[refurb]

That doesn't make any sense. Icahn is a shareholder himself and he mainly makes his money through share appreciation. If the share price goes up, all shareholders benefit.

I don't know enough about the TWA business dealings, but sometimes a company is more valuable broken up.

[protomyth]

Did you read the article you linked to with the stock buy-back, ticket sales, and then tanking it in Chap 11? That didn't benefit the other shareholders.