Top Vegas Ticket: Icahn vs. Kerkorian
|April 21st, 2009||
|Not to often do we get to see two of the biggest names in investing face-off, so it’s only appropriate that Carl Icahn is taking on Kirk Kerkorian under the bright lights of Las Vegas. As reported by the Wall Street Journal, Icahn is urging MGM Mirage, which is majority owned by Kerkorian’s Tracinda Corp, to restructure under bankruptcy protection.|
Icahn as well as Oaktree Capital Management have both acquired significant portions of MGM’s outstanding debt. It is suspected that Icahn would leverage his debt stake to negotiate a deal for some of MGM’s top properties. Insiders suspect that Icahn would only push a deal if Mr. Kerkorian was willing to work with him.
MGM Mirage has been exploring many options in its efforts to avoid bankruptcy. On March 20, the company helped itself by completing a previously announced sale of the Treasure Island Hotel & Casino to Phil Ruffin’s Ruffin Acquisition, LLC for $775 million.
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