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He was born in Brooklyn in 1936, and reared in Queens, the only child of Bella and Michael Icahn. He is an white, not hispanic male registered to vote in Palm Beach County. He relaxes. Icahn usually goes to bed between 2 and 3 A.M. What, really, is left to say about Carl Celian Icahn? Deep downI know it sounds immodest, but Im much better than them at this type of thing.. The talks did not always go smoothly. Time Warner is not doing so well at its magazines, he said, although Time Inc. generated a billion dollars in profits last year and is the industry profit leader. Icahns instincts told him that Time Warner was similarly undervaluedand that it had assets, such as AOL, that other old media companies lacked; by the summer of 2005 he had decided to plunge into the stock. He went on to attend the New York University of Medicine before dropping out to join the military reserve. (At the time, Parsons was the chairman and C.E.O. In a memo to prospective investors, unearthed by Mark Stevens, Icahn wrote: **{: .break one} ** It is our contention that sizeable profits can be earned by taking large positions in undervalued stocks and then attempting to control the destinies of the companies in question by: a) trying to convince management to liquidate or sell the company to a white knight; b) waging a proxy contest; c) making a tender offer and/or; d) selling back our position to the company. Icahns personal life also had another act. I enjoy winning and making money. I said, he recalled, Im done I quit.. The summer after graduation, Carl got a job as a cabana boy in Lido Beach, where he watched rich men play poker_._ I got four books on poker. Icahn, who is said to be the model for the slick Gordon Gekko character in the movie "Wall Street," wears suits that. I dont micromanage companies, Icahn said. . Advanced. At Far Rockaway High School, Carl learned how to box. The year he took the bar exam, he received the highest grade in the state, and caught the attention of Governor Nelson A. Rockefellers staff. But I question whether hes the guy to run Time Warner.. As a child, Brett Icahn tagged along when his father scouted for real estate in Westchester County, N.Y. Mascos are up about 17 percent since he bought the stake. Even those who are too young to remember his exploits in the 1980s know the stories. But with $250 million from George Soros, Mr. Meister opened a hedge fund of his own. What I discovered with Carl is if you spend three weeks negotiating and he gets A and B and you get C and D, the next day he will call and say, Why did you get C and D? At first, his style is irritating. 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. How many people have gone to the death chamber because theyre wrong? he asked. He sold them for $1.2 billion in February 2008, just before the bottom fell out of the economy. Microbiologist, educator. I always knew Id end up in finance, Brett Icahn says. Dick is right to go slow, according to John Malone, the chairman of Liberty Media, who owns four per cent of Time Warner, and is its largest shareholder. Tribute: Rabbi Professor Michael Brown, 84, shaped the field of Jewish studies across Canada and internationally. Often, all Mr. Icahn has to do is make his interest known to send a stock price rising. Elliot Schnall wrote his nephew a check for four hundred thousand dollars. A wealthy uncle, Elliot Schnall, encouraged him to head to Wall Street in 1960, against the wishes of his parents. Brett Icahn or whoever succeeds his father, if anyone really can has some big shoes to fill. 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. He just says it never happened., By the nineties, Icahn had become a brandthe corporate raider. Icahn believed that it was because Parsons is too passive as an executive. Air travel dropped off after the 1991 Gulf War, T.W.A. He uses old technologyHe does not do e-mail himself, Golden said. View most recent obituaries published on the Web by funeral homes for area of Montreal. . If I go over a certain line, Im like another person, he said. James Barksdale, the former C.E.O. This database contains family trees submitted to Ancestry by users who have indicated that their tree can only be viewed by Ancestry members to whom they have granted permission to see their tree.These trees can change over time as users edit, remove, or otherwise modify the data in their trees. Hes done everything wrong, Parsons told me in mid-January. Alexander, of course, peaked early and died at the age of 32. What are the roots of his effortand of its rejection? North Vancouver, British Columbia. 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. M. Elliot Schnall passed away on 6 Jun 2016 in Florida. 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. The Philip Morris Companies won that contest, but Icahn and his investors made a profit of more than six hundred million dollars. 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. Family and friends must say goodbye to their beloved Elliot McNally (Grande Prairie, Alberta), born in Sexsmith, Alberta, who passed away at the age of 72, on August 31, 2018. I plan to make money in it. Im sold on this company. In the spring of 1960, Carl joined the Army Reserves. 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. 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. An initial Icahn target was Tappan, an Ohio-based family-managed company that made kitchen appliances, whose stock was trading at half its book value. He helped finance Icahn's company, Icahn and Company. He accused the company of failing to address AOLs loss of seven million subscribers over three years, and, at the same time, its failure to evolve from its roots as an Internet service provider. (Icahn still serves as chairman of A.C.F.) Carl isnt really dishonest, but his cleverness borders on being sneaky, Magurno said. Carl Icahn has a skilled team theres no doubt about that but it really does rest upon his leadership.. Rubin Memorial Chapel, Boynton Beach, FL. In November, Parsons announced that, over time, the company would buy back $12.5 billion in stockmore than twice its original proposal. Michael has 3 different addresses, the most recent of which is in Manorville, New York. Before he left, the equable Parsons said, Lets keep the doors of communication open. After the meeting, Icahn told me, Parsons is a nice guy, the kind of guy you would meet for a drink. At long last, his success won him his fathers approval. 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. Remembering Maria Schneider, the Star of Last Tango in Paris. By February 16th, Icahns seventieth birthday, he and Parsons had reached an agreement. Ad Choices, Ro Khannas Progressive Case for Saving Silicon Valley Bank. Managing other peoples money was a headache, Mr. Icahn says. The merger did not occur. Together, they share two children: Brett and Michelle Celia. It never hurts to show a guy some respect, Parsons said later. I love being the underdog. 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. Search through our listing of Ontario obituaries and online memorials. Shortly afterward, Mr. Icahn abruptly announced he would close his own hedge fund. A Time Warner vice-president said, The most interesting argument Icahn makes is how the board that allowed Gerry to do what he didLevins merger with AOLis still there. He exempted Parsons from this criticism. But he, too, has crossed swords with Mr. Icahn. Im not telling you not to do Lord of the Rings. . Several years ago, when I bought oil stocks, casinos, and railcars, the market said they were a bad investment. 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. You can contact the owner of the tree to get more information. Obituaries. Start a free family tree online and well do the searching for you. Carl Icahn says his son is ready for more. Dont tell Brett. He tangled with Donald Trump last year over three casinos in Atlantic City, a battle of big money and bigger egos. In a March 8 letter to his funds investors, Mr. Icahn said he was still unsettled by the events of 2008, when his fund plummeted 35 percent. Year of death He then married his former assistant and broker, Gail Golden, in 1999. Chilliwack, British Columbia. Kirk Kerkorian is smart. The six-foot-four Parsons attended the University of Hawaii, where he began dating Laura Bush, who is just under five feet tall and white. By Sara R. Horowitz. Wasserstein, who advised Viacom on its recent split into two companies, is unapologetic about representing Icahn. 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. Anyone can read what you share. 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. I thought the hedge funds would come in. The guy just wont quit. He bristles at being called a corporate raider, though if you Google the phrase youll soon find his name. Then he adds, I dont even think he invited me to his daughters wedding so how close can we be?. guys are against me, and Im here. 8,. But Parsons believed that Time Warners stock, like that of other old media companies, was depressed because the market was uncertain about their growth prospects in the digital age. SCHNALL--Edith Lea Spitzer, PhD, 93, of Bayside NY on Tuesday, December 1, 2015. Henceforth, Carl Icahn will manage money only for Carl Icahn. FLORENCE M. ELLIOT Florence Elliot died July 29, 2020, at Prairie View Lodge, Pilot Mound, Manitoba, at the age of 95 years old. He stays at the office until eight or eight-thirty and is on the telephone until midnight, Golden told me, when we take a bath together in this huge, huge tub I have, and watch Moneyline or things we tape. Take Time Warner. You cant do greenmail anymore. Parsons wanted to avoid the kind of proxy fight that embarrassed Michael Eisner and the board of Walt Disney. 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. In the ballroom of the St. Regis Hotel, Icahn, Wasserstein, and Biondi faced an audience of nearly five hundred reporters, analysts, and shareholders. 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. The gap between Icahns reputation and his performance in the battle with Time Warner kept growing. Find an obituary, get service details, leave condolence messages or send flowers or gifts in memory of a loved one. In 1957, Carl graduated from Princeton University with a Bachelor's degree in Philosophy. You say, Jesus, hes a nice guy, Icahn said. 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. People say that markets tell you something, he said. When Icahn was asked whether he agreed, he said, I dont know Bewkes. Wasserstein, who fielded most of the questions, kept insisting, unpersuasively, that his report is not an attack on Dick Parsons. It extolled shareholder democracy, yet proposed a Dutch auction that would benefit only some shareholders. Mr. Ackman says he is confident he will prevail. Last December, such a call came through at the Chesapeake Energy Corporation in Oklahoma City. Find an obituary, get service details, leave condolence messages or send flowers or gifts in memory of a loved one. April 24, 2023 (98 years old) View obituary. I never respected him. Of his mother, he said, I respected her more than my father. The person he most admired was his uncle Elliot, who had gone to Yale, and who made enough money as an entrepreneur to retire at forty-five and move to Palm Beach. I just dont know, he replied. He thought a commanding market share usually works. Executives at Time Warner said privately that Icahn was like a basketball player who, with age, had lost his first step, his quickness. Directors lost money. Louise was the middle child with sisters Sandra and Debbie. Devoted mother of . The instincts that had helped him thrive as a corporate raider clashed with those of a business builder. We have the same incentive that Icahn has, Wasserstein said. The rest is history. In the next three years, Parsons sold assets, cut corporate debt in half, won a truce with federal investigators, and acquired more cable systems. 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 have fifty million Home Box Office subscribers. I dont see a psychiatrist, but, if you really analyzed it, people like me are out to win, and winning is money. Later, Icahn wanted to add that it was not only the money. To revisit this article, select My Account, thenView saved stories, To revisit this article, visit My Profile, then View saved stories. It grows at about 9 percent a year, Mr. Ackman said. 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. Hellen Mary Draper. I won over a thousand dollarslike, thirty to fifty grand today. He went to Princeton, where he majored in philosophy, and paid half the tuition with his winnings. title as well. Schwartz married twice. Mattels shares jumped to a 52-week high. She said Wall Street was for gamblers, Mr. Schnall recalls. What he really means is that were just trying to make as much money as we can as quickly as we can, through whatever means. We encourage you to research and examine these records to determine their accuracy. March 4, 1930. By signing up, you agree to our User Agreement and Privacy Policy & Cookie Statement. jobs because he was said to be the sort of incrementalist that Icahn disparaged. The final thing is, he doesnt understand how the Internet works, and, in particular, how the search function is monetized. Icahn insisted, I understand how Google makes its money, but he conceded, I dont understand the digital world. And, despite Icahns efforts, Time Warners stock did not budge; Icahn was further embarrassed when word leaked out that many of those he had talked to about running on his proxy slate had demurred. 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. Bernard went home to be with his Lord and Savior on November 18, 2020. Search for yourself and well build your family tree together, German and Jewish (Ashkenazic): metonymic occupational name for a maker of buckles Middle High German, Operated by Ancestry Ireland Unlimited Company. 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. Although T.W.A. His mother was distraught. Palm Beach, Florida. But it changed the membership of the board. In early 2005, another hedge-fund manager, Barry Rosenstein, of JANA Partners, urged Icahn to invest heavily in the Kerr-McGee oil company. His first wife, advertising executive Clara Apfel, died in 1964; they had one son, Paul Waldo Schwartz, an art critic in Paris. Time Warner employees have watched the value of their stock and their pensions plunge. The former baseball commissioner Fay Vincent, a Time Warner director who is close to Parsons, was concerned that the battle took Parsonss head away from the game. He went on, Dick told us he was spending forty per cent of his time on a weekly basis meeting shareholders and in a defensive mode with people and the press.. Icahn wanted the company to buy back twenty billion dollars in shares, and said that the mechanism for the sale should be a Dutch auctionwhere the company invites shareholders to propose a selling price above the current stock price and then chooses the lowest bidders. That is a phrase to send chills through almost any chief executive. Use our obituary search engine to find a specific death notice in Canada. Average Age & Life Expectancy Deborah Schnall lived 51 years shorter than the average Schnall family member when she died at the age of 25. In the meantime, Mr. Icahn must pay him hefty interest while the payment is delayed. The company fell far short of these projections, and Wall Street reacted savagely. My view is that everybody suffers casualties in war, he said. Icahn announced in late November that he had retained Bruce Wasserstein and Lazard to come up with a slate of directors to replace a majority of the Time Warner board, and to prepare a report that would recommend strategic initiatives to unlock the value of Time Warner. There was certainly publicity value in hiring Wasserstein. 1949 - 2023 Died of pneumonia on April 17, 2023 in Amherst Nova Scotia at the age of 74. Steven is survived by his wife Sherri (Silver); sons Jack and Luke; parents Marilyn Shear and Harris Schnall (Rosalyn) and brother David. Mr. Icahn eventually lost in court. Its my name, too, he says. Along with a crew of twelve, they are frequently accompanied by Elliot Schnall, Goldens children, and Icahns children.