Word: icahn
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Dates: during 2000-2009
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Dissident shareholder Carl C. Icahn retained Lazard on Nov. 29, 2005 as part of his battle to split up the media conglomerate, which was formed by a merger of America Online and Time Warner in January...
...There was no conflict of interest here,” Clark said. “Lazard has annual revenues of about $1.5 billion—when you consider that the income [from Icahn] was $5 million, and maybe a bonus if the [Time Warner] stock price was raised, this issue would never have made it to the board of directors...
...Icahn and his allies, who control nearly 135 million shares—or roughly 3 percent—of Time Warner stock, have announced plans to run eight candidates of their own for the Time Warner board of directors. Icahn has been pressuring the board since August 2005 to take measures to increase the company’s stock price, which has plummeted 70 percent from a high of about $60 since Time Warner merged with America Online in January...
Because the Time Warner board has thirteen directors elected through a plurality voting system, Icahn would have to identify eight current directors whom he wants his allies to vote against. When asked if Clark was one of his targets, Icahn initially said that all the directors were at fault for Time Warner’s performance, but later backtracked and pointed out that Clark was not a member of the board that approved what he deemed the disastrous merger between Time Warner and America Online...
...Icahn deplores wasted opportunity--he even rents out his yacht when he's not using it. His companies have more than $400 million in property up for sale because he believes the real-estate market is a bubble. He donated $10 million for a stadium project in Queens, N.Y., then negotiated to draw out the payments. Battling entrenched corporate bigwigs was a central tenet in his raising $2.5 billion for his own hedge fund. "I'm not Robin Hood," Icahn says, "but it's great when you can make a lot of money by helping all shareholders." Some would...