In 2005, Carl Icahn forced himself and two others onto the board of Blockbuster (BBI). He was gunning to shake things up and create value. Yet this happened:
That chart just hurts, he must have lost an enormous sum of money. BBI has gone from $10 five years ago to 25 cents.
Now Mr. Icahn is cutting his losses and heading for the exits. The raid is over.
Notorious shareholder activist Carl Icahn recently filed a Form 4 with the SEC regarding shares of Blockbuster (BBI). Icahn, through his various investment vehicles, recently dumped a ton of both Class A and Class B shares of Blockbuster. On March 25th he owned 19,905,190 shares and as of March 30th, he now owns only 4,358,223 shares. The majority of sales took place on March 29th and 30th at prices of $0.24 and $0.25 per share. In total, Icahn’s various entities sold 14,362,708 and the picture below depicts the breakdown of sales:
(See a larger graphic at Market Folly)
If anyone knows exactly what his performance was, feel free to email us. You can also read more about Carl Icahn’s horrible 2005 Blockbuster raid here.
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