Originally Posted by
gottagetout
He will pressure management to sell unencumbered assets. Aside from the mess he caused at TWA, I think and I could be wrong, but I think he has a history of doing just that.
Yes exactly. NK is protected in a way since most of their assets are leased and not easily sold or leveraged to raise cash.
Icahn can even leverage assets like slots to raise cash to pay dividends to JBLU shareholders (his own pocket). Then when he’s done leveraging everything he sells his stake and JBLU flounders under the debt load, eventually going into BK to shed those obligations and likely losing some of those assets in the process.