Carl Celian Icahn has a Net Worth $14 Billion. He was Born born on February 16, 1936 in Far Rockaway, Queens, New York City. 2011 was a notable year where he made $2 billion in trading profits, racking him #3 among America’s top traders.
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He attended Far Rockaway High School. He was educated at Princeton University (A.B., philosophy, 1957) and New York University School of Medicine, but left without graduating.
Icahn began his career on Wall Street in 1961. In 1968, he formed Icahn & Co., a securities firm that focused on risk arbitrage and options trading. In 1978, he began taking control of positions in individual companies.
Now 76, he returned his hedge fund’s outside money last March and decided to focus on investing his own funds as well as money belonging to his employees. His fund was up 35% in 2011 thanks to successful bets on companies like Motorola Mobility and El Paso. He was among top earning Hedge Funders this year.The chess player’s publicly-traded holding company, Icahn Enterprises, invests in real estate, metals, rail cars and automotive companies.
Icahn’s hedge funds currently own 5.6% of biotechnology company Biogen Idec. Beginning in 2007, Icahn has steadily increased his stake in Biogen, seeking to possibly acquire, break up, and/or sell off various parts of the company.
As of June, 2009, Icahn has managed to seat two of his allies on Biogen’s board with the apparent goal of splitting the company into two entities and possibly replacing CEO James C. Mullen, of whom he has been highly critical.
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In July 2010, Icahn acquired 14 percent stake in Mentor Graphics because of which Mentor Graphics signed a Poison Pill provision. As of September 2010, Icahn owns just less than 15 percent of Mentor Graphics. On 22 February 2011 he made an offer to buy Mentor Graphics for about $1.86 billion in cash in a move to push other suitors to declare themselves.
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Icahn, along with investors David Tepper and Andrew Beal, wants to put LightSquared into bankruptcy – by pushing for a debt-for-equity deal in bankruptcy they would get equity stakes in the company.
The deadline for creditors to decide is fast approaching. Icahn and other owners of LightSquared’s $1.6 billion loan due 2014 have given the company until the end of April before they decide whether to put LightSquared into default for breaching some loan covenants tied to its customer contracts.
Earlier this year, Sprint canceled its deal to be LightSquared’s main carrier. In addition, LightSquared has twice failed to make “milestone” payments it owes to UK satellite company Inmarsat, which has been coordinating its wireless spectrum with LightSquared’s in an effort to create a contiguous band of wireless spectrum.
Icahn, along with investors David Tepper and Andrew Beal, bought a $300 million slice of LightSquared’s first lien loan in December as LightSquared struggled with growing opposition to the rollout of its network.
The debt has recently been trading at roughly 47 cents to 48 cents on the dollar, which is up slightly after LightSquared made a recent interest payment on the loan, thus keeping it current, sources said.
In February, the FCC announced it would pull the plug on LightSquared’s ambitious launch plans following opposition from a number of industries, including agriculture and defense, that complained LightSquared’s high-powered network would interfere with GPS devices used in planes and tractors.