When he graduated, in 1957, he enrolled in N.Y.U.s medical school. He also said, The hedge funds are not coming in, because they dont believe in old media companies. And the mutual funds thought that his proposals were too radical. Bewkes, like his colleagues, believes that size gives Time Warner advantagesthat, by owning cable systems, it was able to launch HBO-on-demand and that, by owning AOL, it will figure out how to put the Warner Bros. video library online. Im saying that what happened to Time Warner is that you have thirty guys over there doing what one guy can do. All accused their prey of selfish, short-term thinking. Schwartz married twice. The guy just wont quit. Born on 10 Nov 1939. After so many years and so many battles, you might think Carl Icahn would hang up his guns. It grows at about 9 percent a year, Mr. Ackman said. Carl was raised in Queens and attended Far Rockaway High School. Icahns reputation suffered again in late January, when he announced his candidate to replace ParsonsFrank Biondi, the former Viacom and Universal Studios C.E.O. The collection contains recent obituaries from hundreds of newspapers. (Icahn also kept an investment of nearly six hundred million dollars in the company.). April 27, 2023 (90 years old) View obituary. He was miserable. What are the roots of his effortand of its rejection? 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. Mascos are up about 17 percent since he bought the stake. When he married Trejbal, Icahn had asked her to sign a prenuptial agreement, which gave her one and a half million dollars a year, a small fraction of his wealth. If this country is going to continue to make things, you have to have a different purview and time frame and a longer-range vision., Parsons dismissed Icahns contention that he is fighting for shareholders. You conquer the countries, you put people in, and then you go on, Mr. Icahn says. Icahn was joined in the early eighties by, among others, Ivan F. Boesky; Kohlberg Kravis Roberts; T. Boone Pickens; and Milken. Executives at Time Warner said privately that Icahn was like a basketball player who, with age, had lost his first step, his quickness. I give him more and more responsibility because hes earned it, but its not nepotism, Carl Icahn says of his son. His mother was distraught. 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. 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. on January 10, 2009. That is a phrase to send chills through almost any chief executive. If your objective is to build a great business, you want to run it differently than you would if your objective is to realize its current value and take out as much as you can in the hope the residue can make it. Under its private-equity owners, he said, Warner Music has gutted its investment in new music acts. Today, of our ten most profitable titles one-half are less than fifteen years old, she said. The first company that Icahn actually ran was the New York-based American Car & Foundry Company, which he bought in 1984, and which manufactures and leases railroad cars. Amid widespread protests, the Prime Minister has halted a package of illiberal reforms. Deborah Schnall passed away at age 25 years old in May 1975. He went on to attend the New York University of Medicine before dropping out to join the military reserve. The film is set to feature Carl, Bill Gates, Oliver Stone, and various journalists including Andrew Ross Sorkin, Cara Lombardo, Rana Foroohar, Scott Wapner, and Bryan Burrough. He is an white, not hispanic male registered to vote in Palm Beach County. 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. He talks about shareholder democracy, but it often sounds like someone adding frills to a dress to hide a bulging waistline. 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. guys are against me, and Im here. Carl Icahn says his son is ready for more. By Sara R. Horowitz. 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. Another payoff would come if Lazard became the preferred investment bank for Wall Streets new hedge funds and private-equity investors. Its conceivable that if you bust up the company and seek to maximize returns you will chase your best talent. Mother: Bella (Schnall) Icahn, teacher Marriages: Gail Golden (1999-present); Liba Trejbal (1979-1999, divorced) . Im not telling you not to do Lord of the Rings. . You can contact the owner of the tree to get more information. Louise was the middle child with sisters Sandra and Debbie. Theyre living off their catalogue., Probably the most resonant Icahn criticism was the assault on Time Warners board. Last August, when Richard Parsons learned of Icahns plan, he immediately did opposition research. Mark Hanson, an analyst at Morningstar, says theres little doubt Mr. Icahn influenced Chesapeake. In March of 1979, Carl Icahn married Czechoslovakian ballerina, Liba Trejbal. By February 16th, Icahns seventieth birthday, he and Parsons had reached an agreement. He is black. He never moved off that. Parsons told Icahn that the large shareholders wanted to stay in the stock and resented paying a bonus to those who, like Icahn, presumably wanted to get out. Patrick McMullan Company photographs a diverse range of events each week, some of which are PMc exclusives, and distributes images worldwide. 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. And, unlike Parsons, Icahn, the poker player, does not like to split pots. https://www.nytimes.com/2011/04/17/business/17icahn.html. 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. Parsons flatly refused. These trees can change over time as users edit, remove, or otherwise modify the data in their trees. If Brett wins, Carl is pissed, Schnall said. He helped finance Icahn's company, Icahn and Company. 2023 Cond Nast. 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. SCHNALL--Edith Lea Spitzer, PhD, 93, of Bayside NY on Tuesday, December 1, 2015. Youll get hints when we find information about your relatives . Carl Icahn has a skilled team theres no doubt about that but it really does rest upon his leadership.. These trees can change over time as users edit, remove, or otherwise modify the data in their trees. He thought a commanding market share usually works. Although in the end Icahn failed in his bid, the market forces he representscorporate raiders, or, in Icahns preferred term, shareholder activistshave staged a comeback, led by Icahn, Nelson Peltz, Kirk Kerkorian, and some of the investors who were once aligned with the defunct investment bank Drexel Burnham Lambert and its convicted junk-bond specialist, Michael Milken. She was one of six siblings, and her younger brother, M. Elliot Schnall, said, We were brought up with the idea that if youre a teacher you had a good job and a pension. 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. 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. Given the rapid market run-up over the past two years and our ongoing concerns about the economic outlook, and recent political tensions in the Middle East, I do not wish to be responsible to limited partners through another possible market crisis, Mr. Icahn wrote in his letter. He plays chess with his son, Brett, a Princeton graduate, who is an executive at Icahns firm. Anyone can read what you share. Icahn won the three seats, but he misjudged the business. 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. He dropped out after two and a half years. . Harry M. Nachtigal. Birth date: February 16, 1936 Birth place: Brooklyn, New York Birth name: Carl Celian Icahn Father: Michael Icahn, cantor and teacher Mother: Bella (Schnall) Icahn, teacher Marriages: Gail Golden. You run a business differently depending on what your objectives are, Parsons said. One of his chief lieutenants, an up-and-comer, recently abandoned him: Keith A. Meister, widely considered his right-hand man, left the fold late last year. He cut overhead and liquidated assets, boosting earnings, in three years, from five hundred thousand dollars to twenty-seven million. With the help of his uncle Elliot, who wanted him to go to Wall Street, he got a job as a broker trainee at Dreyfus & Company. 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. I dont micromanage companies, Icahn said. You can call yourself a shareholder activist, but his game is the same.. To Parsons, Icahn was little changed from the greenmail artist of the eightiesjust a guy trying to make a big buck and move on. To Icahn, Parsons was a politician, not a tough-minded businessman. If I go over a certain line, Im like another person, he said. Buried in Norfolk, Virginia, USA. A wealthy uncle, Elliot Schnall, encouraged him to head to Wall Street in 1960, against the wishes of his parents. What he left out is that the market is rapidly declining. Blockbuster shares now trade at less than half the approximately eight dollars that Icahn paid for them. Time Warner executives blamed Case, not analysts, for poor judgment. . By now, Parsons was convinced that Icahns position was weak. In January, 2001, when the merger of Time Warner and AOL, which Parsons helped orchestrate, was completed, the stock value of the combined companies was about two hundred billion dollars. 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. We work with partners to scour the Internet regularly to find new obituaries and extract the facts into our database. 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. He once said to me, I dont have the fire in my belly to do this. A harsher critique comes from the C.E.O. I said, he recalled, Im done I quit.. Youre not going to change markets, he said, with a sigh. He asserted that Time Warner is not doing as well as some of its peers, but backed off when asked for proof. He said that he wanted to avert the war he had promised. Despite his central role, Parsons largely escaped blame for the merger. Ad Choices, Ro Khannas Progressive Case for Saving Silicon Valley Bank. Time Warner employees have watched the value of their stock and their pensions plunge. 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. He had opened the fund, to much fanfare, in 2004. Even those who are too young to remember his exploits in the 1980s know the stories. Use our obituary search engine to find a specific death notice in Canada. The company fell far short of these projections, and Wall Street reacted savagely. In 1978, he had married a former Czech ballerina, Liba Trejbal, with whom he had a son and a daughter, born in 1979 and 1982. In fairness, he said, I thought the stock would move. How do we create a person's profile? raced past it. Time Warner, which Parsons has led since May, 2002, has suffered more than most. Use of this site constitutes acceptance of our User Agreement and Privacy Policy and Cookie Statement and Your California Privacy Rights. A ten-million-dollar bequest built a state-of-the-art facility for track meets on Randalls Island; a large sign, visible day and night from the Triborough Bridge, says, Icahn Stadium., In 2004, Icahn announced that he would raise three billion dollars to start a hedge fund, Icahn Partners. Malone opposed Icahns proposal to split the company: The reality is that they have stabilized the company and put their legal troubles behind them.. of the Dime Savings Bank.) I reminded him of this, and asked how, with the stock price stalled, Icahn would be able to claim victory. M Elliot Schnall, Age 103 aka Michael E Schnall, Schnall M Elliot, Schnall Schnall, E Schnall Current Address: BXJM E 12th St, New York, NY Past Addresses: Palm Beach FL, East Hampton NY +3 more Phone Number: (561) 659- LNTX +2 phones Email Address: m OBIW @yahoo.com UNLOCK PROFILE Phone & Email (4) All Addresses (6) Family (3) Social (9) Court That month Mr. Icahn announced that he had accumulated a 5.8 percent stake in the company. So it was natural that when, in August, Parsons learned that Carl Icahns hedge fund, Icahn Partners, had joined three others to acquire three-per-cent ownership of Time Warner, he called Icahn and asked if he could drop by. 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. 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. Failures have accompanied these victories, however. 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. 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. Because, Moore replied, when the magazine group was growing it needed the extra talent to launch new titles and to acquire others. But with $250 million from George Soros, Mr. Meister opened a hedge fund of his own. Icahn made two proposals. When the divorce became final, in 1999, Icahn married Golden. Microbiologist, educator. Michael has 3 different addresses, the most recent of which is in Manorville, New York. He also studied with Charles Hawthorne, John Sloan, and George Bridgman. James Stewart, in his book Den of Thieves, noted that prosecutors couldnt prove that the two men had acted as a group, within the meaning of the securities laws . The Icahns live in a duplex penthouse off Fifth Avenue, and have a weekend home in East Hampton. Asked by bookragstutor on 25 Oct 11:31 Last updated by Cat on 01 Jan 01:32 1 Answers Log in to answer. About Canada, Obituary Collection, 1898-Current. Brett plays better. Carl Icahn has made a few enemies in his career as an activist investor, including the hedge fund manager William A. Ackman. Mr. Ackman says he is confident he will prevail. We collect and match historical records that Ancestry users have contributed to their family trees to create each persons profile. But he denies he has anointed him as his successor, as many outsiders suspect. What, really, is left to say about Carl Celian Icahn? Parsons soon began a long association with the Rockefeller family; he was deputy counsel to Rockefeller when Rockefeller was confirmed as Gerald Fords Vice-President, and later served as the managing partner of a law firm that handled Rockefeller family business. Historical Person Search Search Search Results Results M. Elliot Schnall (1917 - 2016) Try FREE for 14 days Try FREE for 14 days. We encourage you to research and examine . When Icahn repeated the tactic with Texacodriving up the share price and forcing Texaco to pay a large dividend (netting him more than three hundred million dollars) to end his pursuithe solidified his reputation as a fierce corporate raider. He is returning all outside investors money. After closing his hedge fund, he says he'd rather not gamble with other people's money. Gathered from those who lived during the same time period, were born in the same place, or who have a family name in common. 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. even though their behavior had had virtually the same effect.). Parsons saw this as greenmail, although he said of the meeting, We parted amicably. Icahn was less diplomatic. Nothing in his proposals has anything to do with that, he said. FLORENCE M. ELLIOT Florence Elliot died July 29, 2020, at Prairie View Lodge, Pilot Mound, Manitoba, at the age of 95 years old. I love being the underdog. He got to know Icahn when they were on opposite sides in the Texaco fight, and now occasionally plays poker with him. He is a white, non hispanic male registered to vote in Palm Beach County, Florida. 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. In 1957, Carl graduated from Princeton University with a Bachelor's degree in Philosophy. (Boesky named Icahn as part of his plea bargain, and claimed that he had worked with Icahn to manipulate the share price of Gulf + Western. A larger payoff was to come with a rise in the value of Time Warners stockWasserstein was to get a percentage of Icahns profit. The ambitious California congressman has made a career of navigating the demands of Big Tech and the Bernie Sanders wing of the Democratic Party. View most recent obituaries published on the Web by funeral homes for area of Montreal. After high school, he purchased a Harley Davidson motorcycle, and participated in motorcycle shows with his friends. Parsons usually conceals his anger, but when Wasserstein called, soon after the announcement, Parsons would not pick up the telephone. 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. Icahn, who is said to be the model for the slick Gordon Gekko character in the movie "Wall Street," wears suits that. Where. But I ran into this wall of pessimism about these companies., I said that he sounded like Parsons, whom he once denounced for saying that there was little Time Warner could do in the near term to move Wall Street and the stock price. Remembering Maria Schneider, the Star of Last Tango in Paris. But Mr. Icahn lost so much money during the financial crisis that he is still a bit shaken by the experience. 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. When Carl shows up in a stock, the stock moves immediately, Rosenstein said. The market doesnt. I had a temper, he said. Obituary Robert Currell. Mr. Icahn has spent four decades making trouble for corporate America and making a lot of money for himself and his investors. From Wall Streets perspective, the movie industry is shrinking, DVD sales are slowing, piracy is spreading, advertising is moving away from traditional media, and AOL is losing subscribers. Im the pony horse. When Parsons became Time Warners C.E.O., in 2002, the stock price was falling (it eventually dropped below ten dollars a share), corporate debt had climbed to thirty billion dollars, and government agencies were investigating whether AOL had altered its books prior to the merger. "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. Icahn doesnt care whether people think of him as nice. This database contains family trees submitted to Ancestry by users who have indicated that their tree can be viewed by all Ancestry subscribers.These trees can change over time as users edit, remove, or otherwise modify the data in their trees. Two years later, ImClone accepted a $70-a-share bid from the Eli Lilly & Company. Mr. Icahn bought in at $21. He prefers something friendlier: activist investor. 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. He scaled back and concentrated on bonds and select investments. 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. The New Yorker may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. He shorted Internet stocks, believing, correctly, that most of these were wildly inflated. In seven months of maneuvering, Icahn could have earned more money from a bank deposit. Published by New York Times on Aug. 6, 2022. Icahn, by contrast, knew only the outline of Parsonss biography, such as the fact that they both had roots in Queens; Parsons was brought up in South Jamaica. **, With this Icahn Manifesto, Stevens wrote, Icahn had found a way to intimidate corporate America. Targeted companies would be sold, or corporate managers would panic and pay greenmail. 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. But can he set sail? He also maneuvered Steve Case out as chairman (Case remained on the board), in 2003, and dropped the AOL name from the companys masthead. Obituary: Alex Buckman, 83, a tireless force for Holocaust education in Vancouver. Then he adds, I dont even think he invited me to his daughters wedding so how close can we be?. He is widely credited with bringing calm to the company, which includes the worlds largest and most profitable movie and television production studio (Warner Bros.); the nations second-largest cable system; its most profitable cable networks (Turner Broadcasting and HBO) and magazine group (Time Inc.); plus AOL. To revisit this article, select My Account, thenView saved stories, To revisit this article, visit My Profile, then View saved stories. My view is that everybody suffers casualties in war, he said. The Icahns often spend vacations on a hundred-and-eighty-foot yacht that Icahn owns. But he once told me, I never made money in the movie business. Dont tell Brett. Parsons was nevertheless worried that Icahn had an image to uphold among investors, as a tenacious shareholder activist. And he was worried about the toll of a war. He thought Blockbuster was a monopoly and was poorly run. Icahns exacting habits were perfect for what became a career as a corporate raider. When Drexel Burnham folded, Icahn became convinced that the bubble was about to burst. I am on a battlefield against their best top lawyers, thirty P.R. Parsons said, Carl was boring in on this Dutch auction. We collect and match historical records that Ancestry users have contributed to their family trees to create each person's profile. Miss Lisa Elliot Schnall, senior at Pembroke College, and MacRae Lampland Ross, a 1970 graduate of Brown University, will be married in All Souls Unitarian Church here on Sept. 12. 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. "She said Wall Street was for gamblers," Mr.. This database contains family trees submitted to Ancestry by users who have indicated that their tree can be viewed by all Ancestry subscribers. Icahns personal life also had another act. 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. On Tuesday, February 15, 2022, Icahn: The Restless Billionaire will premiere via HBO Documentary Films. (At the time, Parsons was the chairman and C.E.O. Frank Biondi, who was paid six million dollars for several weeks of work, said, The negotiations played to Dicks strengths. He then married his former assistant and broker, Gail Golden, in 1999. In Icahns first mega-deal, in 1985, he joined Boesky and Drexel Burnham to attempt an eight-billion-dollar leveraged buyout of Phillips Petroleum, financed by junk bonds. I read them and knew more than they did. April 24, 2023 (98 years old) View obituary. However, when Icahn went back to the other hedge-fund investors, they insisted on naming two independent directors. Rubin Memorial Chapel, Boynton Beach, FL. He owned an estate in Bedford, New York, and a silver Rolls-Royce. 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. Im sold on this company. Mr. Icahn jumped into the stock in 2006, initiated a proxy fight, arm-twisted the board into rejecting a $36-a-share takeover offer and assumed the position of chairman. I plan to make money in it. 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. Hell say, I should not have made that move! Icahn appears to be thinking about posterity, and has begun to give away more money. As a child, Brett Icahn tagged along when his father scouted for real estate in Westchester County, N.Y. At one point, Icahn framed the issue as if it were not about money: Whats important to all this is that if we dont do something about managements and the way we manageif we dont have a corporate democracy like you have a political democracythe corporations have no accountability. His argument, in the words of his investment adviser Bruce Wasserstein, the managing partner of Lazard Frres, is that Time Warner has been managed for the short term., Parsons believed that Icahns interest was purely short term. Was close to his uncle M. Elliot Schnall, who loaned him $400,000 to buy a seat . He hugs strangers, and believes that he can make just about anyone like him. Icahn was not Parsonss only critic. 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. With one single test, you can discover your genetic origins and find family you never know you had.

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