Icahn Looking to Pilot JetBlue, While Peltz Confuses Wall Street by Paring DIS Stake 

Carl Icahn has finally come out of hiding since Hindenburg’s short report crushed Icahn Enterprises shares (down nearly 60%) last spring. In a new 13D filing, Icahn revealed a 10% stake in JetBlue and called the airline “undervalued,” a move that came one month after the DOJ blocked JetBlue’s planned acquisition of Spirit Airlines.


The move of course harkens back to Icahn’s last go-round in the airline industry, when he levered up and took Trans World Airlines private in 1988. If our readers can recall the days of Drexel Burnham and Guns n’ Roses, you might also remember Icahn’s bruising battle for TWA, whose bankruptcy was left on Icahn’s doorstep. 


Speaking of octogenarian activists from Palm Beach, what is Nelson Peltz up to? David Faber of CNBC pointed out that Nelson Peltz’s Trian actually sold Disney stock in the fourth quarter, according to Trian’s 13F, a highly unusual move when you are trying to convince shareholders to vote for you. Faber suggested Peltz may be facing redemptions at Trian.


Elsewhere in activism and governance, many eyes are watching the Exxon situation. ExxonMobil was hit with a motion to dismiss its case against climate activists Follow This and Arjuna Capital, who argue that Exxon’s relentless litigation is “bullying” shareholders. The Deal’s Jean Haggerty suggests that Exxon’s suit may be “putting a G where an E could be,” attracting unwanted attention from ISS and Glass Lewis as the company dips into the corporate coffers to sue shareholders for unwanted proposals.


Have a great weekend,

GPP Team 


CNBC: 13F Filing Insights: Here’s What Investors Should Know

Jay Woods, Freedom Capital Markets chief global strategist, discusses the key takeaways from the latest 13F filings with the Squawk Box anchors. Watch Here

The Wall Street Journal: A Tiny Hedge Fund Is Becoming a Thorn in the Side of Energy Giant BP

Jenny Strasburg profiles Bluebell Capital Partners, the activist fund currently challenging BP over its renewable energy strategy and calling for greater cash returns to shareholders. Read More


Bloomberg: Experienced CEOs Aren't the Safe Bet Boards Think They Are

Opinion columnist Beth Kowitt examines the trend of companies increasingly hiring older, repeat CEOs as "safe" choices, citing data from Spencer Stuart. That research illustrates that within the S&P 500, seasoned leaders are being outperformed by their first-time peers. Read More

Fortune: BlackRock’s Push for Shareholder Democracy May Undercut Its Devotion to Stakeholder Capitalism

Peter Vanham and Nicholas Gordon unpack BlackRock's decision to expand its 'Voting Choice' program as a commitment to promoting shareholder democracy, as well as a protective measure to potentially shield the asset manager from accusations that it promotes ESG policies. Read More

DealBook Newsletter: Elon Musk Extends His Anywhere-but-Delaware Campaign

DealBook covers Elon’s latest move to distance himself from Delaware by moving the incorporation of SpaceX to Texas. Read More


The Wall Street Journal: Permian Rivals Reach Deal to Create $50 Billion Oil-and-Gas Behemoth

Lauren Thomas and Laura Cooper broke the news this week that the oil and gas giant Diamondback Energy announced a $26 billion deal to acquire its Permian Basin neighbor Endeavor Energy Resources. Read More

Bloomberg: Energy M&A Boom Is Just Getting Started, Enbridge CEO Ebel Says

The Enbridge CEO says the U.S. is reaching a peak in interest rates and forecasts an uptick in oil and gas dealmaking as a result of monetary policy easing. Read More

Financial Times – Lex: Let’s Make a Deal

Helen Thomas forecasts a rebound in dealmaking for 2024, citing recent strategic moves in the US energy sector, potential consolidation in European banking and the success of market darlings like Stellantis as indicators of an active M&A landscape. Read More


Bloomberg: Roark Weighs IPO of Dunkin’, Arby’s Owner Inspire Brands

Crystal Tse and Ryan Gould report that private equity firm Roark Capital, which took Dunkin’ private at $11 billion in 2022 and rolled it into Arby’s and Jimmy John’s restaurant group Inspire, is considering an IPO of the trio for a potential value of up to $20 billion. Read More


Axios: FTC Chair Khan: Stop Monopolies Before They Happen

Sara Fischer covers Lina Khan's thoughts on the latest FTC focus, AI, a space which she believes will open up markets and competition so long as Big Tech companies are checked ahead of time. Read More

Bloomberg: Diamondback Deal Poses Next Test for FTC Scrutiny of Oil Mergers

Danielle Kaye highlights that recent FTC inquiries into oil and gas acquisitions could spell trouble for what would be the largest Permian tie-up between Diamondback and Endeavor. Read More


GPP was out and about the last couple of weeks despite the snow and cold. Amid a bull market in great, high-end Korean restaurants, we visited Moono, a new restaurant right off of Fifth Avenue and 32nd St. run by the team from Michelin-starred Jua, another great spot.

We also went to see “Jonah,” by the Roundabout Theatre Company. It’s an intense one-act play about a young woman with a set of relationships, we’ll leave it there. A date night idea – maybe for the upcoming three-day weekend – is Jonah followed by a late snack at the bar at Marea on Central Park West.

Lastly, GPP is going to the Tina Fey-Amy Poehler “Restless Leg” Tour in New York City’s Beacon Theatre on the Upper West Side, so we’ll give our review next week.


  • Delaware Vice Chancellor Sam Glasscock III will retire from Delaware's Court of Chancery by the end of the year. Read More

  • Ben Eisen was promoted to Deputy Bureau Chief, Personal Finance at The Wall Street Journal based in New York. Read More

  • Donald Mackenzie, CVC Capital Partners’ co-founder, is stepping down from his role as co-chair. Read More

  • Former UBS global head of technology banking, Ryan Lund, is joining Houlihan Lokey as co-head of US technology and global co-head of software. Read More

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