If there are two things Carl Icahn does not like, it’s gas and energy companies wasting his money on things other than himself. On the other hand, both give him things to do other than play tennis and get his son’s hopes up. So, in that respect—and that respect only—we guess he’s grateful for Southwest Gas Holdings’ exceptionally stupid plan to spend nearly $2 billion on some more pipelines it can run badly rather than redirect that money into the pockets of Icahn and other shareholders.
“Even if you were not overpaying, this is no time for management with the many problems you have (including with regulators) to embark on a major new investment especially when you have shown an inability to manage and control what you already own,” the octogenarian investor wrote…. Mr. Icahn said with the proper changes, the company’s shares could appreciate 75%.
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