Icahn's funds post first loss

It looks like Eddie Lampert has good company when it comes to money-losing hedge funds because Carl Icahn's hedge funds posted their first quarterly loss since their inception three years ago, thanks to bad results at Lear Corp. and WCI Communities Inc., according to a Nov. 9 SEC filing.

The funds managed by Icahn Capital Management LP together fell 1.5% in the third quarter. The firm reversed more than $27 million of incentive fees as a result of the drop, according to the filing by Icahn Enterprises LP, parent of the fund management business, according to a Bloomberg report.

The loses were attributed to bad bets on auto parts maker Lear and homebuilder WCI, two companies Icahn unsuccessfully attempted to acquire. — Matthew Wurtzel

See story from Bloomberg
See Dealscape: Lampert's investments drive up loses
See TheDeal.com: Icahn on WCI board slate
See TheDeal.com: Lear says no to Icahn
See Dealwatch: Carl Icahn

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