In a new SEC filing, Carl Icahn disclosed option activity in Temple Inland (TIN)
From the filing:
“On February 15, 2008, the Reporting Persons: (i) sold call options, with an
exercise price of $19.9234 per share and an expiration date of February 20,
2008, with respect to 4,510,556 Shares in the aggregate, and received aggregate
consideration of $4,510.56; and (ii) purchased call options, with an exercise
price of $12.65 per share and an expiration date of October 17, 2008, with
respect to 4,510,556 Shares in the aggregate, and paid aggregate consideration
of $21,542,415.46 (including commissions). “
Icahn now “may be deemed to beneficially own, in the aggregate, 10,366,491 Shares (including Shares underlying call options), representing approximately 9.77% of the Issuer’s outstanding Shares (based upon the 106,071,167 Shares stated to be outstanding as of September 29, 2007 by the Issuer in the Issuer’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on November 7, 2007. “
Also,
“The Reporting Persons have entered into a number of derivative agreements,
commonly known as Total Return Swaps, with counterparties, which agreements
provide that the profit to the Reporting Persons shall be based upon the
increase in value of the Shares and the loss to the Reporting Persons shall be
based upon the decrease in the value of the Shares, during the period from
inception of the applicable agreement to its termination. The agreements provide
that they settle in cash. In addition to the Shares which they beneficially own
as shown in Item 5 above, the Reporting Persons currently have long economic
exposure to an aggregate of 5,866,778 Shares through such agreements.”
This would bring Icahn’s total economic exposure in Temple shares to 15.2%
Disclosure (“none” means no position): None
