Carl Icahn Planning Hostile Takeover Of Local Playground
Carl Icahn is no stranger to inserting himself into the center of controversy when there is a profit to be made. The aging Wall Street bully routinely releases public statements to the leaders and shareholders of giant companies in an effort to strong-arm them into doing his bidding. Whether he is demanding share buybacks, the ousting of a board member, or splitting a company into two pieces, Icahn will do whatever it takes to make money from something that someone else has built. This has earned him the nickname "Don Fanucci" among some of the Rile News business reporters, a reference to the character in Godfather II that demands tribute from local store owners through intimidation and threats of violence.
This week, Carl Icahn made new waves in the financial world by announcing that he was planning a hostile takeover of a mid-sized urban playground. In a statement released through CNBC, he indicated that he plans to assume control by urging the city council to appoint two of his employees to the playground board of directors. In doing so, the Icahn controlled puppets would then enact various revenue driving initiatives, including a cover charge to enter the playground and a transition to a lower cost set of structures that will reduce maintenance costs. In addition, Icahn plans to split up a double slide that city officials have long claimed were "better together" and should not be split. By splitting the slides, he believes that one slide may get more foot traffic than the other.
The city council will vote on the recommendation next month. Shares of the playground are soaring in advance of the vote.