Closing In:Carl Icahn encircles TWA

Carl Icahn encircles TWA

Corporate Raider Carl Icahn's usual strategy is to buy a stake in a target company and then sell out to another bidder at a huge profit. But this time the New York City financier may stick around and keep the business. Last week he gained virtual control of TWA, the sixth largest U.S. airline, by accumulating at least 45.5% of the company's stock. In the process Icahn may have defeated Frank Lorenzo, the chairman of Texas Air and a rival bidder for TWA, with a series of intricate maneuvers worthy of the Navy's Blue Angels flying aces.

Only last June TWA's...

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