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. All rights reserved. I give him more and more responsibility because hes earned it, but its not nepotism, Carl Icahn says of his son. But Parsons, who once worked for Nelson A. Rockefeller, and who was the chairman of Rudolph Giulianis 1993 mayoral campaign, also knew that this was as much a political campaign as a business battle. And so, with Mr. Meister gone, Mr. Icahns son, Brett C. Icahn, waits in the wings. William A. Ackman, who runs the New York hedge fund company Pershing Square Capital Management, is in some ways one of Mr. Icahns figurative heirs in activist investing. This criticism strengthened Parsonss conviction that Icahns idea of a business strategy was ruthless costcutting. On a typical day, Golden told me, they get up at nine or nine-thirty, and the first thing he does is get on the phone. Before having coffee or reading the newspapers, Icahn calls staff members and checks the market. April 27, 2023 (90 years old) View obituary. Family, friend, or fan, this family history biography is for you to remember Deborah Schnall. 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. I read them and knew more than they did. "Activist or raider, call me what you want, I made this money because the system is so bad, not because I'm a genius," Carl can be heard saying in the trailer for the film. Icahn was not Parsonss only critic. Two months later, Mr. McClendon disclosed plans to sell $5 billion in assets and other changes to increase the companys value. You say, Jesus, hes a nice guy, Icahn said. Among those who quickly signed on was Barry Rosenstein. Managing other peoples money was a headache, Mr. Icahn says. Look at Time Warner Cable. Devoted mother of . At Far Rockaway High School, Carl learned how to box. By Sara R. Horowitz. Icahns exacting habits were perfect for what became a career as a corporate raider. Dont tell Brett. Email us atexclusive@the-sun.comor call212 416 4552. If Brett wins, Carl is pissed, Schnall said. But I question whether hes the guy to run Time Warner.. In 1968, he approached his uncle and said that he would put up a hundred and fifty thousand dollars he had saved to establish Icahn & Company if his uncle would invest, and buy him a seat on the New York Stock Exchange. As a subscriber, you have 10 gift articles to give each month. Whether at sea or in port, Icahn is usually on the phone all day. The winner is just the guy who suffers the fewest casualties. So, he said, I probably will end up talking to Carl one more time before it is, quote, too late., On January 20th, Parsons and Icahn held another private meeting and, once again, there was no middle ground. You cant hold him to a spoken commitment. Word got out that Icahn had called Parsons a moron, prompting Parsons to joke that his wife, Laura, told him, He called you a moron? Last December, such a call came through at the Chesapeake Energy Corporation in Oklahoma City. I dont believe that, Icahn told him, but after he did his own research he changed his mind and dropped the Dutch-auction plan. By 1999, Parsons had won the confidence of the division heads, and Levin gave him the C.O.O. Throughout his decades-long career, Carl has earned various awards and honors, including: From January until August of 2017, Carl served as the Special Advisor to the President on Regulatory Reform. When it was Biondis turn, he praised Jeff Bewkeshe hoped that Bewkes would stay on to become the C.E.O. Use our obituary search engine to find a specific death notice in Canada. Another payoff would come if Lazard became the preferred investment bank for Wall Streets new hedge funds and private-equity investors. He also maneuvered Steve Case out as chairman (Case remained on the board), in 2003, and dropped the AOL name from the companys masthead. Youve got to be a fool if you dont think there will be a correction, he says. He did. Our online Ontario obituaries help families honor and pay tribute to the loved ones . Soon Icahn was the largest individual shareholder, and he used his power to force the company to repurchase more of its own stock. Brett plays better. If I go over a certain line, Im like another person, he said. Mr. Trump says he was surprised by the fight because he and Mr. Icahn had been friends. Parsons wanted to avoid the kind of proxy fight that embarrassed Michael Eisner and the board of Walt Disney. He got to know Icahn when they were on opposite sides in the Texaco fight, and now occasionally plays poker with him. That is a phrase to send chills through almost any chief executive. Failures have accompanied these victories, however. 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. He also got his clocks cleaned on WCI Communities, a Florida condominium company that went broke. Thats why theres a lot of opportunity as an activist.. In early 2005, another hedge-fund manager, Barry Rosenstein, of JANA Partners, urged Icahn to invest heavily in the Kerr-McGee oil company. Discover your family history in millions of family trees and more than a billion birth,marriage, death, census, and miltary records. Icahn asked, Why did she wait so long? To revisit this article, select My Account, thenView saved stories, To revisit this article, visit My Profile, then View saved stories. Answered by Cat on 01 Jan 01:32 Schnall was Carl Icahn's uncle. M Elliot Schnall (age 103) is currently listed at 255 Emerald Ln, Palm Beach, 33480 Florida and is affiliated with the Florida Democratic Party. But Parsons believed that Time Warners stock, like that of other old media companies, was depressed because the market was uncertain about their growth prospects in the digital age. You put those five people on my board and in a month theyll be on my side.. They married in their senior year, and moved to Albany, where he attended Albany Law School. 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. After high school, he purchased a Harley Davidson motorcycle, and participated in motorcycle shows with his friends. I dont want him to know.. (Both declined to comment for this article.). Schwartz married twice. Parsons said, Carl was boring in on this Dutch auction. The ambitious California congressman has made a career of navigating the demands of Big Tech and the Bernie Sanders wing of the Democratic Party. He accused the company of failing to address AOLs loss of seven million subscribers over three years, and, at the same time, its failure to evolve from its roots as an Internet service provider. Search for yourself and well build your family tree together, German and Jewish (Ashkenazic): metonymic occupational name for a maker of buckles Middle High German, Operated by Ancestry Ireland Unlimited Company. He was born January 13, 1930, in Buhler, to Peter Frank and Agatha (Wiens) Nachtigal. Icahn was joined in the early eighties by, among others, Ivan F. Boesky; Kohlberg Kravis Roberts; T. Boone Pickens; and Milken. Parsons flatly refused. On the surface, Biondi seemed an odd choice. of Netscape, who serves as a director, noted that the board had paid penalties. The problem with Icahn and his allies, Parsons said, is that they dont understand the importance of the human equation in management. If you can get just ten dollars more a month from them, thats $1.4 billion a year. His mother was distraught. M. Elliot Schnall passed away on 6 Jun 2016 in Florida. In January, 2001, when the merger of Time Warner and AOL, which Parsons helped orchestrate, was completed, the stock value of the combined companies was about two hundred billion dollars. We encourage you to research and examine . What will they say about him? Find an obituary, get service details, leave condolence messages or send flowers or gifts in memory of a loved one. 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.) We encourage you to research and examine these records to determine their accuracy. I had a temper, he said. This database contains family trees submitted to Ancestry by users who have indicated that their tree can be viewed by all Ancestry subscribers. Barry Meyer, the C.E.O. The fight doesnt even get cooking for another month or two, and hes already done his bag of tricks. He faulted Icahn for announcing his plans before Wasserstein had formulated them; for the cardinal sin, in politics, of appealing to the wrong audience (in this case, the press rather than the shareholders); and for not knowing enough about the company he was stalking. Im the pony horse. When Parsons became Time Warners C.E.O., in 2002, the stock price was falling (it eventually dropped below ten dollars a share), corporate debt had climbed to thirty billion dollars, and government agencies were investigating whether AOL had altered its books prior to the merger. He made a public bid to take control of the generic-drug manufacturer Mylan Laboratories, and, when the stock rose, Icahn sold his shares for a seventy-million-dollar profit. In Icahns run at Time Warner, he often did seem like a man out of another time, and in many ways he was. Devoted mother of Melvyn. Parsons was particularly annoyed because Wasserstein had worked on behalf of Time Warner when it merged with AOL. Who Receive obituaries Atinderpal Singh Virk April 28, 2023 View obituary . Where available we include the original URL link to the source information. Search Ontario Obituaries 354560 Obituaries Search Canada obituaries and condolences, hosted by Echovita.com. . Many criteria will help you to find your hold dead : name, age, country of birth, province of death. Patrick McMullan Company photographs a diverse range of events each week, some of which are PMc exclusives, and distributes images worldwide. Like his father, Brett Icahn went to Princeton. Besides, he thinks the markets are headed for a fall. 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. Last August, when Richard Parsons learned of Icahns plan, he immediately did opposition research. Search the massive Canada Marriages Database - Huge Canadian Obituary Collection. 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. He has a scruffy beard. On August 17th, Parsons walked from Time Warners headquarters, at Columbus Circle, to Icahns office, which is on the forty-seventh floor of the General Motors Building, three blocks away, on Fifth Avenue. 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. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. Chilliwack, British Columbia. Over the years he had offered Mr. Icahn box seats at the U.S. Open tennis tournament and counseled him on his divorce in the 1990s. After a nasty behind-the-scenes dispute, Icahn settled, to avoid a public trial and embarrassment to his children. The Icahns live in a duplex penthouse off Fifth Avenue, and have a weekend home in East Hampton. Icahn attacked Time Warner for letting the Trojan horse in, and asserted that Google had somehowhe did not say howtriumphed. Case and his team, he said, had failed to plan for a time when the company would depend more on advertising than on dial-up subscribers, and the result, he added, required us to change the company entirely., Parsons did not attack Casehe leaves that to his deputiesbut of Icahn he said, Basically, Icahn is saying, Everything you did was wrong. When we actually effected a sale, we sold too cheaply. When we bought something, we bought too expensively. When we missed a pitch, its because we didnt want to bid enough. He was particularly irritated when Icahn noted that the private-equity buyers of Warner Music were able to find two hundred and fifty million in cost savings in just one year of ownership, and raise the market value of Warner Music. Parsons said, On the one hand, the guy has no traction, so why pay attention? I just dont know, he replied. Then he adds, I dont even think he invited me to his daughters wedding so how close can we be?. He had opened the fund, to much fanfare, in 2004. 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. In poker, bluffing and sucking people into a hand you are strong in is just as important as getting people out when you have a weak hand. In the case of Kerr-McGee, the company threw in its hand; it agreed to buy back four billion dollars worth of shares at a fifteen-per-cent premium, which gave Icahn a profit of more than a hundred million dollars. His mother was a fifth-grade public-school teacher; his father had been a high-school teacher and then trained to be an opera singer. Search Canada obituaries and condolences, hosted by Echovita.com. Carl Icahn says his son is ready for more. What he left out is that the market is rapidly declining. Blockbuster shares now trade at less than half the approximately eight dollars that Icahn paid for them. I always knew Id end up in finance, Brett Icahn says. Adored wife of the late Herbert Schnall, DDS. How many times have judges been wrong? He didnt know about Netflix and digital assets. He believes that media companies suffer from their size: internally, they become too cumbersome, and externally they tend to scare off investors, because they lack focus. https://www.nytimes.com/2011/04/17/business/17icahn.html. The day after the St. Regis presentation, Icahn called Parsons. Wall Street was for gamblers. Carl wasnt close to his parents: My father was never able to accomplish anything. jobs because he was said to be the sort of incrementalist that Icahn disparaged. Harry attended Newton High School. 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. Mr. Meister was a pivotal player at Mr. Icahns multibillion-dollar hedge fund, as well as at his flagship Icahn Enterprises, his investment holding company. Historical Person Search Search Search Results Results M. Elliot Schnall (1917 - 2016) Try FREE for 14 days Try FREE for 14 days. Carl Icahn has a skilled team theres no doubt about that but it really does rest upon his leadership.. Deep downI know it sounds immodest, but Im much better than them at this type of thing.. Im sold on this company. He planned to mount a proxy showdown at the annual shareholders meeting, in May. Born and raised in Queens to parents of relatively modest means, Carl helped pay his way through Princeton with winnings from poker. I enjoy winning and making money. He was invited to join the board in 1991, and by 1995after a flirtation with politics that included the successful Giuliani runParsons was ready for a career change. From Wall Streets perspective, the movie industry is shrinking, DVD sales are slowing, piracy is spreading, advertising is moving away from traditional media, and AOL is losing subscribers. Bob was an excellent athlete in his youth, particularly in hockey where he excelled. Wasserstein, who advised Viacom on its recent split into two companies, is unapologetic about representing Icahn. The Icahns often spend vacations on a hundred-and-eighty-foot yacht that Icahn owns. By signing up, you agree to our User Agreement and Privacy Policy & Cookie Statement. 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. He shorted Internet stocks, believing, correctly, that most of these were wildly inflated. Obituaries. We work with partners to scour the Internet regularly to find new obituaries and extract the facts into our database. My view is that everybody suffers casualties in war, he said. Several years ago, when I bought oil stocks, casinos, and railcars, the market said they were a bad investment. Parsons came to Time Warners attention when Andrew Heiskell, the chairman of Time Inc., whom he had met while working for Rockefeller, introduced him to other top executives. What he really means is that were just trying to make as much money as we can as quickly as we can, through whatever means. You conquer the countries, you put people in, and then you go on, Mr. Icahn says. Winning is also helping to change the outrageous way many of our corporations function.. I reminded him of this, and asked how, with the stock price stalled, Icahn would be able to claim victory. SCHNALL - Gloria M., of Williston Park, L.I. He talks about shareholder democracy, but it often sounds like someone adding frills to a dress to hide a bulging waistline. All got very rich. He once said to me, I dont have the fire in my belly to do this. A harsher critique comes from the C.E.O. They walk several blocks to the General Motors Building, where Golden, who is in her mid-fifties, works afternoons from a small corner office on the floor below Icahns. And even AOL, although it had suffered a ten-per-cent drop in subscriber revenues, still produced a profit of nearly $1.2 billion. Nothing in his proposals has anything to do with that, he said. He owned an estate in Bedford, New York, and a silver Rolls-Royce. The younger Icahn, 31, entered the family business after graduating from Princeton and spending a few relatively fruitless years directing movies. Talk to him for three minutes, and you get the feeling he couldnt quit if he wanted to. He thought Blockbuster was a monopoly and was poorly run. I dont micromanage companies, Icahn said. Today, of our ten most profitable titles one-half are less than fifteen years old, she said. There are 59 obituaries and memoriams for the surname Schnall. But by 1968, Mr. Icahn had started Icahn & Company and, with a loan from his uncle, bought a seat on the New York Stock Exchange. of the Dime Savings Bank.) His first wife, advertising executive Clara Apfel, died in 1964; they had one son, Paul Waldo Schwartz, an art critic in Paris. The company fell far short of these projections, and Wall Street reacted savagely. By October, Icahn was criticizing Time Warner directors, including Parsons, for having allowed Time Warner to be acquired by AOL. of what he called the content division. The Little Paper with an Outsized Visual Impact. Mascos are up about 17 percent since he bought the stake. And my business is persuading people to side with me. Theyre living off their catalogue., Probably the most resonant Icahn criticism was the assault on Time Warners board. Hes got good instincts.. A celebration of life will be held on Saturday, April 29th 2023 from 12:00 PM to 3:00 PM at the Sabatino's Trattoria (111 W Main St, Norton, MA 02766). Tribute: Rabbi Professor Michael Brown, 84, shaped the field of Jewish studies across Canada and internationally. BOOK PMC info@patrickmcmullan.com +1 646.638.2000 Fax: 646.638.2223 . He thought a commanding market share usually works. 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. When Drexel Burnham folded, Icahn became convinced that the bubble was about to burst. Carl Icahn has made a few enemies in his career as an activist investor, including the hedge fund manager William A. Ackman. But Mr. Icahn vows he will go all the way to the United States Supreme Court. Mr. Icahn has been particularly active in recent years. Search through our listing of Ontario obituaries and online memorials. 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. What else would I do? He also runs a hedge fund that returned 50 percent last year. Hellen Mary Draper. He helped finance Icahn's company, Icahn and Company. Time Warner, which Parsons has led since May, 2002, has suffered more than most. Even if you win the proxy fight, you will only have a minority of the board. 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. Was close to his uncle M. Elliot Schnall, who loaned him $400,000 to buy a seat . A final appeal is pending. (Icahn still serves as chairman of A.C.F.) Asked by bookragstutor on 25 Oct 11:31 Last updated by Cat on 01 Jan 01:32 1 Answers Log in to answer. Find an obituary, get service details, leave condolence messages or send flowers or gifts in memory of a loved one. of a large media company that has dealings with Time Warner but stayed on the sidelines of its fight with Icahn. You can contact the owner of the tree to get more information. 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. And he insisted that he was a long-term investor in Time Warner. Marie Louise Roy, 74, of Elliot Lake, passed away on February 8, 2023. Despite his central role, Parsons largely escaped blame for the merger. So behold the raider or the activist, take your pick in winter: rich, yes, but so entranced by the game that he cant quite let go. Parsons saw this as greenmail, although he said of the meeting, We parted amicably. Icahn was less diplomatic. Icahn made two proposals. Icahn decorated his office with the trophiesframed annual reportsof companies that he had hunted, among them Hammermill Paper, Marshall Field, and the textile manufacturer Dan River. April 24, 2023 (98 years old) View obituary. He plays chess with his son, Brett, a Princeton graduate, who is an executive at Icahns firm. Ontario Obituaries. Alexander, of course, peaked early and died at the age of 32. 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. The instincts that had helped him thrive as a corporate raider clashed with those of a business builder. Frank Biondi, who was paid six million dollars for several weeks of work, said, The negotiations played to Dicks strengths. And, if we broke up the company, would Warner Bros. make better movies? Parsons believed that Icahn wouldnt be able to induce other investors to join him, as Milken once did, because a new generation of investors would be averse to old media. No, at age 75 and a billionaire several times over, Carl Icahn will not go quietly. MELVIN ELLIOTT OBITUARY. (Earlier, Parsons had announced plans to sell sixteen per cent of the companys cable operations to the public, and to buy back five billion dollars worth of shares.) It never hurts to show a guy some respect, Parsons said later. In Icahns first mega-deal, in 1985, he joined Boesky and Drexel Burnham to attempt an eight-billion-dollar leveraged buyout of Phillips Petroleum, financed by junk bonds. You cant do greenmail anymore. The report, which was three hundred and forty-three pages long, was distributed only moments before the briefing, and no one had time to seriously question it. By now, Parsons was convinced that Icahns position was weak. The plan the company presented in February was drastically different from the one it had in December, before Mr. Icahn arrived on the scene, he said. Together, they share two children: Brett and Michelle Celia. Im saying that what happened to Time Warner is that you have thirty guys over there doing what one guy can do. The year he took the bar exam, he received the highest grade in the state, and caught the attention of Governor Nelson A. Rockefellers staff. North Vancouver, British Columbia. Carl was raised in Queens and attended Far Rockaway High School. 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. Then they share a big breakfast, prepared by their cook. Icahn, who is said to be the model for the slick Gordon Gekko character in the movie Wall Street, wears suits that are often wrinkled; his tie is loose, and he has thick gray sideburns, worn unfashionably long, and bushy eyebrows. Carl's career as a stockbroker began in 1961. Then there was the National Energy Group, which included the TransTexas Gas Corporation and Panaco, which he purchased out of bankruptcy from 2000 to 2005. James Barksdale, the former C.E.O. He went on to attend the New York University of Medicine before dropping out to join the military reserve. But he denies he has anointed him as his successor, as many outsiders suspect. He operates on instinct, an Icahn adviser said. 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. Ann Moore, the C.E.O. Ad Choices, Ro Khannas Progressive Case for Saving Silicon Valley Bank. 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. James Stewart, in his book Den of Thieves, noted that prosecutors couldnt prove that the two men had acted as a group, within the meaning of the securities laws . Year of death 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. And, if the goal is only financial, what about the notion of journalistic integrity? Of Icahn, Parsons added, Hes like a guy who is trapped in the past. of Time Inc., announced that the magazine group would cut a hundred and five employees, including some of its top managers. Amid widespread protests, the Prime Minister has halted a package of illiberal reforms. One of his great skills is finding the middle ground that everyone is comfortable with., In late February, I stopped by Icahns office and asked if his battle with Time Warner would be remembered as a great defeat. And he has his fathers line down: Corporate democracy is a myth, and cronyism on boards is rampant, Brett Icahn says. When Carl shows up in a stock, the stock moves immediately, Rosenstein said. Louise graduated from Bendale Secondary School in Toronto. Find an obituary, get service details, leave condolence messages or send flowers or gifts in memory of a loved one. These trees can change over time as users edit, remove, or otherwise modify the data in their trees. One of his chief lieutenants, an up-and-comer, recently abandoned him: Keith A. Meister, widely considered his right-hand man, left the fold late last year. He said that Time Warner is terribly managed, but praised some of its division chiefs. He sold them for $1.2 billion in February 2008, just before the bottom fell out of the economy. More ridicule was heaped on Icahn with the release, on February 7th, of the Lazard report. He stays at the office until eight or eight-thirty and is on the telephone until midnight, Golden told me, when we take a bath together in this huge, huge tub I have, and watch Moneyline or things we tape. what to say when a veteran dies,