![]() ![]() Icahn, not one to back down from a fight, would neither return nor to pay for the parts, arguing that the court couldn’t force him to do either. The case came to Judge Goettel when one of the company’s creditors, Mercantile-Safe Deposit and Trust, sued TWA for refusing to pay for an order of new plane engines. Having gained enough shares to name himself chairman of the board, Icahn took TWA private, personally netting nearly $500 million in profit while driving the company $540 million in debt. For the previous six years, Icahn had been staging a famously hostile takeover of Trans World Airlines. The case involved Carl Icahn, the billionaire corporate raider, Gordon Gekko inspiration, and future special economic adviser to President Donald Trump. District Court for the Southern District of New York handed down a curious opinion. ![]() In August 1991, Judge Gerard Louis Goettel of the U.S. ![]()
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