Icahn ups bid for Motorola board seat

Carl Icahn

Billionaire investor Carl Icahn, who is trying to win a board seat at Motorola, significantly increased his ownership of the company's stock, according to a document filed with the U.S. Securities and Exchange Commission on Monday. He has bought 59.4 million additional shares, taking a 2.38 percent stake in the company.

In January, Icahn acquired enough shares to take a 1.39 percent stake in the company and notified Motorola's board of directors that he wants to be considered for a seat. Last week, Motorola urged shareholders not to vote for him at the annual shareholder meeting scheduled for May. Icahn's initial proposal for a board seat came just weeks after Motorola had announced disappointing fourth-quarter earnings, as handset prices continued to decline. He wants the company to spend its $11.2 billion of cash to repurchase its shares. Meanwhile, Motorola's management team wants to use its cash to make investments to broaden its product portfolio.

[Mister C]

The return of Chuckie!

Icahn and those like him were the demon spawn of the 80's deregulation frenzy and are nothing more than a cancer on the free market system. They gain control over businesses they know nothing about and eviscerate them for their own short term profits. In the process costing thousands of people their jobs and undermining the economy in general. This behavior wrecked the airline, retail sales, and numerous other businesses during the 80's and now he is at it again. Ichan couldn't "Manage" to find his butt with both hands if it had bells on it. The best thing the SEC could do is institute a permanent ban this type of corporate vampirism