Icahn

Trans World Airlines Chairman Carl C. Icahn and the airline's creditors have made major concessions to make the airline's pension fund viable and to guarantee jobs for its pilots, according to people involved in the talks.They said the concessions were an effort to reach an agreement on a reorganization plan that would enable the airline to emerge from bankruptcy.The people, who spoke on condition of anonymity, said Mr. Icahn had offered to guarantee personally a significant part of the fund if it should run into trouble.

WASHINGTON -- "Greenmail" -- a favorite and lucrative tactic of corporate raiders -- survived its first legal challenge in the Supreme Court yesterday.Without explanation, the court voted to leave intact a federal appeals court ruling that had blocked a claim that greenmail is a form of "white collar extortion" outlawed by the federal extortion law.The appeals court had said that a target of greenmail by corporate raider Carl C. Icahn -- Viacom International Inc. -- had suffered no damages, and thus a lawsuit seeking a tripled monetary award against him could not go forward.

NEW YORK -- Carl C. Icahn will seek to oust Thomas G. Plaskett as chairman and chief executive of Pan Am as a condition of helping the troubled carrier with a loan, an executive close to Mr. Icahn said yesterday.The executive, who insisted on anonymity, said Mr. Icahn was planning to make a formal buyout proposal to the Pan Am board in the next few days.Pan Am has maintained that despite the flurry of letters and telephone calls, Mr. Icahn has yet to make a formal offer.Jeffrey Kriendler, vice president for corporate communications at Pan Am, said Mr. Icahn was going to deliver specifics of his offer Monday morning but that "we're still waiting."

Financier Carl C. Icahn's $450 million bid for Pan Am Corp. is being dismissed by most industry experts, but some think it may trigger a new round of bidding for the troubled airline.The bid by Mr. Icahn, chairman of Pan Am competitor Trans World Airlines, would be activated only if Pan Am's existing $400 million deal with United Airlines falls apart. That deal, for Pan Am's London routes and other assets, is to be completed by midnight tomorrow.Karen Firestone, airline analyst for Fidelity Investments in Boston, said an Icahn purchase of Pan Am is unlikely, but "everyone else is making an offer, so why shouldn't Icahn?