When stocks and stockholders are depressed, Carl Icahn is energized.
The current market is an unlocked display case for the billionaire raider.
Drugs and movies are drawing his special attention. In recent weeks, Icahn has bought shares of drug companies Cadus Corp. and Amylin Pharmaceuticals, and the movie and TV studio Lions Gate Entertainment.
Deadline Hollywood Daily blog reported last week that Icahn also was buying up MGM debt.
On his own blog, Icahn is mum on this and other deals. He has, however, announced plans to seek three board seats at the pharmaceuticals firm Biogen Idec. A similar proxy fight with Yahoo last summer won Icahn three seats on the company board.
As Business Week notes, shareholder worries during the current crisis are likely to bolster his efforts.
“If your stock has collapsed and he can prove management shares the blame, he may get a lot of traction in a fight,” University of Delaware Charles M. Elson told the magazine.