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Hindenburg says Icahn Enterprises failed to address concerns, shorts its bonds

May 11, 2023 at 08:28 am EDT

(Reuters) - Short seller Hindenburg Research on Thursday initiated a short position in Icahn Enterprises LP bonds and said billionaire Carl Icahn has failed to address every key issue that it had raised.

"We are short units of Icahn Enterprises and have initiated a short position in IEP bonds," the research report said, sending the shares of the investment firm down 6.1% in premarket trading.

Last week, Hindenburg accused the investment firm of overvaluing its holdings and operating a "Ponzi-like" structure to pay dividends. Icahn has called the report "self-serving" and vowed to fight back.

Hindenburg said Icahn's latest disclosures raise critical new questions about margin loans and continued portfolio losses.

(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Arun Koyyur)

Stocks mentioned in the article

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	ICAHN ENTERPRISES L.P.	18.2 USD	-2.10%	-1.94%	7.81B

Carl Icahn

Mr. Carl C. Icahn is a Chairman at CVR Refining GP LLC, at Icahn Enterprises G.P. Inc., at Icahn Enterprises Holdings LP, at Starfire Holding Corp., at ACF Industries LLC, at Atlantic Coast Entertainment Holdings, Inc., at Greate Bay Hotel & Casino, Inc., at Icahn Enterprises Finance Corp., at Icahn Enterprises LP, a Chief Executive Officer at Icahn Capital LP, at General Partners LLC at GB Property Funding Corp., and a Chairman of the Board at Icahn Associates Holding LLC. Mr. Icahn was previously employed as a Chairman by CVR Refining LP, by GB Holdings, Inc., by Maupintour Holding LLC, by American Railcar Industries, Inc., by CVR Energy, Inc., by XO Communications, Inc., by Tropicana Entertainment, Inc., by WCI Communities, Inc., by ImClone Systems, Inc., a Non-Executive Chairman by Federal-Mogul Corp., by Federal-Mogul LLC, by Federal-Mogul Holdings Corp., a Chief Executive Officer by Icahn Capital Management LP, by Icahn Management LP, a Member chCCI Offshore LLC, by Financial Industry Regulatory Authority, Inc., by National Association of Securities Dealers, Inc., by National Association of Securities Professionals, by CCI Onshore LLC, a Chairman & President by XO Holdings, Inc., a President & Director by Stratosphere Corp., a General Partner by American Real Estate Partners LP, a Chairman & President by Icahn & Co., Inc., a Non-Executive Chairman by Federal-Mogul Motorparts LLC, an Owner by Sands Hotel & Casino /Atlantic City/, by Stratosphere Hotel, and a Chairman & Chief Executive Officer by Trans World Airlines, Inc. He received his undergraduate degree from Princeton University.

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Icahn Associates Holding LLC Icahn Associates Holding LLC Investment ManagersFinance Icahn Associates Holding LLC is an independent hedge fund manager headquartered in New York City. The firm is affiliated with Icahn Enterprises LP (NASDAQ: IEP), a Delaware master limited partnership and diversified holding company engaged in nine primary business segments: Investment, Automotive, Energy, Railcar, Mining, Food Packaging, Metals, Real Estate and Home Fashion. Icahn Associates Holding manages assets of high net-worth clients.	Chairman
ACF Industries LLC ACF Industries LLC Wholesale DistributorsDistribution Services ACF Industries LLC manufactures and fabricates railcar parts and miscellaneous steel products. Its capabilities include car conversions, repair programs, welded sub-assemblies, pressure vessels, railcar wheel, and axle machining & mounting. The company was founded in 1899 and is headquartered in St. Charles, MO.	Chairman

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