Billionaire activist investor’s holding company grasps for revival as it cuts dividend and weighs asset sale
Carl Icahn’s efforts to stabilise his corporate empire rest in part on a small Midwestern refinery and a scrapyard on the outskirts of Nashville, Tennessee. The billionaire activist investor slashed the dividend of his publicly listed holding company in half on Friday, sending its stock tumbling and adding to a litany of financial troubles for the 88-year-old financier.
The feared activist has pledged substantial assets as collateral against the loans and now must repay the debts in coming years after some of their values have fallen. Now Icahn is betting that he can pull off a revival by selling a metals scrapyard he acquired more than a decade ago. In 2007, Icahn acquired a scrap metals company called PSC Metals with a large junkyard in Nashville.
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