It's not news that Carl Icahn loves a good fight. But watching hedgie v. hedgie in a grudge match just seems dull. Who does one root for?

Activist investor Carl Icahn is under fire from a hedge fund that accuses the billionaire investor of enriching himself at the expense of minority shareholders in XO Holdings Inc (XOHO.OB), a company he controls.

R2 Investments LDC in June filed a lawsuit in New York state court complaining that Icahn tried to take XO's $3.5 billion of net operating losses (NOLs) for his own use but at an inadequate price. NOLs are valuable because they can offset income in later periods to reduce taxes.

Ok, who is going to be the first Dealbreaker reader to make an electronic exchange for NOLs that actually works?

Hedge fund suit says Icahn hurt XO investors [Reuters]