Billionaire investor Carl Icahn came under pressure again on Thursday as short seller Hindenburg Research began shorting bonds in Icahn Enterprises LP (IEP) and said Icahn's firm has failed to address every key issue it had raised.
Icahn's latest disclosures raise critical new questions about margin loans and continued portfolio losses, the short seller said on Thursday, sending the investment firm's shares down over 6%."We are short units of Icahn Enterprises and have initiated a short position in IEP bonds," said the short seller whose reports on companies have often erased a big chunk of their value.
Failure to disclose basic details about the margin loans represent a "near-term critical threat to IEP unitholders," Hindenburg alleged. Icahn owns about 84% of IEP and had pledged more than 65% of his stake as collateral for margin loans for "unspecified purposes", the short seller said. The short seller said in addition to the first-quarter loss reported by IEP this week, Icahn's firm is nursing another $1.03 billion in losses since the start of the second quarter, due to declines in values in its public portfolio such as CVR Energy
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