Buy this junk as speculation?
Karl Icahn just bought $51M, Bill Ackman holds 10% - it could work out, right?
There’s a reason why The Economist called them “The Toxic Twins”.
Greater fools theory…
The Congress will make sure Icahn makes a profit. Just like they did for bankers in the 2008 crisis.
Like I said, a pure bet, no fundamentals at all.
been in since low 3s, not slling til 10
Ackman and Icahn are meant for each other.
The gov’t actions were a little over the top. Basically once they became profitable they changed the rules and gave themselves 100% of the profit. Not saying the equity holders are owed anything as without gov’t intervention they would’ve received zero, but the preferred are a different story altogether. The US didn’t completly take over the company for variety of reasons, one of which being to keep the debt of it’s BS, but whatever the case it doesn’t change the fact that there are other stakholders of the company that deserve some of the earnings or its value in a wind down.