That's a lot of dough by anyone's standards. His average price is around $16.50 give or take a few cents. He has 17% of his 20% allocation, using options he can lower his cost some more. I don't believe Icahn's an idiot, his body of work speaks for itself. NUAN is looking interesting at these levels below Icahn's cost.
With options that's how. Back in August he excersized options to purchase close to 21 million shares at $12.30 per share. During that period the stock traded in th $19 range. Carls in this stock in the
$15.25 range according to current public records prior to the latest filing. Hope that answers your question. Carl's said over and over that all of his positions are hedged. He don't make naked purchases.