John "$40 Million Man" Mack isn't the only one having a good day. Carl Icahn and Bruce Wasserstein are probably pretty pleased with life this morning, too: Time Warner shares were up over 1.3% yesterday, closing at $21.65, a high not seen since 2002.
Icahn, who owns 55 million Time Warner shares, is now up over $200 million since waging a contentious proxy fight against chief Dick Parsons earlier this year.
Wasserstein and Lazard, which took big hits for advising Icahn on his failed proxy fight in February, is set to rake in over $28 million in fees if the stock stays at this level and more if it goes higher.
Lazard gets paid about $6.5 million for every $1 that Time Warner shares rise above $18.
Happy Hanukkah, indeed.
CARL'S GOOD TIME [NY Post]