Icahn, Raynor Spar Over Soured Federal-Mogul Deal

Law360, New York (September 25, 2012, 9:25 PM EDT) -- An attorney for Carl Icahn told a New York state appeals court Tuesday that a lower court was wrong to rule against the activist investor in two cases over an agreement to invest in auto parts manufacturer Federal-Mogul Corp. with Texas hedge fund manager Geoffrey Raynor.

The two suits involve a 2001 agreement between Raynor and Icahn to partner up and buy Federal-Mogul debt. Federal-Mogul went bankrupt in 2001, facing massive asbestos liability, and emerged in 2007. Raynor and his affiliates have alleged that Icahn and...
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