Icahn Can't Shake XO Shareholders' Claims He Seized Co.

Law360, New York (January 31, 2013, 6:25 PM EST) -- A jury must decide if Carl Icahn used a refinancing and merger to improperly seize billions of dollars worth of telecommunications company XO Holdings Inc.'s net operating losses from minority shareholders, a New York state judge ruled Wednesday.

The minority shareholders, including hedge fund R2 Investments LDC, alleged that Icahn used a $780 million refinancing of the struggling telecommunications company in 2008 and a 2011 going-private deal in order to gain control of XO's net operating losses for the tax benefits they'd give to his affiliated...
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