The long wait for Icahn’s blog is nearly over

April 30, 2008

icahn.jpgEvery day we hit the refresh button, full of hope that billionaire investor Carl Icahn’s blog will finally arrive despite long odds and uncooperative lawyers. Looks like we’re almost there.

Icahn told Reuters on Wednesday that The Icahn Report is finally going live — “in a week or two” — with its founder’s famously strong opinions about corporate governance and the individual companies that fail to live up to his standards.

“I think the time has finally come when people are starting to focus on the many abuses in a number of companies in corporate America and the damage they do,” the 71-year-old financier and hedge fund operator said.

The blog will arrive in the wake of Icahn’s successful, highly publicized demands for change in companies including Motorola Inc and Time Warner Inc , both of which ultimately gave in to his demands that they change leadership and spin off major divisions. He also was instrumental in clearing roadblocks in Oracle Corp’s $8.5 billion bid to acquire BEA Systems.

Not all of Icahn’s investments work out, however, notably real estate developer WCI Communities Inc , whose shares have collapsed over the past year as the high-end condominium market dried up. Icahn is WCI’s largest shareholder, with 4.8 million shares, according to regulatory filings.

Icahn, whose net worth is estimated at $14.5 billion by Forbes, dismissed the lackluster performance in some stock plays, saying investors need to be patient.

He pointed out that he bought the Stratosphere Casino and other Las Vegas properties a decade ago for around $300 million. Last week, he closed on a deal to sell them to real estate funds managed by Goldman Sachs for $1.3 billion, a $1 billion gain.

(Reporting by Dane Hamilton)

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