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Going For The Kill: Is Carl Icahn Trying To Bankrupt Bill Ackman's J.C. Penney?

Tyler Durden's picture





 

By now everyone is familiar with slow-motion trainwreck from the afternoon of January 25 (keep that date in mind), when America's premier financial Jerry Springer channel pitted one against another hedge fund moguls Carl Icahn and Bill Ackman (for those three people who missed it, here it is again). Which is why we won't waste time recapping it, suffice to say that as a result of the hour-long spat, both Ackman and Icahn left the screamathon hating each other more than ever.

In what may or may not be a totally separate event, we fast forward to January 29, or the following Tuesday, when JC Penney received a Notice of Default from the law firm of Brown Rudnick, representing an ad hoc group of bondholders of JC Penney's 7.4% of Debentures due 2037 and who supposedly hold more than 50% of the issue, which according to Bloomberg amounted to some $325.6 million outstanding ($400 million at issue), or about 11% of the firm's gross debt of $2.97 billion.

What happened is that one or more bondholders accumulated a sufficiently large stake in one of JCP's bonds to where they could throw the company into involuntary bankruptcy which would then accelerate payment on all bonds if a court found the bondholder claim to be valid, and which would destroy the firm's equity due to cross-default provisions between the various bond classes, if only bondholders had a sufficiently real pretext. Which they did.

Specifically, Brown Rudnick alleges that the company defaulted on the bond indenture when in January 2012 it signed a credit agreement secured by the company's inventory "without providing for equal and ratable security for the Debenture holders." JCP only disclosed this letter after the close today, when it concurrently filed a lawsuit in Delaware Chancery Court seeking to block the bondholders' efforts to declare a default, saying the Notice of Default was without merit. To wit:

the granting of a security interest in inventory pursuant to the Credit Agreement does not constitute an event of default under the Indenture.  Pursuant to the Indenture, the negative covenant extends only to "principal property" -- which does not include inventory.  Furthermore, the Company has never had any loans outstanding under the Credit Agreement, and because the Indenture only covers "indebtedness for money borrowed," the Company`s entry into the Credit Agreement would not have triggered the Indenture provision in any case.  The Company has publicly disclosed for some 10 years that it has had various undrawn credit facilities secured by inventory with no bondholder allegations of violation of the Indenture.

A cursory read of the explanation provided by JCP's lawyers in response to the Notice of Default should make the JCP shareholders, all of whom would be immediately and massively impaired in the event the Involuntary Bankruptcy resulted in an official Chapter 11 filing, very nervous, since neither the "principal property" justification, nor the ridiculous excuse that the security stripping credit facility doesn't really count as it was never drawn on it, would withstand much scrutiny on cross before any but the most inexperienced of bankruptcy judges.

But what should make JCP stakeholders most nervous is that the man behind the ad hoc group may well be none other than the abovementioned corporate raider (and legendary Involuntary Bankruptcy mastermind) Carl Icahn, who is now hell-bent on making Ackman's life a living hell in the aftermath of the January 25 televized fiasco, and who will stop at nothing to crush and humiliate Ackman's hedge fund Pershing Square, which also happens to be the largest holder of JCP common stock with some 17.8% percent of the outstanding, or about $800 million worth of stock.

Note: we said may. Not is. Because we won't know for sure until Icahn confirm or denies.

Yet some things stand out.

First: the credit agreement was signed on January 2012: in other words, it had been in place for over a year. The fact that it was used as the reason for an involuntary bankruptcy filing only after the January 25 screamfest is very suspicious, especially since the defaulted indenture in question had been around since 1994. In other words, someone knew very well the leverage they would have by organizing an ad hoc group of debenture holders for a long time, and were merely biding their time for just the right moment.

Next: a quick glance at the TRACE activity in the 7.4% of 2037 shows that the biggest one day trading activity in the recent past was on none other than the abovementioned January 25. We would not be surprised at all if the bulk of said trading took the form of "wave it in" on the 47th floor of 767 Fifth Avenue.

But surely not even Icahn could promptly accumulate over $163 million bonds in a day (unless he had already been building up a stake), which is why he may have simply decided to collaborate with like-minded holders of the Debentures: either individuals who are seeking a prompt 20% take out (the bonds are trading at 84 cent of par), or simply to push the company into bankruptcy and use existing cash of some $500 million to satisfy bondholder claims, as well as to possibly take control of the company in a debt for equity. In both cases needing individuals who are not too fond of JCP, and certainly not fond at all of the Company's largest shareholder: one William Ackman.

A cursory look on Wall Street reveals quite a few funds who satisfy both criteria.

And finally, let's not forget that Icahn is one of Brown Rudnick's core clients, most recently representing the 76 year old billionaire in the case of Icahn against Trump Entertainment.

All of the above is, for now, conjecture, but it just fits too perfectly: the timing, the approach (so typical of the old school Icahn), and the target: because nothing would crush "retail expert" Ackman, who is openly feuding with Icahn over Herbalife, as a JC Penney bankruptcy. And nothing would bring greater validation to Icahn's claim that he "does not respect Ackman as an investor", uttered during the infamous January 25 debate.

We look forward to Mr. Icahn rejecting or confirming this hypothesis: the former case likely revealing who else is not a fan of Mr. Ackman's, while the latter pushing the Ackman vs Icahn soap opera to unprecedented and unseen before levels of inter-hedgefunder animosity, and shine even more light on the strange and confusing world where billionaires have so much money all they care about is destroying the reputation of those they perceive as their competition: a world in which ego is everything.

Of course, if we are right, and if indeed Icahn is behind this latest "Involuntary Bankruptcy" corporate raid, our sincerest condolences and best wishes to the JCP shareholders.

They will need it.

 


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Mon, 02/04/2013 - 22:58 | Link to Comment rhinoblitzing
rhinoblitzing's picture

What about the employees?

Mon, 02/04/2013 - 23:09 | Link to Comment Son of Loki
Son of Loki's picture

The who?

Mon, 02/04/2013 - 23:10 | Link to Comment Almost Solvent
Almost Solvent's picture

Took me almost an hour to find any last time I happened to shop there a few weeks back. 

Mon, 02/04/2013 - 23:21 | Link to Comment I think I need ...
I think I need to buy a gun's picture

penney's new pricing scheme is horrendous, is this a joke or is this what the oligarchs do when they have some down time, if we arent careful they may dictate what you wear on an everday basis along with all the other things they took,,,,,,is there anything left but clothes?

Tue, 02/05/2013 - 02:03 | Link to Comment greyghost
greyghost's picture

lol....jcp hires the queer apple exec. who hires the queer talk show host that insults 98% of jcp customer base....who would have thunk that would turn out bad?

Tue, 02/05/2013 - 02:07 | Link to Comment YBNguy
YBNguy's picture

 Ackman's hedge fund Pershing Square, which also happens to be the largest holder of JCP common stock with some 17.8% percent of the outstanding, or about $800 million worth of stock...

 

Suckers of the year!

Tue, 02/05/2013 - 02:15 | Link to Comment otto skorzeny
otto skorzeny's picture

"Masters of the Universe" and these guys hold that much stock in retail? With dumbasses like these why go public if you really care about the business that you built?

Tue, 02/05/2013 - 04:27 | Link to Comment strannick
strannick's picture

Exactly. When they could be cornering silver.

And yes, what about the employees, Mr. Icahn?

Tue, 02/05/2013 - 07:05 | Link to Comment Thomas
Thomas's picture

I think the moral of the story is never--NEVER--deal with or fuck with Icahn. Period. End of story.

Tue, 02/05/2013 - 08:02 | Link to Comment Karlus
Karlus's picture

"NEVER--deal with or fuck with Icahn. "

Boom, headshot

Tue, 02/05/2013 - 10:36 | Link to Comment quadcap
quadcap's picture

Why does this have three down arrows?  Anybody who watched the icahn/ackman "debate" knows icahn is a douche.  Is icahn trying to curry favor here on zerohedge?   What a smack.  Ackman appears to have fucked with the wrong guy, that much is pretty plain.  His analysis of Herbalife is right on, but that's not going to save him in this case....

Tue, 02/05/2013 - 02:20 | Link to Comment knukles
knukles's picture

25%  That's what 20 points on an bond trading at 80 being taken out at par is...
25%

Not bad peanuts in today's world.

When ya got em by the balls their hearts and minds inevitably follow.
            -Chuck Colson, no?

Tue, 02/05/2013 - 07:07 | Link to Comment CPL
CPL's picture

My grandmother had that in needle point in the kitchen next to "may you be in heaven half an hour before the devil knows you're dead".

 

What should be interesting to watch is while Icahn is messing around with Ackman's crappy retail chain are the other business owners waiting for Icahn to finish depleting his energy and resources tilting at windmills.  Et tu brute...et tu?

Tue, 02/05/2013 - 12:05 | Link to Comment Panafrican Funk...
Panafrican Funktron Robot's picture

Yeah, but in order for this bond to actually return par at maturity, JCP has to exist until 2037.  I would suggest it's still massively overpriced.  

Mon, 02/04/2013 - 23:28 | Link to Comment rhinoblitzing
rhinoblitzing's picture

I saw them a few months ago - Pete walked off the stage at the end and left Roger to finish the show. </sarc

Yeah.... Who..... Anyone catch Jaime on Bloomberg today for over an hour taking questions in Miami. Amazing that building on Brickell Ave reflects all the canyons that devestated this country. He glowed about all the foreigners buying the property and all the immigrants that moved into the US and Miami. Nothing but softballs from the crowd and he opened it up to any questions. The best parts were calling legislation "Simpson Balls" and tellling younger people they should work till 70 or longer. (surprising Tyler did not link to it or follow up - plenty of sound bytez)

Yeah - The Who??

Mon, 02/04/2013 - 23:13 | Link to Comment ACP
ACP's picture

There are only three things running the US economy nowadays:

1) The Fed,

2) The stock market,

3) Big egos.

The rest is fast becoming an empty shell.

 

Mon, 02/04/2013 - 23:25 | Link to Comment wee-weed up
wee-weed up's picture

There is only one thing running the US economy nowadays:

1) The Fed

Mon, 02/04/2013 - 23:29 | Link to Comment RopeADope
RopeADope's picture

Nothing is running the US economy these days.

Mon, 02/04/2013 - 23:30 | Link to Comment TruthInSunshine
TruthInSunshine's picture

There is only one thing running the economy these days:

 

1)  Bullshit*

 

*Otherwise known as The Confidence Fairy

Mon, 02/04/2013 - 23:32 | Link to Comment ACP
ACP's picture

True, without #1...#2 & #3 wouldn't exist.

Mon, 02/04/2013 - 23:47 | Link to Comment bobthehorse
bobthehorse's picture

They don't care about the employees.

These assholes play for blood.

Motherfuckers.

http://www.angrysinner.blogspot.kr/2013/02/tuesday.html

Tue, 02/05/2013 - 01:04 | Link to Comment Political_Savage
Political_Savage's picture

Stop posting bobtheass

Tue, 02/05/2013 - 01:35 | Link to Comment Augustus
Augustus's picture

Maybe Hostess is hiring?

Tue, 02/05/2013 - 01:37 | Link to Comment Ignatius
Ignatius's picture

"What about the employees?"

Exactly.

The tribe is being run almost exclusively for the benefit of those who own it and run it, not the tribe itself.

Cui BonoWho benefits? is a big principal.  The Romans knew the score 2000 years ago.

Tue, 02/05/2013 - 01:48 | Link to Comment Milton Waddams
Milton Waddams's picture

"collateral damage"

oddly enough, pink floyd got it kind of right

https://www.youtube.com/watch?v=TcV4B-74pDk

Tue, 02/05/2013 - 01:53 | Link to Comment taniquetil
taniquetil's picture

They will all be issued new ObamaFones.

Tue, 02/05/2013 - 07:49 | Link to Comment LongSoupLine
LongSoupLine's picture

Two rich, egotistical fucking cocksuckers with fucking tunnel vision and no fucking regard for the collateral damage they inflict.

Fuck you hedge fund assholes. Eat a fucking hot lead projectile you fuckers.

Tue, 02/05/2013 - 08:23 | Link to Comment Chuck Walla
Chuck Walla's picture

What about the employees?

Its just an invol BK. It will be a going concern, there will be DIP financing.  Not much will change.

FORWARD SOVIET!

Tue, 02/05/2013 - 09:35 | Link to Comment goldenbuddha454
goldenbuddha454's picture

Would start looking for employment at McDonalds

Mon, 02/04/2013 - 23:02 | Link to Comment FrozenOut
FrozenOut's picture

Just because it's bankrupt, doesn't mean it has to cease operations. Which is why a bankruptcy would have been the right procedure for Chitty-Chitty Bank, GM, Chrysler, Morgan Stanley, AIG, etc. etc. back in '08. Another positive is that the "suicidal management who got the company in trouble in the first place," to quote Gordon Gekko, get well and truly ass-reamed. 

Mon, 02/04/2013 - 23:38 | Link to Comment Mercury
Mercury's picture

Bankruptcy tends not to do wonders for your equity share price however. And Ackman's fund is the biggest shareholder.

This kind of reminds me of 2005 when 150 yr old Kirk Kerkorian tried to impress his new girlfriend by making an out of the blue tender offer for GM stock, blowing the convertible bond arbitrageurs out of the water in the process.

Nothing rattles assumptions like when old wizards come out of their towers and start casting malignant spells.

Invoke accelerate pecunia covenantorum Icahnoclasm!!

Take that young prince William.

Tue, 02/05/2013 - 00:59 | Link to Comment Freddie
Freddie's picture

I have no great love for Icahn but Ackman is a creep f*ck.  I recall a REIT he did a number on.  I feel sorry for the JCP shareholders, employees and bondholders.  JCP is not a great store but it is as good as that crap store Kohls owned by that former Wisc Dem Senator'ss slimy family.

Tue, 02/05/2013 - 02:16 | Link to Comment otto skorzeny
otto skorzeny's picture

The Kohl's-another member of the 12 Tribes of Thieves. These leeches fight it out in public and then go to synagogue and have a good laugh over fucking the goys out of $ again and again-and then they wonder why they've been kicked out of every country in the civilized western world(save for their current host body-The USofA)

Tue, 02/05/2013 - 08:07 | Link to Comment Karlus
Karlus's picture

Dont feel sorry for JCP. Bad decisions landed them here. You love delicious sausage, but dont want to know hats in it or how its made.

JCP made themselves the meal here

Tue, 02/05/2013 - 09:47 | Link to Comment goldenbuddha454
goldenbuddha454's picture

Yes, you can't really expect to be competitive in the retail sector until you evacuate every money-losing mall, cut your losses and go primarily to selling on the internet.  Noone shops at malls anymore, yet I still see JC Pennys occupying 'mallstreet' in large numbers.   Sears ditto.  Heck, Sears still has these small sideshow outlets strewn all around town that sell lawnmowers, fix and repair refrigerators, washers and dryers, remanufacture weed eaters.  Most that stuff you could find a great deal on at Craigslist or just go to harborfreight.  The days of paying up for crap made in China are over.  Whoever can sell the crap for the least amount of money wins.  Brand name means squat when considering most everything everywhere is made in China.

Mon, 02/04/2013 - 23:08 | Link to Comment Son of Loki
Son of Loki's picture

It's not too tedious bankrupting a store when piss poor management is doing it for you.

Mon, 02/04/2013 - 23:12 | Link to Comment BlueStreet
BlueStreet's picture

No worries because they are bringing sales back so it is all fixed.

 

 

 

 

Mon, 02/04/2013 - 23:46 | Link to Comment DeadFred
DeadFred's picture

They'll be able to buy even more shares when the price craters

Tue, 02/05/2013 - 01:20 | Link to Comment HardlyZero
HardlyZero's picture

I get it.  The arseholes are selling each other sh*t.  That is the major take away here.  yup.

Mon, 02/04/2013 - 23:15 | Link to Comment Michelle
Michelle's picture

The wealthy have to battle each other now since the 99.9% have few to no assets left. Been saying it for a while and it makes me chuckle that we get a front row seat to watch the fireworks on TV. Bring the popcorn and tune in for America's Real Dukes of Hazard.

Mon, 02/04/2013 - 23:52 | Link to Comment TruthInSunshine
TruthInSunshine's picture

 Creosote Games

Tue, 02/05/2013 - 08:09 | Link to Comment Karlus
Karlus's picture

And Ichan needs to be careful that he does not lean too far over pushing Billinto the pit, lest he loses his balance and someone else takes advantage and pushes Ichan

Mon, 02/04/2013 - 23:15 | Link to Comment holdbuysell
holdbuysell's picture

"America's premier financial Jerry Springer channel"

Classic.

For the record, that would be CNBC.

Mon, 02/04/2013 - 23:24 | Link to Comment yogibear
yogibear's picture

Have Charlie Munger and Warren Buffet host it. Their usually amused at others loosing money.

The gladiators of billionaires.

Mon, 02/04/2013 - 23:19 | Link to Comment in4mayshun
in4mayshun's picture

I love the new JCP. I knew it wouldn't last. Sigh...God Damn Kohl's

Mon, 02/04/2013 - 23:31 | Link to Comment otto skorzeny
otto skorzeny's picture

penneys/sears shoppers make the stores by me look like tijuana

Mon, 02/04/2013 - 23:22 | Link to Comment Fix It Again Timmy
Fix It Again Timmy's picture

Any large-scale brick and mortar retail sales company with ANY debt is headed for the leper colony...

Tue, 02/05/2013 - 01:14 | Link to Comment otto skorzeny
otto skorzeny's picture

name one that's not-the only way they book a  profit is from cheap sweatshop labor

Mon, 02/04/2013 - 23:25 | Link to Comment max2205
max2205's picture

Hope they both detonate each other

Mon, 02/04/2013 - 23:29 | Link to Comment azzhatter
azzhatter's picture

two assholes and one shitty company

Mon, 02/04/2013 - 23:55 | Link to Comment Temporalist
Temporalist's picture

and no whiff of an original idea between them fart factories

Mon, 02/04/2013 - 23:29 | Link to Comment otto skorzeny
otto skorzeny's picture

JCPenney should replace one bull dyke spokeslesbo(Ellen Degenerate) with an even bigger bull dyke spokeslesbo(Rachel Maddow) and try to lose even more flyover country consumers. JCPenny's custom line of "StrapOns by Ellen" didn't go over too well.

Tue, 02/05/2013 - 01:08 | Link to Comment Freddie
Freddie's picture

+1

They think we hicks in flyover country do not talk about their scum spokepeople.   I reacll Am Ex calling me to take their card. I told them I would support Ellen Degenerate and pleasantly said goodbye.

Tue, 02/05/2013 - 01:22 | Link to Comment otto skorzeny
otto skorzeny's picture

why wouldn't they-Madison Ave advertising firms have the same east coast soddomite elite disdain for flyover country as Wall St and DC does. New Yorkers are pissed because  it takes so long  to get over flyover country to see their fellow immoral 12 Tribesmen in Hollywood.

Mon, 02/04/2013 - 23:30 | Link to Comment jldpc
jldpc's picture

Not so fast; so long as the debtor can offer adequate protection re the collateral the BK court can hold off any secured claimant. An open but long standing unused credit line is no immediate threat in the eyes of a BK judge; requiring no immediate resolution which will be delayed for months and years in hearings, rulings and appeals. No doubt the stock may tank; but this is just so much falderal that the BK judge will see thru. They are not creditor judges; they are bankruptcy judges - almost always favor the debtor in wars like this . BEcause the debtors are employers; and the creditors are just not that status. Besides a junior or senior bond can be taken out with superpriority financing approved by the court. The possibilities for treatment under a plan of reorganization of bond debt are endless. do not count Ackman out.

Tue, 02/05/2013 - 01:21 | Link to Comment rlouis
rlouis's picture

The outcome depends on who owns the judge. 

Tue, 02/05/2013 - 01:51 | Link to Comment Excursionist
Excursionist's picture

You beat me to the punch with the counterpoints to this shrill sky-is-falling piece. 

People, even if you haven't read the bond paperwork and are unfamiliar with the applicable case law, use common sense - would a judge allow the company (and by extension, equity holders) to get ratfucked because of what's at best a small technicality?  Falls under the highly complex and arcane section of bankruptcy code called "No Harmus, No Foulus".

Opportunity to buy the fuckin' dip.

Tue, 02/05/2013 - 02:18 | Link to Comment otto skorzeny
otto skorzeny's picture

"buy the fuckin' dip"? it's like buying a dead horse so you can continue beating it

Tue, 02/05/2013 - 12:20 | Link to Comment Thisson
Thisson's picture

I agree with you, and I think the legal analysis in the original article is completely wrong.  The defense proffered here is quite strong and the creditor's grievance is a transparant pretext.

Mon, 02/04/2013 - 23:33 | Link to Comment holdbuysell
holdbuysell's picture

Got Puts?

Mon, 02/04/2013 - 23:35 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Does this mean I'll have to find somewhere else to buy my extra tall shirts?

Mon, 02/04/2013 - 23:43 | Link to Comment Jim in MN
Jim in MN's picture

And speaking of losing shitloads of money and calling it a business.....2nd biggest German bank takes billion dollar loss on quarter

http://www.bbc.co.uk/news/business-21322705

 

Commerzbank expects massive fourth-quarter loss

Mon, 02/04/2013 - 23:50 | Link to Comment TruthInSunshine
TruthInSunshine's picture

Zeee rain in Spain spreads quickly over zeee entire EU plain.

Tue, 02/05/2013 - 02:25 | Link to Comment knukles
knukles's picture

And more accounting gimmicks, to boot, no?

Did they not also just apply for Level 2 membership on the LME?

Tue, 02/05/2013 - 03:18 | Link to Comment zhandax
zhandax's picture

Commerzbank expects massive fourth-quarter loss

Guess that explains why Tepper was shopping his hybrid bid list late last week......

Tue, 02/05/2013 - 12:21 | Link to Comment Thisson
Thisson's picture

Isn't this how the subprime crisis started?  With banks declaring losses and/or loss reserves?

Mon, 02/04/2013 - 23:44 | Link to Comment Mark123
Mark123's picture

All these department stores are just subprime credit card rackets....who the hell shops there any more? 

Mon, 02/04/2013 - 23:50 | Link to Comment Tinky
Tinky's picture

Once again, I urge all of you who are incessantly complaining about the impending economic collapse to gain a little perspective:

 

http://mtanga.com/Shareholder2.png

 

Tue, 02/05/2013 - 00:18 | Link to Comment chindit13
chindit13's picture

Is it idle hands or easy money that's the Devil's Playground?

For those who have convinced themselves that the "elite" are working together to enslave the rest of humanity, look (or listen) no further than this tape to see how they really behave amongst themselves.  Schadenfreude is the name of the hill at Bohemian Grove,and everybody wants to stand atop it and raise his flag.

Tue, 02/05/2013 - 00:26 | Link to Comment NoDebt
NoDebt's picture

Guys, big picture here for a moment, please. 

In the world of individual companies, this is what "heavyweights" can do over a Hatfield-and-McCoys style feud.  Has nothing to do with JCP's business viability or P/E ratios or any of those things.  JCP is "in play" now.  Where it lands, who knows.  I wouldn't touch it one way or the other, personally.  This is a fight you don't need to show up for unless you really have an inclination.

Now please remember that politicians are at least as vindictive as these two sonsofbitches and have sway over a lot bigger realm than just a few companies here and there.

Draw your own conclusions what is likely to happen from that.

 

Tue, 02/05/2013 - 12:04 | Link to Comment secret_sam
secret_sam's picture

    JCP is "in play" now.  Where it lands, who knows.

Well....ya kinda know there's no UPSIDE potential as a result of these sorts of shenanigans.  Maybe a brief short squeeze would be possible, but who's going to base a trade strategy on that?

Tue, 02/05/2013 - 00:44 | Link to Comment Cabreado
Cabreado's picture

See the Malignant Narcissists, the Sociopaths, the Pathologically Self-Absorbed...

when their illusion crumbles,

remember their behavior, which has no intent but to preserve the Self,
no utility but to destroy, eventually

and let it raise your hairs on end.

 

Tue, 02/05/2013 - 00:48 | Link to Comment Printfaster
Printfaster's picture

Kabuki theater.

They both make money on bankrupting companies.  Bleed, bleed, bleed, and then eat.  Makes it kosher.

 

Tue, 02/05/2013 - 01:18 | Link to Comment otto skorzeny
otto skorzeny's picture

2 jews fighting over a (JC?)penny-now you know how copper wire was invented

Tue, 02/05/2013 - 01:00 | Link to Comment enloe creek
enloe creek's picture

and what about the emplyees and customers of j c penny
screw these billionares
tax capital raise tariffs

Tue, 02/05/2013 - 01:24 | Link to Comment cornflakesdisease
cornflakesdisease's picture

Here's a great video symbolizing how Bernake and Geithner have handled our economy.  The funny things is, look at how few ice creams come spilling out of the treasury . . .

 

http://www.liveleak.com/view?i=493_1357847603

Tue, 02/05/2013 - 01:34 | Link to Comment billsykes
billsykes's picture

Wait till these cocksuckers have to battle the 1% that will become the new 99%. Will make Russia look honest.

Things would have to return to barbarianism to be civilized. What great times we live in.

 

Tue, 02/05/2013 - 01:35 | Link to Comment “Rebellion to t...
“Rebellion to tyranny is obedience to God.”-ThomasJefferson's picture

Two filthy, thieving Jews, scratching and clawing over nickels and dimes.  If they were both on fire, I wouldn't piss on either of them.

Tue, 02/05/2013 - 01:40 | Link to Comment sbenard
sbenard's picture

Is there anyone on Wall St with a more nefarious and tainted name than Carl Icahn? I struggle to think of one! I would love nothing more than to see him lose his shirt in this melodrama! Then we could be done with him -- FOREVER!

Tue, 02/05/2013 - 02:31 | Link to Comment Yamaha
Yamaha's picture

Yes - Soros.....

Tue, 02/05/2013 - 01:41 | Link to Comment rlouis
rlouis's picture

At great cost to himself, through the screamfest, Ackman showed millions of people that Ichan is a Class A A-hole.  Attacking JCP this way confirms it for anyone that may not have been thoroughly convinced that Ichan isn't worth the price of the Saturday NYT. Of course that doesn't say anything for Ackman, either.

A characteristically disgraceful demonstration of Ichan's avarice is what he did to TWA.


I can swear there ain't no heaven, but I pray there ain't no hell.
Swear there ain't no heaven, pray there ain't no hell,

("And When I Die" is a song written by American singer Laura Nyro. It was first recorded by American folk group Peter, Paul and Mary in 1966. Nyro then recorded it on her 1967 debut album More Than a New Discovery. However, the song is probably best known for its third version by American rock group Blood, Sweat & Tears,)...wiki

 

Tue, 02/05/2013 - 03:45 | Link to Comment PaperWillBurn
PaperWillBurn's picture

Have you seen what Ackman has done to HLF? Same shit..and he's going to get pounded on both ends. HLF down 16% in pre on a bs story and it ended up closing green.lol Ackman

 

 

Tue, 02/05/2013 - 01:50 | Link to Comment Number 156
Number 156's picture

As the money run out, its no longer rich vs. poor, but rich vs. rich.

Tue, 02/05/2013 - 01:52 | Link to Comment sitenine
sitenine's picture

Note to self: Do not fuck with Carl Icahn!

Tue, 02/05/2013 - 02:11 | Link to Comment otto skorzeny
otto skorzeny's picture

who cares-these fucking money guys have all of the charisma and charm of a 2x4. i'd rather watch Ax Men  than these two cunts cat-fight it out on CNBC or anywhere else

Tue, 02/05/2013 - 10:42 | Link to Comment quadcap
quadcap's picture

Here's another "don't fuck with Icahn" with a disproportionate number of downvotes.  WTF?  Carl, are you paying for sock puppets here?

Tue, 02/05/2013 - 10:42 | Link to Comment quadcap
quadcap's picture

Here's another "don't fuck with Icahn" with a disproportionate number of downvotes.  WTF?  Carl, are you paying for sock puppets here?

Tue, 02/05/2013 - 12:25 | Link to Comment Thisson
Thisson's picture

Paraphrasing Princess Bride: "That phrase - I don't think it means what you think it means."

Tue, 02/05/2013 - 02:10 | Link to Comment Rentier
Rentier's picture

let's hope so be the end of homo penneys

Tue, 02/05/2013 - 02:14 | Link to Comment Eternal Complainer
Eternal Complainer's picture

That little school girl Ackman, is about to get his ass buggered over by that dirty old bastard!

Tue, 02/05/2013 - 02:22 | Link to Comment imaginalis
imaginalis's picture

They are Milken each other for everything they can get

Tue, 02/05/2013 - 02:37 | Link to Comment Atticus Finch
Atticus Finch's picture

Icahn has always been good at increasing the unemployment rate and ruining the lives of tens of thousands of families. a past master

Tue, 02/05/2013 - 02:40 | Link to Comment SoundMoney45
SoundMoney45's picture

These two parasites have done nothing productive in their lives.

Tue, 02/05/2013 - 04:32 | Link to Comment ebworthen
ebworthen's picture

Two spoiled brats having a pissing match over an iconic American brand at the expense of employees, customers, and the country.

This is the level we have sunk to.

Tue, 02/05/2013 - 05:31 | Link to Comment SilverMoneyBags
SilverMoneyBags's picture

Ichan only cares about his ego. He doesn't give a rats ass who he hurts in the process. Ackman punked him and he has held a 10 year grudge. Let it go.

Tue, 02/05/2013 - 07:51 | Link to Comment myptofvu
myptofvu's picture

But wouldn't it just be easier to crush him by organizing a short squeeze against his Herbalife positions?

Tue, 02/05/2013 - 08:43 | Link to Comment Lumberjack
Tue, 02/05/2013 - 10:04 | Link to Comment goldenbuddha454
goldenbuddha454's picture

Icahn=Pitbull, Ackman=Teacup Poodle

Tue, 02/05/2013 - 10:09 | Link to Comment booboo
booboo's picture

Icahn/Ackman, Wall Streets version of 2 Girls One Cup

Tue, 02/05/2013 - 10:41 | Link to Comment earnulf
earnulf's picture

If they would just take a couple billion or so of that money they just have laying around and buy physical silver for delivery, they would shove a precious metal stake into the heart of the banksters as the whole house of cards came tumbling down.

Guess they just want to settle for schoolyard fights with each other than wreck the world as we know it.

So what's on the next cable channel?   Trump vs Maher in a battle of bets or Geraldo Live!  Beyounce's other gig?

 

 

Tue, 02/05/2013 - 11:51 | Link to Comment sessinpo
sessinpo's picture

Joke of a thread. If Icahn wanted JC, he'd simply buy bonds in a premier creditor status. JC will collapse by itself.

 

If it was simply about vendetta and bankrupting a company because of a specific person, that is rediculous - a waste of time and money with more important things to do. You would also get the same satisfaction buying up the liquidation of JC in bankruptcy just by being a bondholder.

 

They did their little spat. That was for show. What they do financially is gonna be quite different. JC is going down just because it doesn't sell - nothing more and Icahn doesn't have to do anything.

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