Brett Icahn today sits on the boards of several companies in which his father has invested, including the video game maker Take-Two Interactive, American Railcar Industries and the food company Hain Celestial Group. This database contains family trees submitted to Ancestry by users who have indicated that their tree can be viewed by all Ancestry subscribers. My view is that everybody suffers casualties in war, he said. MELVIN ELLIOTT OBITUARY. The New York Supreme Court ruled in favor of Mr. Ackman in August 2005, as did an appellate court in October 2006. Several years ago, when I bought oil stocks, casinos, and railcars, the market said they were a bad investment. Thats why theres a lot of opportunity as an activist.. Its not worth twenty-six dollars a share; he also said that Icahn did not wholly grasp his subject. Instead, Michael Icahn, with some bitterness, became a cantor at a local synagogue. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. He orchestrated the interviews as if he were cutting a deal, which, in some ways, he was: he spoke on the condition that he could vet every quotation. Catherine Margaret McKay. Ann Moore, the C.E.O. They shook hands. View most recent obituaries published on the Web by funeral homes for province of Newfoundland and Labrador. Along with a crew of twelve, they are frequently accompanied by Elliot Schnall, Goldens children, and Icahns children. Adored wife of the late Herbert Schnall, DDS. I dont argue with the claim that it was a mistake, he said. Mr. Icahn bought in at $21. He's listed as number 43 on the 2021 Forbes 400. He leaves to mourn his siblings, Walda Scheibner, Paul (Ida) Schellert, Leonard (Lilly) Schellert and Betty (Paul) Weresch and numerous nieces and nephews and great-nieces and nephews. He thought Blockbuster was a monopoly and was poorly run. His mother was a fifth-grade public-school teacher; his father had been a high-school teacher and then trained to be an opera singer. By noon the next day, Icahn had surrendered this demand, too. They married in their senior year, and moved to Albany, where he attended Albany Law School. At Icahn & Company, he could be brusque; no one was allowed to touch anything on his cluttered desk, and he would scream and curse if a paper was moved. Start a free family tree online and well do the searching for you. He helped finance Icahn's company, Icahn and Company. Find an obituary, get service details, leave condolence messages or send flowers or gifts in memory of a loved one. Known as one of the first activist shareholders, Carl is credited with making the style of the investment mainstream. In seven months of maneuvering, Icahn could have earned more money from a bank deposit. (Wasserstein denied missing this; when I raised the question, he e-mailed, taxes fully understood.) At one point, Parsons reportedly said, Carl, why are we making war? We dont make things anymore in this country. Since 2004, he has begun 91 activist campaigns involving 79 American companies, according to FactSet SharkRepellent, a firm that tracks corporate takeover defenses and investor activism. But with $250 million from George Soros, Mr. Meister opened a hedge fund of his own. I dont micromanage companies, Icahn said. Hes got good instincts.. Its all words. Instead, he spoke by phone, from his offices in New York and his home in Florida, over the course of several weeks, a dozen or so conversations in all. You can contact the owner of the tree to get more information. However, when Icahn went back to the other hedge-fund investors, they insisted on naming two independent directors. In November, Parsons announced that, over time, the company would buy back $12.5 billion in stockmore than twice its original proposal. A former top AOL Time Warner executive observed, Dick Parsons was the perfect man to right the boat. He bristles at being called a corporate raider, though if you Google the phrase youll soon find his name. He asserted that Time Warner is not doing as well as some of its peers, but backed off when asked for proof. Alexander, of course, peaked early and died at the age of 32. These investors usually seek growth stocks, or companies whose costs they can radically cutnot visible media companies, like Time Warner, News Corp., Viacom, and Disney, whose stock has stalled or dropped in recent years. Youll get hints when we find information about your relatives . That month Mr. Icahn announced that he had accumulated a 5.8 percent stake in the company. of Warner Bros., told me in January, Everybodys kind of sitting back and worrying what hell do next. Since his is the leading studio, he said, this is the time for us to be bold and aggressive. He went on, Last year, we put out a slate of twenty-five films, big blockbuster movies and movies that might not make a lot of money but get critical attentionhe mentioned Good Night, and Good Luck and The March of the Penguins. He added, My fear is that if we get into a circle-the-wagon mode we will not be encouraged to take risks, as Time Warners New Line studio did, spending hundreds of millions on the Lord of the Rings trilogy. From 2000 to 2006, he bought four casinos, including the Stratosphere in Las Vegas, for $300 million. Deborah Schnall was born on August 12, 1949. He also maneuvered Steve Case out as chairman (Case remained on the board), in 2003, and dropped the AOL name from the companys masthead. Beloved wife of the late Charles A., Jr. You have to have a strategy. We have appreciated his interest in Chesapeake, are happy he is up almost 50 percent on his investment, and have nothing but the utmost respect for him, Mr. McClendon says. Carl's career as a stockbroker began in 1961. Well be talking a year or two from now and well see this was one of the great opportunities to buy this kind of company, with content and cable. He also got his clocks cleaned on WCI Communities, a Florida condominium company that went broke. Elliot Schnall wrote his nephew a check for four hundred thousand dollars. He made a public bid to take control of the generic-drug manufacturer Mylan Laboratories, and, when the stock rose, Icahn sold his shares for a seventy-million-dollar profit. He tends not to look at people, and seems bored when someone else is speaking. Even if you win the proxy fight, you will only have a minority of the board. I believe this deal got done because of Dick., It was sometimes said of Parsons that he was a nice guy but allergic to conflict. I cant figure out how he does it, his father says, adding that a chess pro was coming over to coach him later that day. M Elliot Schnall (age 103) is listed at 255 Emerald Ln Palm Beach, Fl 33480 and is affiliated with the Democratic Party. He flailed away at Parsons, but often had his facts wrongas with the insinuation that Parsons had sold all his stock. And, if the goal is only financial, what about the notion of journalistic integrity? Of Icahn, Parsons added, Hes like a guy who is trapped in the past. In lieu of flowers the family asks that donations be made to the Norton Senior Center in Donna's memory 55 West Main Street, Norton, MA 02766. Search through our listing of Ontario obituaries and online memorials. Two months later, Mr. McClendon disclosed plans to sell $5 billion in assets and other changes to increase the companys value. Thats my job! In fact, Icahn didnt say that, but in speeches he refers to corporate C.E.O.s as a not too bright class of morons. He has described Parsons as I, Claudius, the accidental emperor, who was there at the right time.. But it changed the membership of the board. The instincts that had helped him thrive as a corporate raider clashed with those of a business builder. Icahn would abandon the proxy fight. Parsons once said that his most valuable business lesson was that in a negotiation its important to reach a result where both sides can claim victory. of what he called the content division. Discover your family history in millions of family trees and more than a billion birth,marriage, death, census, and miltary records. https://www.nytimes.com/2011/04/17/business/17icahn.html. Associated Addresses 9 Fairfield Manor Dr, Manorville, NY 119499047 Shadow Glen Way, Fort Myers, FL 3391310119 Colonial Country Club Blvd Apt 1901, Fort Myers, FL 33913 Associated Phone Numbers One of his great skills is finding the middle ground that everyone is comfortable with., In late February, I stopped by Icahns office and asked if his battle with Time Warner would be remembered as a great defeat. The most compelling thing going on now is that private-equity firms are sitting on maybe three hundred billion dollars worth of cash to invest, John Malone said. Consider Alexander the Great, Mr. Icahn says. Then it was great fun to negotiate with him. Was he honest? Theyre living off their catalogue., Probably the most resonant Icahn criticism was the assault on Time Warners board. Time Warner employees have watched the value of their stock and their pensions plunge. Besides, he thinks the markets are headed for a fall. (At the time, Parsons was the chairman and C.E.O. He said that Time Warner is terribly managed, but praised some of its division chiefs. Kirk Kerkorian is smart. On the surface, Biondi seemed an odd choice. By the time the companys chairman, Steve Case, and its C.E.O., Gerald Levinwho became pariahs to shareholders and, eventually, within Time Warnerwere replaced by Parsons, the company had lost a hundred and twenty-five billion dollars worth of value; the Times called it the worst merger in business history, and it was hard to disagree. M. Elliot Schnall passed away on 6 Jun 2016 in Florida. But he once told me, I never made money in the movie business. We collect and match historical records that Ancestry users have contributed to their family trees to create each person's profile. Parsons was one of the few Time Warner executives Levin confided in about the AOL deal, and, when the talks stalled, Parsons was sent to re-start them. Although T.W.A. "Activist or raider, call me what you want, I made this money because the system is so bad, not because I'm a genius," Carl can be heard saying in the trailer for the film. Over the years he had offered Mr. Icahn box seats at the U.S. Open tennis tournament and counseled him on his divorce in the 1990s. Parsons wanted to avoid the kind of proxy fight that embarrassed Michael Eisner and the board of Walt Disney. Obituaries. Amid widespread protests, the Prime Minister has halted a package of illiberal reforms. I dont believe that, Icahn told him, but after he did his own research he changed his mind and dropped the Dutch-auction plan. Where. Search the massive Canada Marriages Database - Huge Canadian Obituary Collection. People say that markets tell you something, he said. By February 16th, Icahns seventieth birthday, he and Parsons had reached an agreement. Icahn started buying Tappan stock in 1977, at just under eight dollars a share, and precipitated a proxy fight that concluded when Tappan was sold to Electroluxthe stock going for more than twice what Icahn paid. Patrick McMullan Company photographs a diverse range of events each week, some of which are PMc exclusives, and distributes images worldwide. 2023 Cond Nast. Born on February 16, 1936, Carl Icahn is an American financier. He relaxes. Icahn usually goes to bed between 2 and 3 A.M. But by 1968, Mr. Icahn had started Icahn & Company and, with a loan from his uncle, bought a seat on the New York Stock Exchange. Over the next several years, Icahn did well as an options trader. (Icahn still serves as chairman of A.C.F.) If you would like to view one of these trees in its entirety, you can contact the owner of the tree to request permission to see the tree. Instead of the usual fees of one and a half per cent of the funds managed and twenty per cent of all net gains, Icahn said that he would impose a fee of 2.5 per cent and collect twenty-five per cent of the profits. Discover the meaning and history behind your last name and get a sense of identity and discover who you are and where you come from. But with Carl, the friendship stops where the deal begins., Mr. Icahn says he likes Mr. Trump no hard feelings. On one essential point there was nothing for Icahn: the stock never rose. In 1957, Carl graduated from Princeton University with a Bachelor's degree in Philosophy. Was close to his uncle M. Elliot Schnall, who loaned him $400,000 to buy a seat . Then a patient with tuberculosis coughed on him. That is a phrase to send chills through almost any chief executive. Chilliwack, British Columbia. Who is M. Elliott Schnall from The Predators' Ball and what is their importance? Born on 10 Nov 1939. A larger payoff was to come with a rise in the value of Time Warners stockWasserstein was to get a percentage of Icahns profit. Our online Ontario obituaries help families honor and pay tribute to the loved ones . I love being the underdog. Its an old line, the one Mr. Icahn huffs, with over-my-dead-body pique, just about every time the subject of retirement comes up. North Vancouver, British Columbia. We needed to form a coalition of the willingthree partners with more than two billion dollars worth of Time Warner stockso wed have some real skin in the game, Keith Meister, a senior investment adviser to Icahn, said. Frank Biondi, who was paid six million dollars for several weeks of work, said, The negotiations played to Dicks strengths. Icahn believed that it was because Parsons is too passive as an executive. I am a loyalist, so I dont see friends fighting friends. I read them and knew more than they did. Like us on Facebook atwww.facebook.com/TheSunUSand follow us from our main Twitter account at@TheSunUS, Seven bodies found just hours after Amber Alert for two missing girls, 'Cult mom' Lori Vallow's hair found on duct tape used to wrap son's body, Inside Jeffrey Epstein's private calendar including meeting with Noam Chomsky, Heartbroken family launch new lawsuit against Walmart over son's death, 2020 THE SUN, US, INC. ALL RIGHTS RESERVED | TERMS OF USE | PRIVACY | YOUR AD CHOICES | SITEMAP, 1984: American Academy of Achievement Golden Plate Award, 1990: Starlight Foundation Founders Award and Man of the Year, 2004: honored by the Center for Educational Innovation - Public Education Association, 2006: 100 Women in Hedge Funds Effecting Change Award. He wanted to spin off Time Warner Cable into a separate company and sell shares to the publicto unlock shareholder value. SCHNALL, Estelle (Weinstein) Of Canton formerly of New York City, NY. He shorted Internet stocks, believing, correctly, that most of these were wildly inflated. Parsonss remedies have been fairly conventionalan incremental sale of some assets, retooling AOL, and cost-cuttingand Icahn claimed that if Time Warner were broken into separate companies, and expenses were slashed, investors would boost its stock by between five and eight dollars per share. Louise graduated from Bendale Secondary School in Toronto. Their financing often comes not from junk bonds, the weapon of the eighties, but from an enormous pool of capitalmore than a trillion dollarscontrolled by hedge funds and equity funds that tend to look for quick returns. When Gerald Levin, Time Inc.s C.E.O., offered him the presidency of Time Warneralthough not the position of chief operating officerParsons immediately accepted. 8,. of Netscape, who serves as a director, noted that the board had paid penalties. He believes that media companies suffer from their size: internally, they become too cumbersome, and externally they tend to scare off investors, because they lack focus. He was born in Brooklyn in 1936, and reared in Queens, the only child of Bella and Michael Icahn. Marie Louise Roy, 74, of Elliot Lake, passed away on February 8, 2023. His next attempt at ownershipTrans World Airlineswas less successful. Richard D. Parsons, who runs Time Warner, the worlds largest media company, does not fit the C.E.O. In Icahns run at Time Warner, he often did seem like a man out of another time, and in many ways he was. Would the magazines be better? Born on February 16, 1936, Carl Icahn is an American financier. Then, as all this content became available on the Internet, they were like a one-trick pony. He added, When the world changed, they werent ready for it. Jeffrey Bewkes, a Parsons deputy, rejects the view that AOL was ever poised to be the next Google or Yahoo! Malone opposed Icahns proposal to split the company: The reality is that they have stabilized the company and put their legal troubles behind them.. In poker, bluffing and sucking people into a hand you are strong in is just as important as getting people out when you have a weak hand. In the case of Kerr-McGee, the company threw in its hand; it agreed to buy back four billion dollars worth of shares at a fifteen-per-cent premium, which gave Icahn a profit of more than a hundred million dollars. The plan the company presented in February was drastically different from the one it had in December, before Mr. Icahn arrived on the scene, he said. Ive always been an obsessive character. Parsons tried to keep his opponent on the defensive. Average Age & Life Expectancy Deborah Schnall lived 51 years shorter than the average Schnall family member when she died at the age of 25. With the leverage that comes from owning the secondlargest cable system, he said, Parsons should have aggressively invested in cable networks, buying Court TV, USA, or the Sci-Fi Channel; and he should have started a gay network, as MTV did, and focussed more on fixing AOL. When he graduated, in 1957, he enrolled in N.Y.U.s medical school. A final appeal is pending. Carl Icahn, at 75, keeps going and going, looking for one more Gaugamela. Anyone can read what you share. If I go over a certain line, Im like another person, he said. Schwartz married twice. Im saying that what happened to Time Warner is that you have thirty guys over there doing what one guy can do. Time Warner, which Parsons has led since May, 2002, has suffered more than most. When Carl shows up in a stock, the stock moves immediately, Rosenstein said. Advanced. Alexander the Great didnt stop. OLIVER STONE went to see Carl Icahn when the director was working on his 1987 film Wall Street. Gordon Gekkos advice If you want a friend, get a dog was actually Carl Icahns line. His first wife, advertising executive Clara Apfel, died in 1964; they had one son, Paul Waldo Schwartz, an art critic in Paris. You would be wrong. Mother: Bella (Schnall) Icahn, teacher Marriages: Gail Golden (1999-present); Liba Trejbal (1979-1999, divorced) . Carl isnt really dishonest, but his cleverness borders on being sneaky, Magurno said. These trees can change over time as users edit, remove, or otherwise modify the data in their trees. 45 Rockefeller Plaza 700 6th Street, NW New York, NY 10111 Washington DC 20001 Telephone: (212) 589-4200 Telephone: (202) 862-2200 Facsimile: (212) 589-4201 Facsimile: (202) 862-2400 David J. Sheehan Peter M. Friedman But now, midway through his eighth decade, he has begun to contemplate his legacy, and the future of the Icahn empire hangs in the balance. Chesapeakes chief executive, Aubrey K. McClendon, met with Mr. Icahn to discuss his concerns over how much the company was spending and its valuation. Icahn said that he had met him only once before. on January 10, 2009. But I have employees who read the papers every day. And Parsons had spent too many years in politics not to know that throw the rascals out was a compelling message. What does it take to ask them to pay two dollars, three dollars more a month? The couple separated in 1993, and that year Icahn moved into Manhattan to share an apartment with his longtime assistant, Gail Golden, a former broker, who was divorced and had two children. Published by New York Times on Aug. 6, 2022. April 27, 2023 (90 years old) View obituary. Executives from the new AOL Time Warner, as it was renamed, vowed that the companys size would spur new synergies, and that it would realize extraordinary profit margins of thirty per cent and double its revenues every three years or so. For the last seven years, Mr. Ackman has contended that Mr. Icahn owes him more than $8 million stemming from an investment in a Dallas real estate company, Hallwood Realty. Icahns personal life also had another act. Beloved and devoted mother of Neil David. Carl Icahn says his son is ready for more. In the spring of 1960, Carl joined the Army Reserves. Brett Icahn or whoever succeeds his father, if anyone really can has some big shoes to fill. He scaled back and concentrated on bonds and select investments. I learned there were tax reasons not to split off cable, Icahn said, conceding that he and his team hadnt foreseen the tax liability. But can he set sail? I am on a battlefield against their best top lawyers, thirty P.R. In mid-December, Parsons and Time Warner announced that Google would pay a billion dollars for a five-per-cent stake in AOL and establish a strategic partnership. You cant hold him to a spoken commitment. As a subscriber, you have 10 gift articles to give each month. FINANCIER Carl Icahn is known as one of the wealthiest men in the United States. Parsons came to Time Warners attention when Andrew Heiskell, the chairman of Time Inc., whom he had met while working for Rockefeller, introduced him to other top executives. Parsons agreed to raise the share repurchase plan to Icahns proposed twenty billion dollars; Time Warner would cut expenses by another five hundred million dollars; Parsons would consult with Icahn and other major shareholders about filling two board vacancies with independent directors; and Time Warner would review the Lazard report and continue to talk with Icahn. He sold them for $1.2 billion in February 2008, just before the bottom fell out of the economy. All got very rich. Take Time Warner. Over fourteen issues between 1968 and 1971, the downtown broadsheet Newspaper recruited a stunning list of contributors to chronicle the times in pictures. And, if Dick Parsons doesnt do anything, Im still going to be here., Parsons did what good politicians do: he shared credit and he didnt gloat. A wealthy uncle, Elliot Schnall, encouraged him to head to Wall Street in 1960, against the wishes of his parents. The winner is just the guy who suffers the fewest casualties. So, he said, I probably will end up talking to Carl one more time before it is, quote, too late., On January 20th, Parsons and Icahn held another private meeting and, once again, there was no middle ground. He envisioned Time Warner divided into four companies: cable, AOL, publishing, and a combined content company consisting of the Hollywood studios and the cable networks. He thought a commanding market share usually works. Icahn asked, Why did she wait so long? But his alliance with Icahns team was seen by some as an act of betrayal, because Wasserstein has a history of opposing raiders like Icahn. The battle also became more personalas if Icahn had in fact gone over a certain line. To the Financial Times, he said of Parsons, I dont find him a sympathetic figure, and claimed that Parsons had sold seven hundred thousand shares of his Time Warner stock in 2001, at a price just above fifty dollars a share: I dont see how it can help the morale of employees whose share options have not gone anywhere since he took over that the supposed skipper of the ship sold his shares a long time ago and made a lot of money. (Edward I. Adler, Parsonss chief spokesman, said that the options represented just eight per cent of the more than nine million shares and options that Parsons retains.) All accused their prey of selfish, short-term thinking. Who. You conquer the countries, you put people in, and then you go on, Mr. Icahn says. Carl says, Were just trying to make money for shareholders, Parsons told me in January, over lunch in a private dining room decorated with Time Life photographs of Willie Mays, Duke Snider, and Mickey Mantle. Mr. Icahns father, a cantor, offered to help his son open a grocery store instead. Paula Jackson Billing. He will be laid to rest at the South Haven Cemetery. They walk several blocks to the General Motors Building, where Golden, who is in her mid-fifties, works afternoons from a small corner office on the floor below Icahns. Throughout his decades-long career, Carl has earned various awards and honors, including: From January until August of 2017, Carl served as the Special Advisor to the President on Regulatory Reform. And he insisted that he was a long-term investor in Time Warner. March 4, 1930. Another payoff would come if Lazard became the preferred investment bank for Wall Streets new hedge funds and private-equity investors. He was a strange guy. He joined his fathers company in 2002. Im sold on this company. Golden oversees his philanthropies, such as Icahn House, in the Bronx, which provides transitional housing for sixty-five families headed by women. He declined to be interviewed in person for this story. Email us atexclusive@the-sun.comor call212 416 4552. His parents wanted him to become a doctor, so the obedient son went to medical school. If Brett wins, Carl is pissed, Schnall said. Dont tell Brett. Carl was raised in Queens and attended Far Rockaway High School. Mr. Ackman says he is confident he will prevail. As a child, Brett Icahn tagged along when his father scouted for real estate in Westchester County, N.Y. Executives at Time Warner said privately that Icahn was like a basketball player who, with age, had lost his first step, his quickness. He planned to mount a proxy showdown at the annual shareholders meeting, in May. Louise was born to Jesse and Maurice Roy in Toronto, ON. Dick has a directness and honesty and a sense of fairness and a sense that a negotiation is not about maximizing but about accommodation, AOLs chief negotiator, Kenneth Novack, said then. Last November, for instance, regulatory filings showed that he had taken stakes in the toy maker Mattel and the building products company Masco. Parsons believed that Icahn wouldnt be able to induce other investors to join him, as Milken once did, because a new generation of investors would be averse to old media.
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