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Carl Icahn: Any suggestion of insider trading on Manitowoc is 'categorically untrue'
Source: CNBC
"We don't generally comment on rumors, but the recent media speculation regarding our sale of Manitowoc stock calls for a response. We state for the record: Any suggestion that we had prior knowledge of the Trump administration's announcement of new tariffs on steel imports is categorically untrue," the investor says in a statement.
Manitowoc shares dropped 4.8 percent on Feb. 16 after Commerce Sec. Wilbur Ross released "Steel and Aluminum 232" reports at noon that day, which recommended a global tariff of at least 24 percent on all steel imports.
Tae Kim | @firstadopter
Published 1 Hour Ago Updated 34 Mins Ago
Carl Icahn responded to his critics about his stock sales in Manitowoc amid the possible implementation of tariffs by President Donald Trump, an action that could raise costs for the maker of cranes.
"We don't generally comment on rumors, but the recent media speculation regarding our sale of Manitowoc stock calls for a response. We state for the record: Any suggestion that we had prior knowledge of the Trump administration's announcement of new tariffs on steel imports is categorically untrue. We reduced our position in Manitowoc for legitimate investment reasons having nothing to do with that announcement," the statement read.
Critics noted that the billionaire investor, a former advisor to President Trump, seemed to have pretty good timing with his sales of Manitowoc ahead of Trump's tariff plan announcement last week.
Construction equipment makers like Manitowoc use steel in their manufacturing.
Read more: https://www.cnbc.com/2018/03/07/carl-icahn-any-suggestion-of-insider-trading-on-manitowoc-is-categorically-untrue.html
6 replies
= new reply since forum marked as read
= new reply since forum marked as read
Are we using the trump metric? “Putin said he didn’t do it and I believe him”
I mean Carl said he didn’t do it sooooo
Yea, Carl, you and almost everyone in jail says the same thing.
https://www.pbgc.gov/news/press/releases/pr01-11
https://www.stlmag.com/TWA-Death-Of-A-Legend/
In 1992, TWA filed for bankruptcy, emerging in 1993 with its creditors owning 55 percent of the company. One of those creditors, to the tune of $190 million, was Icahn. He resigned as chairman in 1993, and by 1995 he was growing impatient to be repaid. TWA executives, desperate to bring the tragic Icahn chapter to a close, gave away the farm, the cows and the farmer’s wife. They came up with a deal called the Karabu ticket agreement, an eight-year arrangement that allowed Icahn to buy any ticket that connected through St. Louis (but not those that originated or ended here, so St. Louisans never had access to the cheap tickets) for 55 cents on the dollar and resell them at a discount.
Karabu blocked Icahn from selling the tickets through travel agents, but it didn’t even mention the embryonic Internet, where he immediately set up Lowestfare.com and commenced to bleed TWA dry, one ticket at a time. “He put downward pressure on the amount TWA could sell tickets for because we were essentially competing with ourselves,” Gratz says.
American Airlines later estimated that Karabu cost TWA $100 million a year, but as bad as Karabu turned out to be for TWA, and as fervently as its constructors may have later wished they had closed the Internet loophole, TWA didn’t have many options at the time.
“There was no $190 million. There was nowhere to get $190 million. TWA had two choices: accept the agreement or shut down,” says Mark Abels, who was vice president of corporate communications from 1996 to 2001.
November 2018 cannot get here fast enough
https://www.stlmag.com/TWA-Death-Of-A-Legend/
In 1992, TWA filed for bankruptcy, emerging in 1993 with its creditors owning 55 percent of the company. One of those creditors, to the tune of $190 million, was Icahn. He resigned as chairman in 1993, and by 1995 he was growing impatient to be repaid. TWA executives, desperate to bring the tragic Icahn chapter to a close, gave away the farm, the cows and the farmer’s wife. They came up with a deal called the Karabu ticket agreement, an eight-year arrangement that allowed Icahn to buy any ticket that connected through St. Louis (but not those that originated or ended here, so St. Louisans never had access to the cheap tickets) for 55 cents on the dollar and resell them at a discount.
Karabu blocked Icahn from selling the tickets through travel agents, but it didn’t even mention the embryonic Internet, where he immediately set up Lowestfare.com and commenced to bleed TWA dry, one ticket at a time. “He put downward pressure on the amount TWA could sell tickets for because we were essentially competing with ourselves,” Gratz says.
American Airlines later estimated that Karabu cost TWA $100 million a year, but as bad as Karabu turned out to be for TWA, and as fervently as its constructors may have later wished they had closed the Internet loophole, TWA didn’t have many options at the time.
“There was no $190 million. There was nowhere to get $190 million. TWA had two choices: accept the agreement or shut down,” says Mark Abels, who was vice president of corporate communications from 1996 to 2001.
November 2018 cannot get here fast enough
