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Technology Stocks : XO Holdings, Inc. (XOHO - XO Communications)
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From: tech1016/12/2008 9:52:56 PM
   of 615
 
Minority Holder Want Carl Icahn Fired (XOHO, BIIB, YHOO, MOT)

There was interesting event in a 13D filing today right after the close, and that will be worth some news and gossip alike. An investment firm called Amalgamated Gadget LP, which is roughly a 6.6% shareholder of XO Holdings Inc. (NASDAQ: XOHO), has sent a letter to billionaire activist investor Carl Icahn. The group has said that Carl Icahn is in clear violation of his fiduciary duties to minority shareholders and further is calling for Icahn's resignation from the board of directors.

Amalgamated also said Icahn and his affiliates act to give their XO debt and holdings an advantage and preference at the detriment of XO Holdings' minority shareholders. Further, Amalgamated wants Carl Icahn and his affiliates to place their common holdings of XO Holdings into a blind voting trust and to refrain from exercising any managerial control of the company.

On a fully diluted basis, Carl Icahn and affiliates own or control close to 60% of XO Holdings.

We have frequently wondered how Carl Icahn is managing all of these efforts ourselves, despite the fact that his career has been a huge success. His activist activities in biotech stocks seems more than odd, particularly in Biogen Idec (NASDAQ: BIIB). His Motorola (NYSE: MOT) efforts have been a dud and his Yahoo! (NASDAQ: YHOO) play is looking like a total bust now. Despite Jim Cramer recently endorsing those names based upon Icahn the issue of a huge loss being a huge loss speaks for itself.

Jon C. Ogg
June 12, 2008

247wallst.com
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