Don't let that fool you though, this is one sick puppy:
What a shit show this is. Icahn and his stupid commodity bets, long egregious amounts of CHK, LNG and FCX, have wreaked havoc on his publicly traded net worth inflator, aka IEP. He owns 90% of it and now S&P is threatening to slash the credit rating to junk status, due to its nefarious holdings in which the value have been subjugated to ruinous losses.Previously:
These and other bad bets have led Standard & Poor’s to warn it may downgrade Icahn Enterprises (IEP) to junk territory within the next 90 days.All of this has led S&P to posit whether Icahn might inject personal capital into IEP to firm up its balance sheet....MORE
S&P says Icahn’s firm had just $182 million of cash as of the end of September, down from $1.1 billion the year before. At the same time, Icahn Enterprises lists $13.4 billion in total debt, of which $1.2 billion is due early next year.
Icahn Enterprises L.P. Placed On CreditWatch-Negative (IEP; CHK; LNG)
Natural Gas: Chesapeake Energy Stock Down 10% as Debt Exchange Shows How Low On the Totem Pole Equity Actually Is (CHK)
Trade your unsecured paper for a slightly-higher-in-the-food-chain second lien, at a discount.
The stock is down another 10.6% at $4.93.
Mr. Icahn owns some above $23 which is going to make it difficult to recoup the losses in his lifetime.
(current age: 79) Chesapeake Is Trading Like A Bankruptcy (CHK)
Questions America Is Asking This Labor Day Weekend: "Has Carl Icahn Timed His FCX Investment Correctly?"
Copper: New Icahn Favorite, Freeport-McMoRan Looks Like Junk (FCX)
The Dim Outlook For Chesapeake Energy (CHK)
The market appears to have figured it out:
It's Been A Tough Year For Carl Icahn (IEP; AAPL; CHK)
And many, many more.
