STOCKHOLDER RIGHTS AND CARL ICAHN

Harold Bierman, Jr.

One might conject that shareholder activism should be praised and welcomed by shareholders. This paper suggests that some actions, alleged to be on behalf of shareholders, can be shown to be on behalf of a small group of activist investors, and not for the broader group of stock owners. To investigate the issue the actions of Carl Icahn are studied. His strategies are likely to be rewarding for Carl Icahn and his fellow investors.