Icahn Reloads His War Chest

The A-list dealmaker clears another $1 billion by cashing out of Las Vegas, and says he has $4 billion ready to invest. Where to next?

An old Wall Street axiom claims that it's always smart to invest along with the guy who runs the business. That seems to count double when the business is American Real Estate Partners (ACP) and the owner is billionaire dealmaker Carl Icahn, who controls a 90% stake in the New York-based holding company. Make no mistake, this isn't a company that makes widgets or services the consumer. It makes money the old-fashioned way, by buying low and selling high, all at the whim of a 71-year-old corporate raider (see BusinessWeek.com, 4/1/07, "Motorola: Cut Icahn’s Interference").

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