Word: icahn
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...Motorola's market share was halved from the prior year. Motorola fell from the No. 2 mobile manufacturer globally to barely eking out a spot in the top five, leading some to suggest that the handset unit should close shop. Investors, including billionaire activist shareholder Carl Icahn, began agitating for Motorola's breakup...
...example, one of Icahn's biggest windfalls came from an investment in cancer-drug maker ImClone Systems. The corporate raider jumped into the stock in 2006, launched a nasty proxy fight, strong-armed the board into rejecting a $36-a-share takeover offer and assumed the post of chairman. Two years later, the company accepted a $70-a-share bid from Eli Lilly & Co. "I felt vindicated," boasted Icahn at the time. Then there was National Energy Group, where he turned a $300 million investment in the company in 2003 into a $1.5 billion payoff when it was sold...
...every investment has been a home run. Icahn jumped into video-rental company Blockbuster in 2005 when its shares were trading at between $9 and $10 apiece. They recently changed hands at 30 cents a share - Icahn remains a major stockholder - and the company indicated in a recent filing it will likely file for bankruptcy protection...
...Still, Icahn's recent foray into the gaming sector is grabbing investors' attention...
...Icahn, this isn't his first foray into the casino sector. Between 2000 and 2006, he purchased four casinos - the Stratosphere, Arizona's Charlie's Boulder, Arizona Charlie's Decatur and Aquarius Casinos - for $300 million, and sold them for $1.2 billion in 2008 before the recession unleashed the worst of its fury. (The original price was $1.3 billion, but was adjusted down slightly at closing time.) "That's a pretty good reward for waiting, right?" says Icahn. "Hopefully history will repeat itself...