But with $250 million from George Soros, Mr. Meister opened a hedge fund of his own. He plays chess with his son, Brett, a Princeton graduate, who is an executive at Icahns firm. Im saying that what happened to Time Warner is that you have thirty guys over there doing what one guy can do. 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. Last August, when Richard Parsons learned of Icahns plan, he immediately did opposition research. Carl was raised in Queens and attended Far Rockaway High School. of a large media company that has dealings with Time Warner but stayed on the sidelines of its fight with Icahn. Ontario Obituaries | Tribute Archive Together, they share two children: Brett and Michelle Celia. FINANCIER Carl Icahn is known as one of the wealthiest men in the United States. Instead, Michael Icahn, with some bitterness, became a cantor at a local synagogue. M Elliot Schnall from Palm Beach, Florida | VoterRecords.com Would the magazines be better? When the divorce became final, in 1999, Icahn married Golden. I dont think Carl really understands the media business, he said. Its all words. Harry M. Nachtigal. On the surface, Biondi seemed an odd choice. 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. Michael Schnall Found! - See Phones, Email, Addresses, and More He cut overhead and liquidated assets, boosting earnings, in three years, from five hundred thousand dollars to twenty-seven million. He asserted that Time Warner is not doing as well as some of its peers, but backed off when asked for proof. The younger Icahn, 31, entered the family business after graduating from Princeton and spending a few relatively fruitless years directing movies. In a new book, translated by Molly Ringwald, Marias cousin recalls the fame and turbulence that followed the release of Bernardo Bertoluccis controversial film. Another payoff would come if Lazard became the preferred investment bank for Wall Streets new hedge funds and private-equity investors. But he denies he has anointed him as his successor, as many outsiders suspect. . 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. 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. Hellen Mary Draper. But he, too, has crossed swords with Mr. Icahn. Malone opposed Icahns proposal to split the company: The reality is that they have stabilized the company and put their legal troubles behind them.. Bob was an excellent athlete in his youth, particularly in hockey where he excelled. said, You have to be a leader. of Time Inc., announced that the magazine group would cut a hundred and five employees, including some of its top managers. filed for bankruptcy, and Icahn negotiated to sell his stake to the employees. 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. After so many years and so many battles, you might think Carl Icahn would hang up his guns. Obituaries. Gordon Crawford, the portfolio manager of Capital Research Global Investors, which has reduced its holdings in Time Warner stock but retains a sizable portfolio, said in a telephone conversation that Icahn was wrong on his math. Well be talking a year or two from now and well see this was one of the great opportunities to buy this kind of company, with content and cable. She is lovingly remembered by her nieces and nephews, and was. 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. Search the Ontario obituaries here: First Name: Results will display our free data content, free external content, as well as Ancestry.com search results, all shown separately. In the next nine days, Parsons and Icahn talked often. 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. 45 Rockefeller Plaza 700 6th Street, NW New York, NY 10111 Washington DC 20001 Telephone: (212) 589-4200 Telephone: (202) 862-2200 Facsimile: (212) 589-4201 Facsimile: (202) 862-2400 David J. Sheehan Peter M. Friedman Ackman is dead wrong.. It never hurts to show a guy some respect, Parsons said later. (Dick Tappan, the head of the company, later surprised his board by praising Icahn, and becoming an investor in Icahn & Company.). And my business is persuading people to side with me. Rubin Memorial Chapel, Boynton Beach, FL. In lieu of flowers the family asks that donations be made to the Norton Senior Center in Donna's memory 55 West Main Street, Norton, MA 02766. By 1999, Parsons had won the confidence of the division heads, and Levin gave him the C.O.O. Top executives lost their jobs., From September to November, Parsons and Icahn spoke three or four times by telephone, and in that period Icahn said, I dont think he perceived me as a threat at all. But Time Warner was certainly paying attention. RJR Nabisco, the disaster that was TWA, Phillips Petroleum, Viacom, Uniroyal, Marshall Field, American Can, USX, Marvel Comics, Time Warner, Yahoo, Motorola, Lions Gate Entertainment the list of hits, and misses, runs on. He bristles at being called a corporate raider, though if you Google the phrase youll soon find his name. even though their behavior had had virtually the same effect.). By February 16th, Icahns seventieth birthday, he and Parsons had reached an agreement. He also maneuvered Steve Case out as chairman (Case remained on the board), in 2003, and dropped the AOL name from the companys masthead. Discover the meaning and history behind your last name and get a sense of identity and discover who you are and where you come from. 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. Carl was raised in Queens and attended Far Rockaway High School. About Canada, Obituary Collection, 1898-Current. April 24, 2023 (98 years old) View obituary. 8,. When he graduated, in 1957, he enrolled in N.Y.U.s medical school. 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. At long last, his success won him his fathers approval. I sometimes scare myself Im so obsessive. Once, getting into a fight with a boy who spit in his face, Carl became so enraged that he started banging his opponents head on a staircase. November 18, 2020. James Barksdale, the former C.E.O. Melvin Elliott Obituary (2005) - West Palm Beach, FL - The Palm Beach Post After a nasty behind-the-scenes dispute, Icahn settled, to avoid a public trial and embarrassment to his children. He was a strange guy. 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. He was miserable. 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. Born on February 16, 1936, Carl Icahn is an American financier. Hes got good instincts.. I learned there were tax reasons not to split off cable, Icahn said, conceding that he and his team hadnt foreseen the tax liability. Mascos are up about 17 percent since he bought the stake. 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. Tribute: Rabbi Professor Michael Brown, 84, shaped the field of Jewish studies across Canada and internationally. 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. You run a business differently depending on what your objectives are, Parsons said. Where. He just says it never happened., By the nineties, Icahn had become a brandthe corporate raider. 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. And, if we broke up the company, would Warner Bros. make better movies? Find an obituary of a loved one. But it changed the membership of the board. Remembering Maria Schneider, the Star of Last Tango in Paris. You conquer the countries, you put people in, and then you go on, Mr. Icahn says. In 1957, Carl graduated from Princeton University with a Bachelor's degree in Philosophy. 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. Alexander, of course, peaked early and died at the age of 32. Among those who quickly signed on was Barry Rosenstein. 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. Search through our listing of Ontario obituaries and online memorials. The two often play chess, wagering thousands of dollars a game. Icahn eventually charged Parsons and Time Warner with mismanagement, called for the breakup of the company, and mounted a proxy battle, asking shareholders to remove Parsons and other members of the board. Microbiologist, educator. He uses old technologyHe does not do e-mail himself, Golden said. Last December, such a call came through at the Chesapeake Energy Corporation in Oklahoma City. Michael has 3 different addresses, the most recent of which is in Manorville, New York. Start now. a firm that tracks corporate takeover defenses. The battle also became more personalas if Icahn had in fact gone over a certain line. To the Financial Times, he said of Parsons, I dont find him a sympathetic figure, and claimed that Parsons had sold seven hundred thousand shares of his Time Warner stock in 2001, at a price just above fifty dollars a share: I dont see how it can help the morale of employees whose share options have not gone anywhere since he took over that the supposed skipper of the ship sold his shares a long time ago and made a lot of money. (Edward I. Adler, Parsonss chief spokesman, said that the options represented just eight per cent of the more than nine million shares and options that Parsons retains.) 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. We have the same incentive that Icahn has, Wasserstein said. The St. Regis performance was panned by Wall Street analysts and the press. She said Wall Street was for gamblers, Mr. Schnall recalls. Over the next several years, Icahn did well as an options trader. Icahn won the three seats, but he misjudged the business. He sold them for $1.2 billion in February 2008, just before the bottom fell out of the economy. One of his biggest wins was ImClone Systems, the drug maker at the center of the Martha Stewart stock-trading scandal. Its like youre a good swimmer, but some tidal wave is hitting you., Despite this setback, Icahn did not relax; he began a corporate takeover battle against a giant South Korean tobacco company. Elliot Schnall First Previous of Next ; Last ; Patrick McMullan. 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. On one essential point there was nothing for Icahn: the stock never rose. You have to have a strategy. He said that Time Warner is terribly managed, but praised some of its division chiefs. In the ballroom of the St. Regis Hotel, Icahn, Wasserstein, and Biondi faced an audience of nearly five hundred reporters, analysts, and shareholders. 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. Patrick McMullan Company photographs a diverse range of events each week, some of which are PMc exclusives, and distributes images worldwide. 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. 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. 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. 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. Parsons was particularly annoyed because Wasserstein had worked on behalf of Time Warner when it merged with AOL. 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. He did. 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. Soon Icahn was the largest individual shareholder, and he used his power to force the company to repurchase more of its own stock. Email us atexclusive@the-sun.comor call212 416 4552. In late December, he promoted Bewkes to become president and C.O.O., and on CNBC he called him probably the most talented executive in the media and entertainment space. Icahn then telephoned CNBCs Maria Bartiromo and declared of Bewkes, on the air, I certainly take exception to Dick Parsons saying hes the best in the media business. Parsons also engineered two moves suggesting that Time Warner was not passive: the WB broadcast network was merged with CBSs UPN network; and the company sold to a French firm its profitable but relatively small publishing operation, the Time Warner Book Group. Entered into rest October 17, 2013 at the age of 103. Parsons believes nice is a value.. He knew that Icahn had made billions as a corporate raider in the eighties and had pioneered the art of greenmail. (The raiders would buy a block of shares in a company and sell them back at a premium, in return for agreeing to drop a challenge to the companys management.) 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. Mr. Icahn's son, Brett, has risen at his father's company, but it is unclear whether he will take over. This criticism strengthened Parsonss conviction that Icahns idea of a business strategy was ruthless costcutting. Liba filed for divorce in October of 1993, and the separation was finalized in July 1999. 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. Mr. Icahn has been particularly active in recent years. M. Elliot Schnall passed away on 6 Jun 2016 in Florida. Calgary Obituaries - Latest Obituaries in Calgary, AB - Echovita 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. 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. Both of his parents worked as teachers. raced past it. You can contact the owner of the tree to get more information. 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. All accused their prey of selfish, short-term thinking. His mother was distraught. InMemoriam - Find a death notice annoucement in Canada He planned to mount a proxy showdown at the annual shareholders meeting, in May. Find an obituary, get service details, leave condolence messages or send flowers or gifts in memory of a loved one. Steven is survived by his wife Sherri (Silver); sons Jack and Luke; parents Marilyn Shear and Harris Schnall (Rosalyn) and brother David. In March of 1979, Carl Icahn married Czechoslovakian ballerina, Liba Trejbal. 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. Thats why theres a lot of opportunity as an activist.. Carl and I had three discussions about Time Warner, he told me in January. Bella Icahn tried to steer Carl toward medicine. He gets very hysterical, Schnall said. The Icahns live in a duplex penthouse off Fifth Avenue, and have a weekend home in East Hampton. SCHNALL--Edith Lea Spitzer, PhD, 93, of Bayside NY on Tuesday, December 1, 2015. What, really, is left to say about Carl Celian Icahn? He is the most persistent person, Richard Magurno, who was T.W.A.s senior vice-president and general counsel, and who today holds the same position at AirTran, said. 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. Brett Icahn or whoever succeeds his father, if anyone really can has some big shoes to fill. Overview of M Elliot Schnall - Florida Residents Directory The market doesnt. They met for forty minutes, and both later described the meeting as philosophical. Their only point of agreement was that Time Warners stock, at about eighteen dollars per share, was undervalued. That is a phrase to send chills through almost any chief executive. To keep control of the company, the Phillips board voted to top the Icahn bid for its stock, thus giving Icahn a profit of more than fifty million dollars. Parsons wants to win and make money, too, but he is using a different scorecard. I could see from that reaction that I was not going to get the analysts behind us and to beat the drums for us, Icahn told me later. 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. 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. Icahn, who is said to be the model for the slick Gordon Gekko character in the movie "Wall Street," wears suits that. By now, Parsons was convinced that Icahns position was weak. 2023 Cond Nast. Beloved and devoted mother of Neil David. For the last seven years, Mr. Ackman has contended that Mr. Icahn owes him more than $8 million stemming from an investment in a Dallas real estate company, Hallwood Realty. In seven months of maneuvering, Icahn could have earned more money from a bank deposit. 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. But I question whether hes the guy to run Time Warner.. How many people have gone to the death chamber because theyre wrong? he asked. Ad Choices, Ro Khannas Progressive Case for Saving Silicon Valley Bank. Last November, for instance, regulatory filings showed that he had taken stakes in the toy maker Mattel and the building products company Masco. Was close to his uncle M. Elliot Schnall, who loaned him $400,000 to buy a seat . I love being the underdog. 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. 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. I always knew Id end up in finance, Brett Icahn says. Published by New York Times on Aug. 6, 2022. Consider Alexander the Great, Mr. Icahn says. We work with partners to scour the Internet regularly to find new obituaries and extract the facts into our database. Harry attended Newton High School. Canada Obituaries - Latest Obituaries in Canada - Echovita 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. He wanted to spin off Time Warner Cable into a separate company and sell shares to the publicto unlock shareholder value. Adored wife of the late Herbert Schnall, DDS. He owned an estate in Bedford, New York, and a silver Rolls-Royce. In early 2005, another hedge-fund manager, Barry Rosenstein, of JANA Partners, urged Icahn to invest heavily in the Kerr-McGee oil company. Known as one of the first activist shareholders, Carl is credited with making the style of the investment mainstream. Two years later, ImClone accepted a $70-a-share bid from the Eli Lilly & Company. If you can get just ten dollars more a month from them, thats $1.4 billion a year. Find your loved one and click the listing to view their full obituary, check the service time and date, share condolences, upload photos, send flowers, and do even more. PDF Baker & Hostetler Llp But with Carl, the friendship stops where the deal begins., Mr. Icahn says he likes Mr. Trump no hard feelings. The Icahns often spend vacations on a hundred-and-eighty-foot yacht that Icahn owns. Elliot Schnall wrote his nephew a check for four hundred thousand dollars. I had a temper, he said. Advanced. 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.

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