Acf Industries Inc

Trans World Airlines said Wednesday that it was selling half of its Texaco and Pennzoil holdings to ACF Industries for a $30-million profit, in a shuffling of assets between two companies controlled by TWA Chairman Carl C. Icahn. TWA said the move would spread its risk for holding the investments to other entities and strengthen TWA for any role it decides to take with Texaco.

Trans World Airlines said Wednesday that it was selling half of its Texaco and Pennzoil holdings to ACF Industries for a $30-million profit, in a shuffling of assets between two companies controlled by TWA Chairman Carl C. Icahn. TWA said the move would spread its risk for holding the investments to other entities and strengthen TWA for any role it decides to take with Texaco.

Icahn Resigns as TWA Chairman: Carl C. Icahn turned over ownership of Trans World Airlines Inc. airline to its creditors and union employees, ending a tumultuous seven-year reign at the carrier. Icahn, the airline's owner since 1986, stepped down from his positions as chairman and chief executive and surrendered his 90% stake in TWA's common stock and his unspecified holdings of preferred stock. The investor, whose other holdings include railroad car leasing company ACF Industries Inc.

Corporate raider Carl C. Icahn and a group of companies that he controls said Thursday that they have acquired 20.5% of the stock of Trans World Airlines and are considering a merger or "business combination." TWA immediately labeled Icahn's presence both "uninvited and undesirable" and vowed to fight any takeover attempt. In a filing with the Securities and Exchange Commission, the New York investor said he and the companies he heads "may explore the possibility of ACF Industries Inc.

Investor Carl C. Icahn bid $1.18 billion in cash Friday for the assets and debts of bankrupt E-II Holdings. Icahn already owns 31.5% of the company, the parent of Samsonite luggage, Culligan water softener, Botany 500 men's suits and McGregor apparel. Icahn has been seeking control of E-II since he purchased some of its debt in early 1992. The financier said the company's plan to emerge from Chapter 11 of the federal Bankruptcy Code is "unfair to the junior creditors."

Texaco Inc. on Monday filed a reorganization proposal designed to settle its multibillion-dollar dispute with Pennzoil Co. and bring the company out of bankruptcy by early spring. The filing came as Texaco's largest shareholder, financier Carl C. Icahn, announced that he had raised his ownership stake in the company to match the 12.3% voting control he had been wielding over Texaco's stock.