Icahn Enterprises Confirms Arrangements With Brett Icahn, David Schechter

(RTTNews) - Icahn Enterprises L.P. (IEP) confirmed that the co-manager agreements with Brett Icahn and David Schechter, co-managers of the Sargon Portfolio, expired on July 31, 2016 in accordance and in full compliance with their terms and conditions.

Carl C. Icahn, Chairman of Icahn Enterprises, stated: "For the past seven years, Brett, David and I have maintained an extremely successful and mutually beneficial portfolio management arrangement."

It is anticipated that the co-managers will again manage a new portfolio of investments for Icahn Enterprises under new co-manager agreements in the future, the terms of which are being actively negotiated by Carl C. Icahn, Brett Icahn and David Schechter.

The new co-manager arrangements have not been finalized as of this time primarily because of the shared opinion of Carl Icahn, Brett Icahn and David Schechter that current market valuations do not provide an opportune time to embark on large new investments.

In the interim, as discussions continue and market conditions evolve, both Brett Icahn and David Schechter have entered into consulting agreements with Icahn Enterprises under which they will exclusively provide Carl C. Icahn investment advice with respect to his investment strategy for the Investment segment and with respect to capital allocation across Icahn Enterprises' various operating subsidiaries.