Icahn the Minuteman

Mr. Icahn, one of America's best-known corporate raiders and activist investors is intensifying his determined campaign of attrition against Motorola's top brass by suing the Chicago-headquartered company for access to its records so that he can find out if, collectively or individually, Motorola's board of directors have ever failed in their fiduciary and other duties to shareholders.

Carl Icahn has been building-up his stake in the company for several years past and has been buying up more and more Motorola stock since his (just) failed attempt to be elected to the board at last year's AGM.

With this year's meeting looming, Mr. Icahn is now the second-largest shareholder in Motorola (he owns 6.3 per cent of the company) and stands a very good chance indeed of achieving his ambition to be voted onto the main board this time around. If that happens, and it well may, Icahn is expected to cause mayhem as he upsets what he perceives as the cosy apple-cart that is the status quo at Motorola.

Mr. Icahn is using his asset management vehicle, Dodge and Cox, from which to mount an increasingly furious attack on Motorola in general and its loss-making mobile devices division in particular. He is also proposing the election to the board of four other prospective  directors of his own nomination.

After having seemingly rid itself of the threat of having a turbulent director thrust upon it last year, Motorola has seen its share price continue to plummet as losses mount and market share tumbles. The net result of that has been a capitulation to Mr.