Door Reopens For Icahn In $700M WestPoint Sale

Law360, New York (March 31, 2010, 4:07 PM EDT) -- A federal appeals court has paved the way for billionaire investor Carl C. Icahn to take control of bankrupt textile company WestPoint Stevens Inc., reinstating a bankruptcy court's sale order giving him control of the business for $700 million.

The ruling Friday in the U.S. Court of Appeals for the Second Circuit marks the latest development in an increasingly contentious battle for control of WestPoint Stevens between Icahn and rival Wilbur L. Ross, whom Icahn beat out in a bidding war for the business.

The appeal...
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