Carl Icahn, the dissident investor forever challenging the Time Warner board has just been given a rather juicy morcel by AOL founder Steve Case. Case came out a few days ago saying that he backed Icahn's call for Time Warner to be split up into 4 and indeed suggested the idea to the board, when he was a board member, back in June. After the board disagreed, Case apparently resigned.
So Icahn has now gone public asking for the board to justify the reasons why they rejected Steve Case's suggestion. He is asking for board minutes and any analysis undertaken to justify their decision.
Finally, Icahn seems to have an issue that could put the current Time Warner board on the back foot. They had better have some good reasons for keeping the group together other than the usual coporate mumbo jumbo synergy, startegic...
The irony of all this is that Icahn may finally get Parsons off the fence and explaining his vision for the combined group. He seems to believe in it strongly and we here support the idea of keeping his content businesses and AOL together (not the cable business though). So, Mr Parsons, it seems you have plenty of supporters, you just need to communicate your strategy and vision for Time Warner more clearly to us all.
Icahn may force you to do that now in which case he has strangely done you a favor.
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