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Motorola Conflict With Icahn Prompts SEC Review

Law360 (March 6, 2007, 12:00 AM EST) -- Motorola Inc.’s effort to keep activist shareholder Carl Icahn from being nominated to its board is under review by the U.S. Securities and Exchange Commission.

In a preliminary proxy statement sent to the SEC, Motorola urged voters not to nominate Icahn, who wants the company to use $11.2 billion in cash to buy back stock and reward investors.

“Mr. Icahn’s nomination has NOT been endorsed by your board of directors. We urge stockholders NOT to sign any proxy card that you may receive from the Icahn...
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