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Icahn mum on GM stake
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September 22, 2000: 4:40 p.m. ET
Financier won't reveal whether he sold shares; calls carmaker 'manipulative'
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NEW YORK (CNNfn) - Financier Carl Icahn refused to reveal whether he had sold his interest in General Motors Corp. Friday, but lashed out at the world's top automaker for publicizing his intent to purchase a considerable stake in the company in the first place.
In a statement released to the media shortly before the markets closed, Icahn said he would "not comment on whether I still have an interest in General Motors or whether I will buy or sell its shares."
Icahn's comments came in response to a New York Times article Friday saying the influential stock trader had sold his unspecified stake in General Motors just one month after informing the automaker, via a Hart Scott Rodino filing, of his intention to buy a stake of up to 15 percent in the company.
Icahn did, however, express frustration with GM, which made the Hart Scott filing public last month. Without naming the company, Icahn said it is "misleading and even manipulative" for companies he is conversing with to publicize the filing since he is under no obligation to actually purchase more shares.
The Times reported Icahn was miffed when GM made his previously undisclosed intentions public on Aug. 18 because it pushed GM (GM: Research, Estimates) shares up about 5 percent that day, raising the cost of his investment.
"Certain companies have publicized my Hart Scott filings in the hope that this might induce investors into running the price up, which might cause me to sell my shares, make a profit and become uninvolved in the company," Icahn said. "While I am flattered that investors would buy on the news that I have made a Hart Scott filing, I believe that they are taking risks which are not being explained to them by the companies making the disclosure."
 But Icahn, one of the premier corporate raiders of the 1980s, has had several high-profile investment success stories in recent months, including helping force the sale of Nabisco Group Holdings, which has only added to his stature as an effective shareholder activist on Wall Street.
In fact, several other companies have made similar revelations in recent months, including retailer Kmart Corp. (KM: Research, Estimates), industrial firm Trinity Industries (TRN: Research, Estimates) and struggling railroad CSX Corp. (CSX: Research, Estimates).
Some analysts believed that his interest in GM could prompt the company to make some move to sell or spin off its Hughes Electronics (GMH: Research, Estimates) unit, which has its own tracking stock but is 100 percent owned by the automaker. In fact, GM's statement disclosing Icahn's intention to buy a stake included the comment, "We continue to look at ways to further unleash value from our ownership of Hughes while preserving our strong credit ratings."
Still, the exact amount of Icahn's GM stake has never been revealed and company spokeswoman Toni Simonetti said the company has not been informed by Icahn of any sale of shares, and had no comment on the Times report.
Shares of GM gained hit a low of $66.38 in trading, but rebounded as Icahn's statement was released, finishing the day off 6 cents to $68.25. 
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General Motors
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