Icahn, Seth Klarman and other knowledgable investors with due diligence staffs see a stock tradIng in the high 4s throughout January and most of February and think "Let's just pull the cash out of this and get the royalty income over the next few years and we can net all of 3.60 to 3.80 a share!"
Knowledgable investors, yikes, Ichan and Klarman are running the ship they have 50% of the active, traded, shares! The downward price of the stock is totally in their control and interest at this point. 6-8 months would loved to have sold it on the open market and escaped the disaster they have in large part created, or at least Icahn has, of Enzon. Since they couldn't get their money back the old fashion way,, they're going to now buy low, and from cash strapped small fries, and recoup their losses by owning a bigger part of the assets. Assets which they are not publicly explaining the value of on purpose, and which if they're totally successful at they'll claim are worth squat and sneak them out the back door, or figure out some other way to get the loot, like the ridiculous lease arrangement we're paying on.
I don't see Klarman and Icahn as two heads on the same body. Klarman has 4 entities invested in this stock. He also was an investor in PDL Biopharma. They sold the clinical side and retained the royalty side. Is the clinical side worth nothing here? Wasn't Pfizer said to be interested at one time? That was a long strategic review to just say let's abandon the company and just divvy up the cash.