No. of Recommendations: 1
More links on IEP make an interesting story. Reminds me of some of the shenanigans of the early 2000's, but on a smaller scale.
"Icahn Enterprises (IEP) is an ~$18 billion market cap holding company... Our research has found that IEP units are inflated by 75%... Most closed-end holding companies trade around or at a discount to their NAVs... As a result of the company's elevated unit price, its annual dividend rate equates to an absurd 50.5% of last reported indicative net asset value... The dividend is entirely unsupported by IEP's cash flow and investment performance, which has been negative for years. IEP's investment portfolio has lost ~53% since 2014. The company's free cash flow figures show IEP has cumulatively burned ~$4.9 billion over the same period... Given that the investment and operating performance of IEP has burned billions in capital, the company has been forced to support its dividend using regular open market sales of IEP units through at-the-market (ATM) offerings, totaling $1.7 billion since 2019."
https://hindenburgresearch.com/icahn/"After the short report was released, the U.S. Attorney's Office for the Southern District of New York inquired about the company's corporate governance, capitalization, securities offerings, dividends, valuation, marketing materials, due diligence, and other materials."
https://www.marketbeat.com/originals/is-this-the-c..."We incurred $5,849,121 and $5,582,246 in audit fees and expenses from Grant Thornton LLP for 2022 and 2021, respectively."
https://www.sec.gov/ix?doc=/Archives/edgar/data/81..."Grant Thornton LLP is the sixth largest U.S. accounting and advisory organization."
https://en.wikipedia.org/wiki/Grant_Thornton_LLP 