XO Shareholders Say Icahn Usurped Them To Seize Co.

Law360, New York (June 6, 2012, 4:57 PM EDT) -- A group of telecommunications company XO Holdings Inc.'s minority shareholders told a New York state judge Wednesday that investor Carl Icahn used a refinancing and merger to get his hands on XO's billions of dollars worth of net operating losses.

Icahn controlled a a special XO committee charged with evaluating Icahn's refinancing offer and going-private merger, according to Jeffrey I. Ross of Ross & Orenstein LLC, who represents the shareholders, including hedge fund R2 Investments LDC.

Ross told Judge Charles E. Ramos during a hearing that...
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