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Reply #23: Two Wall Street Titans, and a Seven-Year Tiff [View All]

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-28-11 07:31 AM
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23. Two Wall Street Titans, and a Seven-Year Tiff
http://www.nytimes.com/2011/11/27/business/william-ackm...

In one corner is Carl C. Icahn, the corporate raider who made C.E.O.s tremble back in the 1980s and, at 75, is still chasing deals.

In the other is William A. Ackman, 45, one of Mr. Icahns figurative heirs and a leading practitioner of the bruising, Icahnesque craft politely known as activist investing.

These ultrarich men battled for seven years in multiple courts, over a relatively paltry $4.5 million. That might be real money to mere mortals, but to these two, its barely a rounding error.

So why bother? This battle, it turns out, was more about big egos than big money and it has left both men spitting expletives. The scrape finally ended this month, with Mr. Ackman victorious. But, before it was over, the affair occupied a Whos Who of powerful lawyers and ran up millions of dollars in legal fees, all because of an otherwise forgettable deal the pair cut back in 2004.
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