[caption id="attachment_6978" align="alignleft" width="248" caption="Carl Icahn"][/caption] Carl Icahn’s Icahn Capital disclosed on November 14th for its insider purchase of 250 thousand shares in Tropicana Entertainment Inc. (TPCA). The Form 4 filing shows Carl Icahn bought the shares at $14.3 per share on November 10th, and now takes 16.47 million shares in TPCA, giving a nearly 62.6% activist stake. Previously Carl Icahn reported 16.22 million shares or 61.65% activist stake in TPCA at the end of August. So this is just a small expansion in his position. Now TRPA had lost 5% in 2011, and is trading at $14.5.
Carl Icahn is an American business magnate and legendary corporate raider. He began his career on Wall Street in 1961. In 2007, he founded Icahn Capital LP, which is a wholly-owned subsidiary of Icahn Enterprises L.P. Carl Icahn recently announced that he will be returning $1.76 Billion back to his investors. He will continue investing his own money. He is an excellent insider to imitate because his moves are usually bigger than an average hedge fund's and he has to report them more promptly on 13D forms because he usually takes activist positions.
According to Yahoo! Finance, Tropicana Entertainment Inc. “owns and operates casino gaming properties in the United States. It also manages hotels. As of December 31, 2009, the company operated three casinos in Nevada; three casinos in Mississippi; and one casino in each of Indiana, Louisiana, and New Jersey with approximately 9,500 slot machine positions and 350 table games. Its properties consisted of approximately 435,000 square feet of gaming space and 5,866 hotel rooms. The company is headquartered in Las Vegas, Nevada. As of November 15, 2010, Tropicana Entertainment Inc. operates as a subsidiary of Icahn Enterprises, L.P.”