After an unusual period of reticence following his short-lived stint as America’s first regulation-shredding czar, Carl Icahn was feeling himself again as the weeks ticked down on 2017. He got around to asking New Jersey to pony up half the cost of demolishing his president’s old place in Atlantic City. He picked another fight with Xerox. But the true sign that the old Icahn was back was his spitting anger at SandRidge Energy and the natural-gas driller’s poison pill and plan to acquire Bonanza Creek Energy.
Well, the “totalitarian state” that “makes a banana republic look good” that is SandRidge wasn’t at all happy to have attracted Icahn’s ire. So it threw him a bone, agreeing not to spend three-quarters of a billion dollars on Bonanza. This was foolish, as it demonstrated weakness. And now Icahn is going in for the kill.
SandRidge Energy Inc’s biggest shareholder, Carl Icahn, called on Tuesday for two of the U.S. shale producer’s directors to be replaced, blasting the board for failing to rein in what he sees as profligate executives…. Icahn did not specify which board members he would like removed, nor did he explain why he was not pushing for the entire five-person board to be replaced.
It’s because he’s toying with them, which is presumably why he also didn’t demand the immediate beheading of CEO James Bennett, who he has previously accused of outright theft, and now offers this assessment without demanding he be strapped to the guillotine.
“Your apparent disregard for any semblance of accountability to the owners of SandRidge reminds me of the medieval belief in the divine right of kings,” Icahn wrote.