11 March 2005
Kermac ups the ante
Round three in the battle of Carl Icahn vs. Kerr-McGee Corporation begins with a lawsuit filed by KMG against Icahn and his associates.
The suit claims that Icahn's group violated the Securities Act of 1934 by acting collectively without identifying themselves as a group, and that the SEC was not notified in a timely manner as required when one of the group acquired more than $50 million in KMG shares.
Counsel for Icahn said he hadn't seen the suit yet, but he believed it was "without merit."