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And in other Motorola news: Icahn sues

March 27, 2008 in Wireless Industry News

There’s a war going on, and it’s between “activist investor” Carl Icahn and his buddies at Motorola.

Carl Icahn

The famous Carl Icahn himself.

On Monday, Icahn reported that he was suing Motorola to get access to some classified documents, after Motorola offered to endorse two of Icahn’s hand-picked board nominees. Unfortunately, Motorola didn’t endorse the one nominee that Icahn wanted up there: Keith Meister, chief exec of Icahn Enterprises and who is (probably) Icahn’s right-hand man.

According to Reuters, Icahn was looking for evidence that showed “to what extent the board of directors of Motorola failed in their duties as directors.”

In this past week Motorola announced that it was spinning off the company’s mobile phone business into a separately traded business – a move that Icahn has been calling for since last year.

Icahn said in the complaint filed in Delaware that he and his affiliates had spent more than $2 billion for over 144 million Motorola shares, implying a loss in value of about 30 percent for the investment.

Read the whole article: Icahn sues Motorola for access to documents – Reuters

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