Icahn is going after Motorola

God bless Carl Icahn, the modern day Robin Hood for American Shareholders. Icahn plans to file a lawsuit today against Motorola, Inc. (Public, NYSE:MOT) that details the strategy for turning around the biggest U.S. mobile-phone maker. Icahn owns about 6% of Motorola's stock and if there's one guy you want on your good side, it's Carl. The man is going to get his ROI on MOT shares, come along for the ride.

Motorola has been hit hard in the last year and since October 07, shares of MOT have tanked 48%:

Yet there's one guy that keeps buying up shares and taking it to the man, Carl Icahn. 

Icahn, Motorola's second-biggest shareholder, is engaged in a proxy battle with the company, proposing a slate of four directors to the board of the No. 3 phone maker which has seen its market share plummet in the last year. The Icahn Group said it has filed a lawsuit in Delaware Chancery Court, seeking documents on Motorola's mobile devices business including board discussions about the potential spinoff and the unit's performance.

"We demanded these materials for the purposes of enabling us to investigate whether and to what extent the board of directors of Motorola failed in their duties as directors," Icahn said in a letter to Motorola shareholders.

Icahn also asked for documents, if any, showing use of Motorola's aircraft and property by senior management, the board of directors and their families. Icahn holds about 6.3 percent of Motorola, according to March 5 data.

He also questioned whether Greg Brown, recently appointed as chief executive, was qualified to do the job after more than a year of missteps by his predecessors.

Fellow Masters, if there's one man who can restore value in MOT shares, it's Icahn.  He got former Motorola CEO Ed Zander to step down last year and he will win the battle to either break-up the company, sell it piece by piece or get his people running the show. But above all -- increase the $9 share price.

SOURCE: Reuters.com

Disclaimer: The Author does not own any positions in MOT.