He has a 500 mill gain and has ridden the stock for 120 points. How much more upside can he really see versus downside risk? Do you think he expected the parabolic rise? At 80 he holds; at 100 he holds...at 180 in 3 months.....he sells. Everytime.
If Icahn really believed that this company is viable and will survive it would seem that he would be aware of the overwhelming debt and strong possibility of dilution sooner rather than later. With his finger on the pulse he can play it both ways. He had the run up and now he could if he so chooses play it on the way down then if he could do it all over again.