Carl Icahn really does seem to be in full-out barbarian mode with his bid for WCI Communications. Recall that words like "corporate raider" and "barbarian" were coined, for the most part, by defenders of corporate management against outsiders like Icahn who sought to oust the managers. We have no doubt that something like these terms must have been going through the heads of WCI's management when they "declined to comment' after Icahn tears them a new posterior orifice.
Mr. Icahn has also signaled his unhappiness with WCI's current management. "While clearly now is not the right time to sell, in my opinion, Mr. Starkey [WCI Chief Executive Jerry Starkey] and the current board are not qualified to navigate WCI through the difficult industry conditions that lie ahead," Mr. Icahn said. WCI said it will review Mr. Icahn's bid but declined to comment on his criticism.
That line about "will review Mr. Icahn's bid but declined to comment on his criticism" is just about one of the most effective summaries of humiliation via fiduciary duty we've ever scene.
Is Icahn's WCI Bid the Start Of Home-Builder Buyouts? [Wall Street Journal]