Carl Icahn runs Icahn Capital, the money-management arm of his Icahn Enterprises holding, which he has led as chief executive since 2007. Born in 1936, he studied philosophy at Princeton, graduating in 1957, drifted through medical school and military service, and started on Wall Street in 1961 as a stockbroker at Dreyfus Corporation. In 1968 he founded his own firm, Icahn & Co., built around risk arbitrage and options trading—the early schooling for the activist style that came to define him.
Icahn hunts for undervalued companies where management's interests have drifted from shareholders', builds large stakes, and then pushes hard: board seats, sell-offs, cost cuts, leadership overhauls. In the 1980s this earned him the "corporate raider" label, and his most retold chapter is the 1985 hostile takeover of Trans World Airlines, which he later took private, clearing a $469 million profit while leaving the airline drowning in debt. Later campaigns carried him into Apple, Netflix, eBay, Motorola, Time Warner, and Herbalife; his 2012 Netflix stake alone returned more than $800 million within a year.
Since 2011 Icahn has stopped managing money for outside investors, funding Icahn Capital's positions with his own and his partners' capital instead. He joined the Giving Pledge in 2010, committing to give away more than half his fortune.
Item 4 of the Original 13D is hereby amended and supplemented as follows:
On March 25, 2026, in connection with the closing of the previously announced Merger between the Issuer and Viskase Companies, Inc. ("Viskase") and pursuant to the terms of the IEH Support Agreement, the Reporting Persons exchanged 39,277 shares of Preferred Stock for 5,658,396 shares of the Issuer's Common Stock.
On March 26, 2026 (the "Closing Date"), the Issuer completed the Merger with Viskase pursuant to the Merger Agreement. In connection with the Merger and pursuant to the Merger Agreement, the Reporting Persons received 7,407,489 shares of the Issuer in exchange for 150,810,078 shares of Viskase. Robert Flint, Colin Kwak, and Dustin DeMaria were appointed to the Issuer's board of directors in connection with the closing of the Merger. Mr. Flint is the Chief Accounting Officer of Icahn Enterprises L.P. Mr. Kwak is the head trader at Icahn Capital LP, an affiliate of the Reporting Persons. Mr. DeMaria is a Senior Analyst at Ichan Enterprises L.P., an affiliate of the Reporting Persons.
The Reporting Persons acquired their positions in the shares of Common Stock in the belief that they were undervalued and represented an attractive investment opportunity.
On November 10, 2025, the Reporting Persons and certain of their Affiliates and Mr. Dustin DeMaria entered into a Director Appointment and Nomination Agreement (the "Nomination Agreement") with the Issuer pursuant to which and subject to the terms therein, among other things, (i) the Issuer appointed Mr. DeMaria to its Board of Directors with such appointment effective on November 10, 2025, (ii) the Issuer agreed to include Mr. DeMaria, as a designee of the Reporting Persons, on the Issuer's slate of director nominees for election at the 2026 annual meeting of the Issuer's stockholders, and (iii) the Reporting Persons have agreed not to take certain actions with respect to the Issuer during the periods described in the Nomination Agreement. The foregoing description of the Nomination Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Nomination Agreement, a copy of which is filed herewith as an exhibit and incorporated herein by reference.
Subject to the terms of, and the limitation set forth in, the Nomination Agreement, the Reporting Persons may from time to time and at any time: (i) acquire additional shares of Common Stock and/or other securities and/or instruments (including equity, debt or other securities or instruments) of the Issuer (or its affiliates) in the open market, in privately negotiated transactions, or otherwise; (ii) dispose of any or all of their shares of Common Stock and/or other securities and/or instruments of the Issuer (or its affiliates) in the open market, in privately negotiated transactions, or otherwise; (iii) enter into swap and/or other derivative transactions with broker-dealers and/or financial institutions counterparties with respect to the securities of the Issuer (or its affiliates) which may be deemed to either increase or decrease the Reporting Persons economic exposure to the value of the shares of Common Stock or other securities of the Issuer); and/or (iv) engage in any other hedging or similar transactions with respect to the shares of Common Stock and/or other securities or instruments of the Issuer.
Other than as set forth above, the Reporting Persons do not have any plans or proposals as of the date of this filing which relate to or would result in any of the actions enumerated in Item 4 of the instructions to Schedule 13D.
Item 4 of the Schedule 13D is hereby amended to add the following paragraph at the end thereof:
On July 22, 2025, in connection with the appointment of Mr. Brett Icahn to the Board of Directors of the Issuer, the Reporting Persons and the Issuer entered into a confidentiality agreement, a copy of which is filed herewith as an exhibit and incorporated herein by reference.
On June 17, 2025, the Reporting Persons entered into a Block Trade Purchase Agreement (the "Purchase Agreement") with the Issuer pursuant to which the Reporting Persons agreed to sell to the Issuer an aggregate of 14,286,505 Shares, at a price of $17.58 per share. In accordance with the terms of the Nomination Agreement, the two Icahn Designees (as such term is defined in the Nomination Agreement) resigned from the Issuer's board of directors effective as of June 17, 2025. In connection with the transactions contemplated by the Purchase Agreement, the Issuer and the Reporting Persons mutually agreed to terminate the Nomination Agreement effective as of June 17, 2025. The foregoing description of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the Purchase Agreement, a copy of which is filed herewith as an exhibit and is incorporated herein by reference.
Item 4 of the Initial 13D is hereby amended and supplemented as follows:
The previously announced Rule 10b5-1 plan entered into by American Entertainment Properties Corp. ("AEP") with respect to the Units of the Issuer expired pursuant to its terms on June 1, 2025. On June 3, 2025, AEP entered into a new trading plan (the "10b5-1 Trading Plan") pursuant to Rule 10b5-1 under the Act. The 10b5-1 Trading Plan provides that Jefferies LLC (the "Broker") may make periodic purchases of up to an aggregate of 227,726 Common Units on behalf of AEP beginning on July 3, 2025. The amount and timing of purchases, if any, pursuant to the 10b5-1 Trading Plan will be determined based on the terms of the 10b5-1 Trading Plan, market conditions, unit price and other factors. The 10b5-1 Trading Plan will terminate at the earlier of the execution of all purchase orders pursuant to the 10b5-1 Trading Plan or February 21, 2026, or when the 10b5-1 Trading Plan is otherwise terminated pursuant to its terms. The foregoing summary is qualified in its entirety by reference to the 10b5-1 Trading Plan, a copy of which is filed as Exhibit 10 to this Amendment No. 5, and which is incorporated herein by reference.
