Time Warner could claim that this put AOLs value at twenty billion dollarstwice what it had been two years earlier. He declined to be interviewed in person for this story. The company fell far short of these projections, and Wall Street reacted savagely. View most recent obituaries published on the Web by funeral homes for province of Newfoundland and Labrador. We have appreciated his interest in Chesapeake, are happy he is up almost 50 percent on his investment, and have nothing but the utmost respect for him, Mr. McClendon says. Then, as all this content became available on the Internet, they were like a one-trick pony. He added, When the world changed, they werent ready for it. Jeffrey Bewkes, a Parsons deputy, rejects the view that AOL was ever poised to be the next Google or Yahoo! Answered by Cat on 01 Jan 01:32 Schnall was Carl Icahn's uncle. There are 59 obituaries and memoriams for the surname Schnall. Icahns instincts told him that Time Warner was similarly undervaluedand that it had assets, such as AOL, that other old media companies lacked; by the summer of 2005 he had decided to plunge into the stock. Hollywood Ending: Harvey Weinstein and the Culture of Silence. Miss Lisa Elliot Schnall, senior at Pembroke College, and MacRae Lampland Ross, a 1970 graduate of Brown University, will be married in All Souls Unitarian Church here on Sept. 12. And, unlike Parsons, Icahn, the poker player, does not like to split pots. Instead, Michael Icahn, with some bitterness, became a cantor at a local synagogue. In 1978, he had married a former Czech ballerina, Liba Trejbal, with whom he had a son and a daughter, born in 1979 and 1982. A ten-million-dollar bequest built a state-of-the-art facility for track meets on Randalls Island; a large sign, visible day and night from the Triborough Bridge, says, Icahn Stadium., In 2004, Icahn announced that he would raise three billion dollars to start a hedge fund, Icahn Partners. OLIVER STONE went to see Carl Icahn when the director was working on his 1987 film Wall Street. Gordon Gekkos advice If you want a friend, get a dog was actually Carl Icahns line. The world has moved. M Elliot Schnall (age 103) is currently listed at 255 Emerald Ln, Palm Beach, 33480 Florida and is affiliated with the Florida Democratic Party. He said that the Google deal precluded AOL from making other deals, which Time Warner denies. What he really means is that were just trying to make as much money as we can as quickly as we can, through whatever means. What are the roots of his effortand of its rejection? He was born January 13, 1930, in Buhler, to Peter Frank and Agatha (Wiens) Nachtigal. These trees can change over time as users edit, remove, or otherwise modify the data in their trees. You cant hold him to a spoken commitment. a firm that tracks corporate takeover defenses. I learned there were tax reasons not to split off cable, Icahn said, conceding that he and his team hadnt foreseen the tax liability. His next attempt at ownershipTrans World Airlineswas less successful. In January, 2001, when the merger of Time Warner and AOL, which Parsons helped orchestrate, was completed, the stock value of the combined companies was about two hundred billion dollars. Parsons said, Carl was boring in on this Dutch auction. He just says it never happened., By the nineties, Icahn had become a brandthe corporate raider. People say that markets tell you something, he said. He later saw his father conduct corporate raids. Share. Obituary - Read obituaries for area Montreal - lenecrologue.com No, at age 75 and a billionaire several times over, Carl Icahn will not go quietly. Brett Icahn or whoever succeeds his father, if anyone really can has some big shoes to fill. Mr. Icahn has spent four decades making trouble for corporate America and making a lot of money for himself and his investors. Im the pony horse. When Parsons became Time Warners C.E.O., in 2002, the stock price was falling (it eventually dropped below ten dollars a share), corporate debt had climbed to thirty billion dollars, and government agencies were investigating whether AOL had altered its books prior to the merger. Parsons agreed to raise the share repurchase plan to Icahns proposed twenty billion dollars; Time Warner would cut expenses by another five hundred million dollars; Parsons would consult with Icahn and other major shareholders about filling two board vacancies with independent directors; and Time Warner would review the Lazard report and continue to talk with Icahn. Who is Carl Icahn and what is his net worth? | The US Sun One of the reasons I went into the service is that once you joined you couldnt get out, he told Mark Stevens, who wrote King Icahn: The Biography of a Renegade Capitalist. He won four thousand dollars in a few months playing poker, and with his winnings he bet on the stock market. Parsons flatly refused. She was one of six siblings, and her younger brother, M. Elliot Schnall, said, We were brought up with the idea that if youre a teacher you had a good job and a pension. Gordon Crawford, the portfolio manager of Capital Research Global Investors, which has reduced its holdings in Time Warner stock but retains a sizable portfolio, said in a telephone conversation that Icahn was wrong on his math. Deborah Schnall was born on August 12, 1949. Failures have accompanied these victories, however. Parsons wants to win and make money, too, but he is using a different scorecard. Since 2004, he has begun 91 activist campaigns involving 79 American companies, according to FactSet SharkRepellent, a firm that tracks corporate takeover defenses and investor activism. He owned an estate in Bedford, New York, and a silver Rolls-Royce. MELVIN SCHNALL OBITUARY SCHNALL, Melvin Age 98, of Delray Beach, passed away June 05, 2016. Family and friends must say goodbye to their beloved Elliot McNally (Grande Prairie, Alberta), born in Sexsmith, Alberta, who passed away at the age of 72, on August 31, 2018. To Parsons, Icahn was little changed from the greenmail artist of the eightiesjust a guy trying to make a big buck and move on. To Icahn, Parsons was a politician, not a tough-minded businessman. Search the Ontario obituaries here: First Name: Results will display our free data content, free external content, as well as Ancestry.com search results, all shown separately. Obituaries. You can contact the owner of the tree to get more information. Executives from the new AOL Time Warner, as it was renamed, vowed that the companys size would spur new synergies, and that it would realize extraordinary profit margins of thirty per cent and double its revenues every three years or so. Ontario Obituaries - Latest Obituaries in Ontario - Echovita (At the time, Parsons was the chairman and C.E.O. (Dick Tappan, the head of the company, later surprised his board by praising Icahn, and becoming an investor in Icahn & Company.). At one point, Icahn framed the issue as if it were not about money: Whats important to all this is that if we dont do something about managements and the way we manageif we dont have a corporate democracy like you have a political democracythe corporations have no accountability. His argument, in the words of his investment adviser Bruce Wasserstein, the managing partner of Lazard Frres, is that Time Warner has been managed for the short term., Parsons believed that Icahns interest was purely short term. 8,. Summing up, the C.E.O. You run a business differently depending on what your objectives are, Parsons said. His first wife, advertising executive Clara Apfel, died in 1964; they had one son, Paul Waldo Schwartz, an art critic in Paris. The Philip Morris Companies won that contest, but Icahn and his investors made a profit of more than six hundred million dollars. More ridicule was heaped on Icahn with the release, on February 7th, of the Lazard report. Carl Icahn Fast Facts - Local News 8 He tangled with Donald Trump last year over three casinos in Atlantic City, a battle of big money and bigger egos. Im saying that what happened to Time Warner is that you have thirty guys over there doing what one guy can do. M. Elliot Schnall 1917-2016 - Ancestry Overview of M Elliot Schnall Lives in: Palm Beach, Florida Age: 103 Gender: Male Race: White, Not Hispanic The collection contains recent obituaries from hundreds of newspapers. Louise was born to Jesse and Maurice Roy in Toronto, ON. I dont believe that, Icahn told him, but after he did his own research he changed his mind and dropped the Dutch-auction plan. We collect and match historical records that Ancestry users have contributed to their family trees to create each persons profile. So it was natural that when, in August, Parsons learned that Carl Icahns hedge fund, Icahn Partners, had joined three others to acquire three-per-cent ownership of Time Warner, he called Icahn and asked if he could drop by. Harry attended Newton High School. A celebration of life will be held on Saturday, April 29th 2023 from 12:00 PM to 3:00 PM at the Sabatino's Trattoria (111 W Main St, Norton, MA 02766). When Drexel Burnham folded, Icahn became convinced that the bubble was about to burst. We work with partners to scour the Internet regularly to find new obituaries and extract the facts into our database. Icahn, by contrast, knew only the outline of Parsonss biography, such as the fact that they both had roots in Queens; Parsons was brought up in South Jamaica. MacRae Ross, Lisa E. Schnall Plan to Marry - New York Times SCHNALL - Gloria M., of Williston Park, L.I. In November, Parsons announced that, over time, the company would buy back $12.5 billion in stockmore than twice its original proposal. He turned that $300 million investment into $1.5 billion when it was sold to SandRidge Energy in 2006. We needed to form a coalition of the willingthree partners with more than two billion dollars worth of Time Warner stockso wed have some real skin in the game, Keith Meister, a senior investment adviser to Icahn, said. By signing up, you agree to our User Agreement and Privacy Policy & Cookie Statement. Nothing in his proposals has anything to do with that, he said. After a nasty behind-the-scenes dispute, Icahn settled, to avoid a public trial and embarrassment to his children. Wasserstein, who advised Viacom on its recent split into two companies, is unapologetic about representing Icahn. If you would like to view one of these trees in its entirety, you can contact the owner of the tree to request permission to see the tree. Managing other peoples money was a headache, Mr. Icahn says. Montreal Gazette | Obituaries - remembering Elliot Schnall - Patrick McMullan Parsonss remedies have been fairly conventionalan incremental sale of some assets, retooling AOL, and cost-cuttingand Icahn claimed that if Time Warner were broken into separate companies, and expenses were slashed, investors would boost its stock by between five and eight dollars per share. April 24, 2023 (98 years old) View obituary. Where. Bob was an excellent athlete in his youth, particularly in hockey where he excelled. His mother was a fifth-grade public-school teacher; his father had been a high-school teacher and then trained to be an opera singer. M. Elliot Schnall passed away on 6 Jun 2016 in Florida. From Wall Streets perspective, the movie industry is shrinking, DVD sales are slowing, piracy is spreading, advertising is moving away from traditional media, and AOL is losing subscribers. To revisit this article, select My Account, thenView saved stories, To revisit this article, visit My Profile, then View saved stories. The film is set to feature Carl, Bill Gates, Oliver Stone, and various journalists including Andrew Ross Sorkin, Cara Lombardo, Rana Foroohar, Scott Wapner, and Bryan Burrough. Mr. Icahn bought in at $21. One of his biggest wins was ImClone Systems, the drug maker at the center of the Martha Stewart stock-trading scandal. Stephen Elliot Schnall (1939-1948) - Find a Grave Memorial The plan the company presented in February was drastically different from the one it had in December, before Mr. Icahn arrived on the scene, he said. of the Dime Savings Bank.) He sold them for $1.2 billion in February 2008, just before the bottom fell out of the economy. Latest Obituaries in British Columbia - Echovita Ontario Obituaries | Tribute Archive Consider Alexander the Great, Mr. Icahn says. Last August, when Richard Parsons learned of Icahns plan, he immediately did opposition research. Icahns personal life also had another act. The former chairman of Time Warners Media & Communications Group, Don Logan, to whom AOL reported, said, AOL was entrepreneurial in building e-mail and chat. Icahn asked, Why did she wait so long? What I discovered with Carl is if you spend three weeks negotiating and he gets A and B and you get C and D, the next day he will call and say, Why did you get C and D? At first, his style is irritating. When he married Trejbal, Icahn had asked her to sign a prenuptial agreement, which gave her one and a half million dollars a year, a small fraction of his wealth. M Elliot Schnall, New York, NY (10003) - Spokeo Parsons wanted to avoid the kind of proxy fight that embarrassed Michael Eisner and the board of Walt Disney. We collect and match historical records that Ancestry users have contributed to their family trees to create each person's profile. Mr. Icahn's son, Brett, has risen at his father's company, but it is unclear whether he will take over. He plays chess with his son, Brett, a Princeton graduate, who is an executive at Icahns firm. Known as one of the first activist shareholders, Carl is credited with making the style of the investment mainstream. Historical Person Search Search Search Results Results M. Elliot Schnall (1917 - 2016) Try FREE for 14 days Try FREE for 14 days. Manfred Schwartz | MoMA CARL C. ICAHN chases deals the way a dog chases cars. Henceforth, Carl Icahn will manage money only for Carl Icahn. 2023 Cond Nast. Together, they share two children: Brett and Michelle Celia. Its like youre a good swimmer, but some tidal wave is hitting you., Despite this setback, Icahn did not relax; he began a corporate takeover battle against a giant South Korean tobacco company. In poker, bluffing and sucking people into a hand you are strong in is just as important as getting people out when you have a weak hand. In the case of Kerr-McGee, the company threw in its hand; it agreed to buy back four billion dollars worth of shares at a fifteen-per-cent premium, which gave Icahn a profit of more than a hundred million dollars. Microbiologist, educator. He had opened the fund, to much fanfare, in 2004. Beloved wife of the late Charles A., Jr. Search Canada obituaries and condolences, hosted by Echovita.com. But Parsons believed that Time Warners stock, like that of other old media companies, was depressed because the market was uncertain about their growth prospects in the digital age. PDF Baker & Hostetler Llp InMemoriam - Find a death notice annoucement in Canada Like his father, Brett Icahn went to Princeton. More than 450 new Canadian obituaries add each day. And my business is persuading people to side with me. Average Age & Life Expectancy Deborah Schnall lived 51 years shorter than the average Schnall family member when she died at the age of 25. He cut overhead and liquidated assets, boosting earnings, in three years, from five hundred thousand dollars to twenty-seven million. Schnall Family Obituaries | Schnall Last Name Obits - Legacy.com We dont make things anymore in this country. Despite his central role, Parsons largely escaped blame for the merger. MELVIN ELLIOTT OBITUARY. Mr. Icahn pocketed $418 million on his $196 million investment. He has a scruffy beard. Carl Icahn has made a few enemies in his career as an activist investor, including the hedge fund manager William A. Ackman. He leaves to mourn his siblings, Walda Scheibner, Paul (Ida) Schellert, Leonard (Lilly) Schellert and Betty (Paul) Weresch and numerous nieces and nephews and great-nieces and nephews. Carl Icahn, at 75, keeps going and going, looking for one more Gaugamela. Mattels shares jumped to a 52-week high. Kirk Kerkorian is smart. My view is that everybody suffers casualties in war, he said. He said that he wanted to avert the war he had promised. Icahn announced in late November that he had retained Bruce Wasserstein and Lazard to come up with a slate of directors to replace a majority of the Time Warner board, and to prepare a report that would recommend strategic initiatives to unlock the value of Time Warner. There was certainly publicity value in hiring Wasserstein. filed for bankruptcy, and Icahn negotiated to sell his stake to the employees. Mr. McClendon declined to say whether Mr. Icahn had shaped his thinking. The rest is history. A larger payoff was to come with a rise in the value of Time Warners stockWasserstein was to get a percentage of Icahns profit. Both of his parents worked as teachers. Find an obituary, get service details, leave condolence messages or send flowers or gifts in memory of a loved one. . If I go over a certain line, Im like another person, he said. They met for forty minutes, and both later described the meeting as philosophical. Their only point of agreement was that Time Warners stock, at about eighteen dollars per share, was undervalued. ELLIOT FLORENCE - Obituaries - Winnipeg Free Press Passages Hellen Mary Draper. Parsons said, On the one hand, the guy has no traction, so why pay attention? Louise graduated from Bendale Secondary School in Toronto. Steven is survived by his wife Sherri (Silver); sons Jack and Luke; parents Marilyn Shear and Harris Schnall (Rosalyn) and brother David. In mid-December, Parsons and Time Warner announced that Google would pay a billion dollars for a five-per-cent stake in AOL and establish a strategic partnership. Mr. Icahns father, a cantor, offered to help his son open a grocery store instead. More than 450 new Canadian obituaries add each day. He stays at the office until eight or eight-thirty and is on the telephone until midnight, Golden told me, when we take a bath together in this huge, huge tub I have, and watch Moneyline or things we tape. And he insisted that he was a long-term investor in Time Warner. But I have employees who read the papers every day. And Parsons had spent too many years in politics not to know that throw the rascals out was a compelling message. In the meantime, Mr. Icahn must pay him hefty interest while the payment is delayed. Even if you win the proxy fight, you will only have a minority of the board. Their financing often comes not from junk bonds, the weapon of the eighties, but from an enormous pool of capitalmore than a trillion dollarscontrolled by hedge funds and equity funds that tend to look for quick returns. This appeals to hedge funds, which tend to be short term and take at least a twenty-per-cent commission on clients profits; Icahn, who said that his fund had paid an average price of seventeen dollars and twenty cents per shareand controlled at least thirteen million sharesstood to gain perhaps three dollars on each share he sold, plus his own fee, of twenty-five per cent. "Activist or raider, call me what you want, I made this money because the system is so bad, not because I'm a genius," Carl can be heard saying in the trailer for the film. Over fourteen issues between 1968 and 1971, the downtown broadsheet Newspaper recruited a stunning list of contributors to chronicle the times in pictures. Mother: Bella (Schnall) Icahn, teacher Marriages: Gail Golden (1999-present); Liba Trejbal (1979-1999, divorced) . James Barksdale, the former C.E.O. He wanted to spin off Time Warner Cable into a separate company and sell shares to the publicto unlock shareholder value. Then they share a big breakfast, prepared by their cook. Time Warner, which Parsons has led since May, 2002, has suffered more than most. Buried in Norfolk, Virginia, USA. He thought a commanding market share usually works. He also scored big in the casino business. Its the greatest game in the world. Obituaries. By Sara R. Horowitz. But one could see skeptical looks when Wasserstein declared that Time Warners mismanagement had lost shareholders a staggering forty billion dollars, and when he said that if the company was split in four shareholders would gain as much as eight dollars and twenty-one cents per share. Harry M. Nachtigal. In the next nine days, Parsons and Icahn talked often. One of his great skills is finding the middle ground that everyone is comfortable with., In late February, I stopped by Icahns office and asked if his battle with Time Warner would be remembered as a great defeat. The New York Supreme Court ruled in favor of Mr. Ackman in August 2005, as did an appellate court in October 2006. A Time Warner vice-president said, The most interesting argument Icahn makes is how the board that allowed Gerry to do what he didLevins merger with AOLis still there. He exempted Parsons from this criticism. Find an obituary, get service details, leave condolence messages or send flowers or gifts in memory of a loved one. They invented that. Adored wife of the late Herbert Schnall, DDS. Ontario Obituaries. Top executives lost their jobs., From September to November, Parsons and Icahn spoke three or four times by telephone, and in that period Icahn said, I dont think he perceived me as a threat at all. But Time Warner was certainly paying attention. M Elliot Schnall (age 103) is listed at 255 Emerald Ln Palm Beach, Fl 33480 and is affiliated with the Democratic Party. What Israels Crisis Reveals About Its Democratic Compromises. The Icahns often spend vacations on a hundred-and-eighty-foot yacht that Icahn owns. Search Calgary obituaries and condolences, hosted by Echovita.com. Carl was raised in Queens and attended Far Rockaway High School. All got very rich. Icahn made two proposals. Melvin served in the United . How many times have judges been wrong? Use our obituary search engine to find a specific death notice in Canada. We have the same incentive that Icahn has, Wasserstein said. Then he adds, I dont even think he invited me to his daughters wedding so how close can we be?. of what he called the content division. When youre Carl Icahns son, you get exposed to all things Icahn early on. 34465541-95D0 . CanadianObits.com - Ontario Obituary Collection Carl was raised in Queens and attended Far Rockaway High School. I dont think Carl really understands the media business, he said. You say, Jesus, hes a nice guy, Icahn said. Then it was great fun to negotiate with him. Was he honest? Chesapeakes stock price closed at $32.73 on Friday. Mascos are up about 17 percent since he bought the stake. MELVIN JAMES (M.J.) ELLIOTT Melvin James (M.J.) Elliott of WPB, FL passed away May 6, 2005. As a subscriber, you have 10 gift articles to give each month. With the leverage that comes from owning the secondlargest cable system, he said, Parsons should have aggressively invested in cable networks, buying Court TV, USA, or the Sci-Fi Channel; and he should have started a gay network, as MTV did, and focussed more on fixing AOL. Carl says, Were just trying to make money for shareholders, Parsons told me in January, over lunch in a private dining room decorated with Time Life photographs of Willie Mays, Duke Snider, and Mickey Mantle. Obituary - Read obituaries for province Newfoundland and Labrador When its a company thats so identified with the style, personality and skills of a single owner, you really dont know how it will evolve, says Stephen M. Davis, executive director of the Millstein Center for Corporate Governance and Performance at the Yale School of Management. raced past it. He is returning all outside investors money. Im not going to sugarcoat this, Icahn said in January. Play shuffleboard somewhere? Mr. Icahn grumbles into the phone from his vacation home in Indian Creek, Fla., the rarefied enclave near Miami. He also studied with Charles Hawthorne, John Sloan, and George Bridgman. Hes got good instincts.. Word got out that Icahn had called Parsons a moron, prompting Parsons to joke that his wife, Laura, told him, He called you a moron? https://www.nytimes.com/2011/04/17/business/17icahn.html. But now, midway through his eighth decade, he has begun to contemplate his legacy, and the future of the Icahn empire hangs in the balance. Parsons tried to keep his opponent on the defensive. Discover your family history in millions of family trees and more than a billion birth,marriage, death, census, and miltary records. Barry Meyer, the C.E.O. His mother was distraught. William A. Ackman, who runs the New York hedge fund company Pershing Square Capital Management, is in some ways one of Mr. Icahns figurative heirs in activist investing. Harry Milton Nachtigal, 93, died April 28, 2023, at Hospice House, Hutchinson. He scaled back and concentrated on bonds and select investments. But among the audience that counts in a proxy fightinstitutional investors, who control the largest blocks of stockIcahns assaults did not go over well. Deep downI know it sounds immodest, but Im much better than them at this type of thing.. In 1957, Carl graduated from Princeton University with a Bachelor's degree in Philosophy. I made money selling the movie business. Employees, Parsons added, want to believe in what they do. If your objective is to build a great business, you want to run it differently than you would if your objective is to realize its current value and take out as much as you can in the hope the residue can make it. Under its private-equity owners, he said, Warner Music has gutted its investment in new music acts. April 27, 2023 (90 years old) View obituary. Instead of the usual fees of one and a half per cent of the funds managed and twenty per cent of all net gains, Icahn said that he would impose a fee of 2.5 per cent and collect twenty-five per cent of the profits. Icahn told Parsons that he planned to run a slate that included a rival C.E.O., whom Icahn declined to name. In late December, he promoted Bewkes to become president and C.O.O., and on CNBC he called him probably the most talented executive in the media and entertainment space. Icahn then telephoned CNBCs Maria Bartiromo and declared of Bewkes, on the air, I certainly take exception to Dick Parsons saying hes the best in the media business. Parsons also engineered two moves suggesting that Time Warner was not passive: the WB broadcast network was merged with CBSs UPN network; and the company sold to a French firm its profitable but relatively small publishing operation, the Time Warner Book Group. How do we create a person's profile?