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Icahn's 'Hail Lieberfarb'

13 Oct, 2005 By: Erik Gruenwedel

Corporate raider Carl Icahn's characterization this week in an open letter to Time Warner shareholders that former Warner Home Video president Warren Lieberfarb's unexpected Dec. 11, 2002, termination was one of the media giant's major missteps, came out of left field.

Seemingly loathe lauding praise toward management of any type, especially if he owns stock in the company, Icahn's unintended admiration for Lieberfarb — widely heralded as “the father of DVD” — would appear to be more about the financial windfall the format has brought Time Warner and less about Lieberfarb's executive prowess.

Considering Icahn's disdain for corporate excess, most notably compensation and associated perks, it would be interesting to hear his view on Lieberfarb's allegation that Time Warner owes him millions in reparation and expenses, including a $25 million bonus.

That's quite a dividend headed toward the wrong shareholder.

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