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        <title><![CDATA[Carl Icahn takes $1.8 billion loss as he dumps stake in bankrupt Hertz]]></title>
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        <link>https://usagag.com/2020/05/28/carl-icahn-takes-1-8-billion-loss-as-he-dumps-stake-in-bankrupt-hertz/</link>
        <lastBuildDate>Thu, 28 May 2020 15:37:16 +0000</lastBuildDate>
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            <media:title type="html">Carl Icahn takes $1.8 billion loss as he dumps stake in bankrupt Hertz</media:title>
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        <content:encoded><![CDATA[<p>Carl Icahn exited Hertz like a stuntman abandoning a burning car &#8212; and he suffered some nasty cuts and bruises on his way out.</p><p>The billionaire investment tycoon took a loss of more than $1.8 billion as he dumped his entire stake in the bankrupt rental-car company in recent days, according to court filings.</p><p>Icahn, 84, sold his 55.3 million Hertz shares at 72 cents apiece for just under $40 million on the heels of the Florida-based firm&#8217;s <strong>bankruptcy filing</strong>, records show. That looked like a pittance, given that he had amassed the 39-percent stake over a six-year period for an aggregate price of $1.88 billion, according to a March securities filing.</p><p>Icahn acknowledged that he dumped his position at a &#8220;substantial loss&#8221; that he did not quantify. But he left the door open to investing in Hertz again once it emerges from the Chapter 11 bankruptcy process.</p><p>&#8220;I believe that based on a plan of reorganization that includes new capital, Hertz will again become a great company,&#8221; Icahn said in a <strong>statement</strong> Wednesday. &#8220;I intend to closely follow the company’s reorganization and I look forward to assessing different opportunities to support Hertz in the future.&#8221;</p><p>Hertz shares plunged as much as 20.6 percent Thursday to $1.04 following news of Icahn&#8217;s exit. The Icahn Enterprises founder had invested in the 102-year-old company since 2014.</p><p>Hertz filed for bankruptcy protection last Friday as the coronavirus pandemic ravaged its car-rental brands. Wall Street sources have said the company could be sold for parts as its various components could fetch more than $2 billion, <strong>The Post reported last week</strong>.</p>]]></content:encoded>
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