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ImClone: It’s Carl Icahn’s Show Now

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This 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]