Word: icahn
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...Revenue Service says the company may owe the Government up to $6.5 billion as a result of allegedly underpaying taxes between 1965 and 1986. Texaco's troubles have sent its stock down from a high of $54 in 1980 to nearly $43 currently. That has attracted corporate raiders. Carl Icahn has bought a large block of stock, and T. Boone Pickens says he will follow suit. They are gambling that Texaco, which went into bankruptcy proceedings during the Pennzoil affair, will survive and even make a comeback...
...Owing largely to their prestige, First Boston was the busiest takeover player on Wall Street last year, handling an estimated 174 deals. Serving as masterminds in some of the biggest corporate struggles of the decade, the two men have sparred with raiders ranging from T. Boone Pickens to Carl Icahn and have invented strategies like the "Pac-man" defense, in which a raided company turns around and gobbles up its attacker. Almost every corporate battle in which they have been involved has become the stuff of high drama, from Du Pont's $7.4 billion takeover of Conoco...
...Texaco's biggest shareholder, Icahn controls 14.8% of the nation's third largest oil firm (after Exxon and Mobil). Nevertheless, Texaco has blocked his attempts to play a direct role in planning the reorganization. The company's proposal, which Schwartzberg approved last week, must now be accepted by Texaco stockholders. Icahn says he may team up with other investors to acquire a larger stake in the firm, and may also attempt to put his own hand-picked directors on the Texaco board...
Despite his wealth, Icahn is not about to be distracted from the chase by a taste for rich people's toys. Says he: "Yachts and fleets of limousines and private airplanes don't appeal to me at all. I want a comfortable life. What's the point of all that hassle?" The only son of a New York City schoolteacher and a lawyer, Icahn was the first student from Far Rockaway High School in Queens to be accepted by Princeton, where he studied philosophy. His mother worried about his future when he dropped out of medical school...
...Icahn divides his time between weekends with his family at their 20-room home north of New York City and weekdays at a Manhattan apartment, just a two- block walk from his office. The fearsome raider is so shy that he is sometimes reluctant to brush off virtual strangers who approach him in public. While the strain of managing so many ventures clearly shows in his face, Icahn professes no interest in slowing down. Referring to his efforts to topple what he calls "arrogant, incompetent managements," he says, "There is a great fulfillment that you can do something about...