Icahn Responds To Statement By Bill Ackman

                  Icahn Responds To Statement By Bill Ackman

PR Newswire

NEW YORK, Jan. 25, 2013

NEW YORK, Jan. 25, 2013 /PRNewswire/ -- Carl C. Icahn today released the
following statement in response to yesterday's press release issued by Bill
Ackman:

"In 2003 I helped Bill Ackman out of a jam he was in with a fund called Gotham
Partners, by buying Gotham's stake in a company called Hallwood Partners.

"In our stock purchase agreement with Gotham they were entitled to an earnout
equal to 50% of our profit on the Hallwood shares if we 'sold or otherwise
transferred' those shares. This was to protect Bill from looking bad to his
investors if we went out and flipped the stock to someone else.

"We never sold or transferred the Hallwood shares. Instead Hallwood was
acquired in a merger transaction that we voted against.

"We did not believe that the agreement covered such a situation, based on
cases in a number of states, and it was very clear from my negotiations with
Bill that he was not to be paid under these circumstances. However Bill sued
and was able to convince New York courts not to follow the law in other
states.

"But I know, and I am positive that Bill also knows, that it was never our
deal that we should pay Gotham in a situation like this. And if my written
agreement was as clear as my negotiations with Bill Ackman, we would not have
had to pay him.

"To get the record straight, I never asked Ackman to be my friend. Quite to
the contrary, Ackman has stated to me on more than one occasion that it's a
shame we are not friends because then he could have invested with me. But,
even if we were friends, I would never have invested with him because I
believe he takes inordinate risks. HLF I believe proves this point. As it has
been pointed out HLF can turn out to be 'the mother of all short squeezes'.
Selling short 20% of the shares of a company such as HLF with limited
partners' money that can be withdrawn, in my opinion, leaves much to be
questioned.

"Bill Ackman has recently stated 'Carl Icahn is a great investor.' I thank him
but unfortunately I cannot return the compliment."

SOURCE Carl C. Icahn

Contact: Susan Gordon, +1(212) 702-4309
 
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