null (IEP, Financial) filed Quarterly Report for the period ended 2009-09-30.
ICAHN ENTERPRISES L.P. formerly American Real Estate Partners L.P. is a diversified holding company engaged in a variety of businesses. Their businesses currently include investment management metals real estate and home fashion. Icahn Enterprises L.P. is a Delaware master limited partnership. Null has a market cap of $2.83 billion; its shares were traded at around $37.85 with a P/E ratio of 28.2 and P/S ratio of 0.6. The dividend yield of Null stocks is 2.6%.
In June 2009, certain limited partnership agreements and offering memoranda of the Private Funds (the Fund Documents) were revised primarily to provide existing investors and new investors (Investors) with various new options for investments in the Private Funds effective July 1, 2009 (each an Option). Each Option has certain eligibility criteria for Investors and existing investors are permitted to roll over their investments made in the Private Funds prior to July 1, 2009 (Pre-Election Investments) into one or more of the new Options. For fee-paying investments, the special profits interest allocations will range from 1.5% to 2.25% per annum and the incentive allocations will range from 15% (in some cases subject to a preferred
The economic and withdrawal terms of the Pre-Election Investments remain the same, which include a special profits interest allocation of 2.5% per annum, an incentive allocation of 25% per annum and a three-year lock-up period (or sooner, subject to the payment of an early withdrawal fee). Certain of the Options will preserve each Investors existing high watermark with respect to its rolled over Pre-Election Investments and one of the Options establishes a hypothetical high watermark for new capital invested before December 31, 2010 by persons that were Investors prior to June 30, 2009. Effective with permitted withdrawals on December 31, 2009, if an Investor does not roll over a Pre-Election Investment into another Option when it is first eligible to do so without the payment of a withdrawal fee, it is the current intention of the Private Funds to require such Investor to withdraw such Pre-Election Investment.
The Private Funds aggregate gross performance for the three and nine months ended September 30, 2008 was a loss of -8.6% and -16.8%, respectively. During the third quarter of fiscal 2008, losses were primarily a result of the decline in the value of certain core equity holdings. During the nine months ended September 30, 2008, the Private Funds short equity exposure produced gains due to the negative performance of U.S. equity markets and decline in energy stocks. Short exposure to credit contributed to gains for the nine months ended September 30, 2008 and overall credit exposure was slightly positive.
Since inception in November 2004, the Private Funds gross returns are 66.4%, representing an annualized rate of return of 10.9% through September 30, 2009, which is indicative of a typical investor who has invested since inception of the Private Funds (excluding management fees, special profits interest allocations and incentive allocations). Past performance is not necessarily indicative of future results, particularly in the near term given current market conditions.
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ICAHN ENTERPRISES L.P. formerly American Real Estate Partners L.P. is a diversified holding company engaged in a variety of businesses. Their businesses currently include investment management metals real estate and home fashion. Icahn Enterprises L.P. is a Delaware master limited partnership. Null has a market cap of $2.83 billion; its shares were traded at around $37.85 with a P/E ratio of 28.2 and P/S ratio of 0.6. The dividend yield of Null stocks is 2.6%.
Highlight of Business Operations:
Overview Introduction Icahn Enterprises L.P., or Icahn Enterprises, is a master limited partnership formed in Delaware on February 17, 1987. We own a 99% limited partner interest in Icahn Enterprises Holdings L.P., or Icahn Enterprises Holdings. Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. Icahn Enterprises G.P. Inc., or Icahn Enterprises GP, our sole general partner, which is owned and controlled by Mr. Carl C. Icahn, owns a 1% general partner interest in both us and Icahn Enterprises Holdings, representing an aggregate 1.99% general partner interest in us and Icahn Enterprises Holdings. As of September 30, 2009, affiliates of Mr. Icahn owned 68,760,427 of our depositary units and 11,360,173 of our preferred units, which represented approximately 92.0% and 86.5% of our outstanding depositary units and preferred units, respectively.In June 2009, certain limited partnership agreements and offering memoranda of the Private Funds (the Fund Documents) were revised primarily to provide existing investors and new investors (Investors) with various new options for investments in the Private Funds effective July 1, 2009 (each an Option). Each Option has certain eligibility criteria for Investors and existing investors are permitted to roll over their investments made in the Private Funds prior to July 1, 2009 (Pre-Election Investments) into one or more of the new Options. For fee-paying investments, the special profits interest allocations will range from 1.5% to 2.25% per annum and the incentive allocations will range from 15% (in some cases subject to a preferred
The economic and withdrawal terms of the Pre-Election Investments remain the same, which include a special profits interest allocation of 2.5% per annum, an incentive allocation of 25% per annum and a three-year lock-up period (or sooner, subject to the payment of an early withdrawal fee). Certain of the Options will preserve each Investors existing high watermark with respect to its rolled over Pre-Election Investments and one of the Options establishes a hypothetical high watermark for new capital invested before December 31, 2010 by persons that were Investors prior to June 30, 2009. Effective with permitted withdrawals on December 31, 2009, if an Investor does not roll over a Pre-Election Investment into another Option when it is first eligible to do so without the payment of a withdrawal fee, it is the current intention of the Private Funds to require such Investor to withdraw such Pre-Election Investment.
The Private Funds aggregate gross performance for the three and nine months ended September 30, 2008 was a loss of -8.6% and -16.8%, respectively. During the third quarter of fiscal 2008, losses were primarily a result of the decline in the value of certain core equity holdings. During the nine months ended September 30, 2008, the Private Funds short equity exposure produced gains due to the negative performance of U.S. equity markets and decline in energy stocks. Short exposure to credit contributed to gains for the nine months ended September 30, 2008 and overall credit exposure was slightly positive.
Since inception in November 2004, the Private Funds gross returns are 66.4%, representing an annualized rate of return of 10.9% through September 30, 2009, which is indicative of a typical investor who has invested since inception of the Private Funds (excluding management fees, special profits interest allocations and incentive allocations). Past performance is not necessarily indicative of future results, particularly in the near term given current market conditions.
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