % 12/13/2005 Sale of Company
Next Generation Technology Holdings Inc. (NGTHQ) Technology4/21/1999 - 0.00 % 10.50 n/a Yes 0.00 0.00 -100.00 % -26.53 % 7/24/2003 Bankruptcy / Liquidation
RJR Acquisition Corp. (RJRAC) Cookies And Crackers12/22/1998 - 0.00 % 28.38 26.77 Yes 31.63 0.00 18.14 % 8.11 % 6/15/1999 13D/A
Stratosphere Corp. (SSPC) Casinos and Gaming10/26/1998 100 100.00 % n/a 53.63 Yes 45.32 0.00 -15.50 % -13.50 % 1/10/2003 Sale of Company
Integrated Resources High Equity Partners (INTGRD) Real Estate Investment Trusts8/5/1998 - 0.00 % n/a 93.43 Yes 101.87 0.00 9.03 % 13.60 % 12/23/1998 13D/A
High Equity Partners LP (HHEP) Real Estate Investment Trusts8/5/1998 - 0.00 % n/a 83.29 Yes 91.87 0.00 10.30 % 13.60 % 12/23/1998 13D/A
Philip Services Corp. (PSCDE) Business Services6/15/1998 - 0.00 % 4.59 3.66 Yes 0.08 0.00 -97.81 % 20.40 % 10/27/1999 13D/A
Vector Group Limited (VGR) Consumer Goods1/28/1998 - 0.00 % n/a 20.29 No 17.70 0.00 -12.77 % 19.37 % 11/23/2011 13D/A
Gothic Energy Corporation (GTHC) Crude Petroleum and Natural Gas10/1/1997 - 0.00 % 2.88 2.66 No 1.78 0.00 -33.03 % 41.82 % 1/26/2001 Sale of Company
Growth Hotel Investors (GRWTH) Hotels and Motels4/10/1996 - 0.00 % n/a 704.38 No 1,032.00 0.00 46.51 % 67.76 % 8/14/1998 Bankruptcy / Liquidation
RJR Acquisition Corp. (RJRAC) Cookies And Crackers3/11/1996 - 0.00 % 34.63 30.03 Yes 36.75 0.00 22.38 % 24.23 % 2/27/1997 13D/A
Trans World Airlines Inc (TWAIQ) Consumer Services11/13/1995 - 0.00 % n/a n/a No 16.31 0.00 n/a 12.38 % 5/14/1996 13D/A
Icahn Enterprises Limited Partnership (IEP) Financials9/18/1995 101,872,909 87.90 % n/a 8.31 No 105.33 0.00 1,167.51 % 238.25 % Live n/a
National Energy Group Income (NEGI) Oil & Gas7/27/1995 - 0.00 % 3.60 2.97 Yes n/a 0.00 n/a 137.28 % 3/26/2008 Sale of Company
Panaco Inc (PNOIQ) Exploration & Production7/24/1995 - 0.00 % 4.88 4.60 Yes 0.00 0.00 -100.00 % 61.88 % 7/16/2002 Bankruptcy / Liquidation
Alexander Energy Corporation (ALXRE) Crude Petroleum and Natural Gas7/24/1995 - 0.00 % 4.75 4.31 No 7.28 0.00 68.95 % 18.11 % 8/29/1996 Sale of Company
Western Company of North America (WCNA) Oil and Gas Operations10/14/1994 - 0.00 % 17.38 15.64 Yes 20.00 0.00 27.88 % 8.55 % 4/13/1995 Sale of Company
Samsonite Corp. (SAMSCP) Apparel/Accessories8/22/1994 - 0.00 % 19.25 19.00 No 48.75 0.00 156.58 % 73.65 % 2/20/1997 13D/A
93 item(ns).      
Average Return:

Average Return (Item 4 Actions):
35.77 %

21.28 %
18.39 %

14.58 %
  


Footnote (*):
Seventy Seven Energy Inc: Icahn received shares in connection with the spin-off of Seventy Seven Energy Inc. from Chesapeake Energy Corporation.
Motorola Solutions Inc: The return is reflected to show the one-for-seven reverse stock split of MSI and the spinoff of Motorola Mobility (MMI), where for every eight shares of old Motorola, shareholders received one share of MMI.



Types of Activism
Company NameCorporate GovernanceStrategicCapital Allocation / Balance SheetOperationalActivist LevelSuccess LevelResult
Adventrx Pharmaceuticals Inc (ANX) N/A ▪ Director
Alexander Energy Corporation (ALXRE) N/A
American Railcar Industries Inc (ARII) N/A
Amylin Pharmaceuticals Inc. (AMLN) ▪ Corporate Governance
▪ Change in Board Composition
▪ Other
▪ Strategic
▪ Sell Company
▪ Nominate Directors
▪ Submit Shareholder Proposal
▪ Filed lawsuit
▪ Letter to Management
▪ Meetings with Managements
▪ Solicit Proxies or consents
▪ Request company documents
▪ Withdrawal
Partial Win ▪ Director
Atlantic Coast Entertainment Holdings, Inc. (ATLCC) N/A
BEA Systems Inc (BEAS) ▪ Corporate Governance
▪ Compel an annual or special meeting
▪ Strategic
▪ Sell Company
▪ Oppose Strategic Transaction
▪ Other
▪ Letter to Management N/A
Biogen Idec Inc (BIIB) ▪ Corporate Governance
▪ Change in Board Composition
▪ Other
▪ Nominate Directors
▪ Letter to Management
▪ Submit Shareholder Proposal
▪ Solicit Proxies or consents
Partial Win ▪ Director
BKF Capital Group Inc (BKFG) ▪ Corporate Governance
▪ Poison Pill Redemption/Amendment
▪ Change in Board Composition
▪ Eliminate Staggered Board
▪ Meetings with Managements N/A ▪ Director
Blockbuster Inc (BBICP) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic
▪ Other
▪ Capital Allocation / Balance Sheet
▪ Buy Back Shares / Pay Special Dividends
▪ Meetings with Managements
▪ Nominate Directors
Full Win ▪ Director
Cadus Corp. (KDUS) N/A
Chesapeake Energy Corp. (CHK) N/A
Chesapeake Energy Corp. (CHK) ▪ Corporate Governance
▪ Change in Board Composition
▪ Letter to Management
▪ Settle with Company
N/A
Commercial Metals Company (CMC) ▪ Corporate Governance
▪ Poison Pill Redemption/Amendment
▪ Change in Board Composition
▪ Strategic
▪ Offer to Acquire Company
▪ Nominate Directors
▪ Letter to Management
▪ Offer to acquire company
Loss
CVR Energy Inc. (CVI) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic
▪ Offer to Acquire Company
▪ Sell Company
▪ Acquisition of Company
▪ Letter to Management
▪ Nominate Directors
▪ Offer to acquire company
▪ Meetings with Managements
▪ Acquisition of company
Full Win ▪ Director
▪ Acquire Company
CVR Refining Limited Partnership (CVRR) N/A
Cyberonics Inc (CYBX) ▪ Corporate Governance
▪ Change in Board Composition
N/A
Dell Inc (DELL) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic
▪ Oppose Strategic Transaction
▪ Other
▪ Letter to Management
▪ Nominate Directors
▪ Solicit Proxies or consents
▪ Filed lawsuit
Loss
Dynegy Inc. (DYN) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic
▪ Oppose Strategic Transaction
▪ Offer to Acquire Company
▪ Capital Allocation / Balance Sheet
▪ Financing of Company
▪ Financing of company
▪ Letter to Management
▪ Offer to acquire company
Partial Win ▪ Director
Enzon Pharmaceuticals Inc. (ENZN) ▪ Corporate Governance
▪ Change in Board Composition
N/A ▪ Director
Fairmont Hotels & Resort Incorporated (FHR) N/A
Family Dollar Stores Inc. (FDO) ▪ Strategic
▪ Sell Company
▪ Letter to Management Full Win
Federal Mogul Corp. (FDML) N/A
Federal Mogul Corp. (FDML) N/A
Forest Laboratories Inc (FRX) ▪ Corporate Governance
▪ Change in Board Composition
▪ Other
▪ Separate position of Chairman and CEO
▪ Executive Compensation
▪ Meetings with Managements
▪ Nominate Directors
▪ Request company documents
▪ Letter to Management
▪ Filed lawsuit
▪ Settle with Company
▪ Standstill or Voting agreement
Partial Win
Gannett Company, Inc. (GCI) N/A
GB Holdings Inc. (GBHD) N/A
GenesisIntermedia Inc (GENI) N/A
Gothic Energy Corporation (GTHC) N/A
Greenbrier Companies Inc. (GBX) N/A
Greenbrier Companies Inc. (GBX) ▪ Strategic
▪ Offer to Acquire Company
▪ Offer to acquire company N/A
Growth Hotel Investors (GRWTH) N/A
Guaranty Financial Group Inc (GFGF) N/A
Hallwood Realty Partners, L.P. (HRY) N/A
Herbalife Limited (HLF) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic
▪ Other
▪ Standstill or Voting agreement
▪ Settle with Company
▪ Nominate Directors
Settlement ▪ Director
Hertz Global Holdings, Inc. (HTZ) ▪ Corporate Governance
▪ Change in Board Composition
▪ Settle with Company
▪ Standstill or Voting agreement
Settlement ▪ Director
High Equity Partners LP (HHEP) N/A
Hollywood Entertainment (HET) N/A
Hologic Inc. (HOLX) ▪ Corporate Governance
▪ Change in Board Composition
▪ Settle with Company Settlement ▪ Director
Icahn Enterprises Limited Partnership (IEP) N/A
Imclone Systems Inc (IMCL) ▪ Corporate Governance
▪ Poison Pill Redemption/Amendment
▪ Change in Board Composition
▪ Operational
▪ Replace CEO or other Management
▪ Meetings with Managements
▪ Letter to Management
▪ Solicit Proxies or consents
Full Win ▪ Director
Insignia Financial Group, Inc. (INSGA) N/A
Integrated Resources High Equity Partners (INTGRD) N/A
Kerr McGee Corp. (KMG) N/A
Ladenburg Thalman Financial (LTS) N/A
Lawson Software, Inc. (LWSN) N/A
Lear Corporation (LEARQ) ▪ Corporate Governance
▪ Change in Board Composition
▪ Capital Allocation / Balance Sheet
▪ Financing of Company
▪ Meetings with Managements Loss ▪ Director
Lexar Media, Inc. (LEXR) ▪ Strategic
▪ Oppose Strategic Transaction
▪ Meetings with Managements Full Win
Lions Gate Entertainment Corp. (LGF) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic
▪ Other
▪ Offer to Acquire Company
▪ Offer to acquire company
▪ Letter to Management
▪ Filed lawsuit
▪ Nominate Directors
▪ Solicit Proxies or consents
Loss
Mentor Graphics Corp. (MENT) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic
▪ Consider acquisition of company
▪ Offer to Acquire Company
▪ Capital Allocation / Balance Sheet
▪ Other
▪ Meetings with Managements
▪ Nominate Directors
▪ Offer to acquire company
▪ Letter to Management
Full Win ▪ Director
Mortons Restaurant Group Inc (MRT) N/A
Motorola Mobility Holdings Inc. (MMI) ▪ Strategic
▪ Other
▪ Meetings with Managements Settlement ▪ Director
Motorola Solutions Inc (MSI) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic
▪ Spinoff Subsidiary/sell division
▪ Letter to Management
▪ Nominate Directors
▪ Solicit Proxies or consents
Settlement ▪ Director
Motricity Inc (MOTR) N/A
Mylan Inc (MYL) N/A
National Energy Group Income (NEGI) N/A
Navistar International Corp. (NAV) ▪ Corporate Governance
▪ Change in Board Composition
▪ Eliminate Staggered Board
▪ Meetings with Managements
▪ Request company documents
▪ Letter to Management
▪ Settle with Company
▪ Solicit Proxies or consents
Settlement ▪ Director
Netflix, Inc. (NFLX) ▪ Corporate Governance
▪ Other
N/A
New Valley Corporation (NVCP) N/A
Next Generation Technology Holdings Inc. (NGTHQ) N/A
Nuance Communications, Inc. (NUAN) ▪ Corporate Governance
▪ Change in Board Composition
▪ Settle with Company
▪ Standstill or Voting agreement
Settlement ▪ Director
Oshkosh Corp. (OSK) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic
▪ Spinoff Subsidiary/sell division
▪ Offer to Acquire Company
▪ Operational
▪ Replace CEO or other Management
▪ Letter to Management
▪ Nominate Directors
▪ Meetings with Managements
▪ Offer to acquire company
Loss
Panaco Inc (PNOIQ) N/A
Perry Ellis International Inc. (PERY) N/A
Philip Services Corp. (PSCDE) N/A
Philip Services Corp. (PSCDE) N/A
Reckson Associates Realty Corp. (RA) ▪ Strategic
▪ Oppose Strategic Transaction
▪ Offer to Acquire Company
▪ Letter to Management
▪ Offer to acquire company
Loss
Register Com Inc. (REGCOM) N/A
RJR Acquisition Corp. (RJRAC) N/A
RJR Acquisition Corp. (RJRAC) N/A
RJR Acquisition Corp. (RJRAC) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic
▪ Spinoff Subsidiary/sell division
▪ Meetings with Managements
▪ Nominate Directors
N/A
Samsonite Corp. (SAMSCP) N/A
Seventy Seven Energy Inc (SSE) N/A
Shelbourne Properties III, Inc. (SBIII) N/A
Stratosphere Corp. (SSPC) N/A
Take Two Interactive Software Inc. (TTWO) ▪ Withdrawal Settlement ▪ Director
Talisman Energy Inc. (TLM) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic
▪ Other
▪ Settle with Company Settlement ▪ Director
Telik Inc (TELK) N/A
Temple Inland Inc (TIN) ▪ Corporate Governance
▪ Change in Board Composition
▪ Letter to Management
▪ Nominate Directors
▪ Withdrawal
Full Win
The Clorox Company (CLX) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic
▪ Offer to Acquire Company
▪ Offer to acquire company
▪ Letter to Management
▪ Nominate Directors
▪ Withdrawal
Withdrawal
The Hain Celestial Group, Inc. (HAIN) Settlement ▪ Director
Trans World Airlines Inc (TWAIQ) N/A
Transkaryotic Therapies Inc. (TKTI) N/A
Transocean Limited (RIG) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic ▪ Capital Allocation / Balance Sheet
▪ Buy Back Shares / Pay Special Dividends
▪ Other
▪ Operational
▪ Replace CEO or other Management
▪ Meetings with Managements
▪ Letter to Management
▪ Standstill or Voting agreement
▪ Nominate Directors
Partial Win ▪ Director
TransTexas Gas Corp. (TTGC) N/A
TROPICAL SPORTSWEAR INTERNATIONAL CORPORATION (TSIC) N/A
TROPICANA ENTERTAINMENT INC. (TPCA) ▪ Corporate Governance
▪ Change in Board Composition
N/A ▪ Director
Vector Group Limited (VGR) N/A
VISX Inc. (VISX) N/A
WCI Communities, Inc. (WCI) ▪ Corporate Governance
▪ Change in Board Composition
▪ Other
▪ Poison Pill Redemption/Amendment
▪ Strategic
▪ Sell Company
▪ Consider acquisition of company
▪ Letter to Management
▪ Nominate Directors
▪ Meetings with Managements
▪ Solicit Proxies or consents
Settlement ▪ Director
WebMD Health Corp. (WBMD) ▪ Corporate Governance
▪ Change in Board Composition
▪ Capital Allocation / Balance Sheet
▪ Buy Back Shares / Pay Special Dividends
▪ Standstill or Voting agreement Settlement ▪ Director
Western Company of North America (WCNA) N/A
XO Holdings Inc (XOHO) ▪ Strategic
▪ Offer to Acquire Company
▪ Letter to Management
▪ Offer to acquire company
N/A
Yahoo! Inc (YHOO) ▪ Corporate Governance
▪ Change in Board Composition
▪ Strategic
▪ Sell Company
▪ Spinoff Subsidiary/sell division
▪ Solicit Proxies or consents Settlement ▪ Director



Live 13G Filings
No results were found.



13F Analysis
View Filing Period:
Portfolio Summary ($ 000)
Summary Date Total Holdings Total of Positions Average Position Largest Position New Positions Closed Positions Increased Positions Unchanged Positions Decreased Positions
6/30/2014 $38,531,715 19 $2,027,985 $10,552,492 2 2 4 12 1
View Original Filing

Holdings
TickerCompany NameTypeStock PriceMarket Value
(x1000)
Shares HeldShares Held Change% of TSOIndustry
AAPLAPPLE INC Increased $0.00 $4,903,065 52,760,84845,223,584 0.88 % COMPUTER MFRS
ARIIAMERICAN RAILCAR INDS INC Unchanged $0.00 $804,516 11,871,2680 55.60 % UNDESIGNATED CAPITAL
CHKCHESAPEAKE ENERGY CORP Unchanged $0.00 $2,065,266 66,450,0000 9.88 % OIL
CVICVR ENERGY INC Unchanged $0.00 $3,431,066 71,198,7180 82.00 % OIL
EBAYEBAY INC Increased $0.00 $1,541,999 30,803,0153,000,000 2.48 % RETAILING - GOODS
ENZNENZON PHARMACEUTICALS INC Unchanged $0.00 $6,141 5,904,8630 13.38 % BIOTECHNOLOGY
FDMLFEDERAL MOGUL HOLDINGS CORP Unchanged $0.00 $2,450,095 121,111,9760 80.73 % AUTO PART MFG
GCIGANNETT INC New $0.00 $85,629 2,734,8880 1.21 % COMMUNICATIONS
HLFHERBALIFE LTD Unchanged $0.00 $1,097,180 17,000,0000 18.52 % UNDESIGNATED CONR SVC
HOLXHOLOGIC INC Unchanged $0.00 $6,865,826 34,154,8790 12.30 % MEDICAL SUPPLIES
IEPICAHN ENTERPRISES LP Increased $0.00 $10,552,492 105,842,4422,984,791 88.18 % INVESTMENTS
MENTMENTOR GRAPHICS CORP Unchanged $0.00 $347,715 16,120,2890 14.15 % OTHER COMPUTERS
NAVNAVISTAR INTL CORP NEW Increased $0.00 $537,390 14,337,5241,027,789 17.60 % TRUCK MFG
NFLXNETFLIX INC Decreased $0.00 $777,618 1,764,907-479,692 2.94 % COMMUNICATIONS
NUANNUANCE COMMUNICATIONS INC Unchanged $0.00 $1,140,928 60,784,6230 19.03 % OTHER COMPUTERS
RIGTRANSOCEAN LTD Unchanged $0.00 $967,150 21,477,9000 5.93 % OIL
TLMTALISMAN ENERGY INC Unchanged $0.00 $806,236 76,060,0780 7.28 % OIL



The information contained herein is based on public filings, public data and, in some cases, information provided by third parties that may not be publicly available. The information is based upon sources we believe to be reliable, but is not guaranteed by us and does not surport to be a complete or error-free statement or summary of the available data. In certain situations, such as bankruptcy exits and acquisitions, the returns may not reflect proceeds received by the filer after the 13D exit due to a restructuring investment made pursuant to a bankruptcy or an investment made by the filer as part of the acquisition group. The filer’s return on its 13D investment is based on the filer’s average cost and if not available, the closing price on the date of the 13D filing. When a filer exits its 13D investment pursuant to a 13G filing or 13D amendment reporting less than 5% ownership, the exit price assumes that the filer disposed of its remaining shares at the closing price on the date of exit. In certain situations, the filer may own less than 5% of the company and still have a live filing, as it may be part of a group.