ImClone: It’s Carl Icahn’s Show Now

carlicahn2.jpgThis morning Carl Icahn woke up for the first time as chairman of biotech drug maker ImClone Systems—a company with one product, falling sales, a rocky relationship with its marketing partner Bristol-Myers Squibb, no chief executive and a troubled history that involves insider trading, Martha Stewart and a founder serving a seven-year sentence in an upstate New York federal prison.
And, presumably, he woke up with a smile. This is exactly the situation Icahn has been struggling to create for the last few months, criticizing the companies choice of executives and threatening the board with a proxy fight for the election of directors. So is the fun part now over? We can’t help but suspect that for Carl Icahn, somewhere deep in his heart, it’s all the fun part.
Icahn Named ImClone Chairman; Profit Rises 85 Percent [Bloomberg]

Its two previous tenants have been arrested. It’s got a secret, illegal stairway sealed up behind sheetrock. The interior—from private foyer, to huge living room leading into a skylighted bedroom—sounds like the place Al Pacino called home in the Devil’s Advocate. You can almost smell the brimstone and see the mouldings moving in time with the crooked deals that were certainly made there.
So it’s not exactly surprising that it took a while for Sam Waksal’s old apartment to find a new buyer. Waksal is the co-founder of ImClone who peaded guilty to insider trading, securities fraud and tax evasion, and is serving out an 87-month sentence. The place was picked up by an earlier buyer a couple of years ago, and has been on the market ever since.
And its not just Waksal’s ghost that haunts the place. We imagine you can probably feel the spirits of the not-yet-dead but caught-up-with-Waksal/ImClone folks like Martha Stewart, Carl Icahn and Peter E. Bacanovic. In fact, maybe we should ask the new buyer, Blackstone real estate adviser A.J. Agarwal, if DealBreaker can have a tour of the place.

Disgraced ImClone Founder’s Penthouse Sells for $7 M., Despite Offbeat Build-Out
[New York Observer]