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Friday, October 17, 2008
Carl Icahn Amasses 8.9% Stake in Temple-Inland
FOXBusiness
Activist investor Carl Icahn has amassed a 8.9% stake in Temple-Inland (TIN), according to a Securities and Exchange Commission filing.
Temple-Inland, the Austin, Texas-based maker of packaging and building products, saw its stock take a hit earlier in the week after a price hike failed to help the company. Shares of Temple-Inland have fallen 62% year-to-date.
In the filing, High River Limited Partnership, which sold the stock, said it had entered into a number of derivative agreements known as total return swaps in which the profit is based on the increase in the value of the shares and the loss is based upon the decrease in value of shares. High River said it has “long economic exposure” to shares through derivative agreements.
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