Don't worry, though. every time it dips, Icahn will be in there buying some more.
The due diligence he has performed is substantially greater than Bill Ackman's. Ackman got
sold a bill of goods by a couple of "research scammers" who sold him on this idea, and now
that he has a huge short position both the market and his ego refuse to let him out.
After the company renegotiates its credit agreements so that they are both unsecured and
allow the company to pay dividends and buy back stock, look for Icahn to increase his position
in the company to nearly 30% (from 23% now), and then look for the company to buy back
about 15% of its existing stock.
That would make Icahn the owner of 30% of 85% of the company's shares, or a 35% position.