A source familiar with Carl Icahn's operations confirmed what the billionaire investor would not: Icahn's publicly traded company, American Real Estate Partners(ACP Quote), is sitting on a $66 million paper loss on an ill-fated short bet against USG(USG Quote) initiated in late 2004.
Shares of USG, a Chicago-based building-material manufacturer specializing in wallboards, soared from the mid-$30s in December 2004 to nearly $122 in April 2006.
Rumblings of Icahn's short stake in USG started last week when Bloomberg reported the $66 million loss and speculated USG was the target.
In an exclusive interview with TheStreet.com, Icahn neither confirmed nor denied USG was the target. He did, however, openly criticize USG's stock. That being said, without specifying the company, Icahn confirmed there is a $66 million paper loss from a short sale, and expressed a negative view on the wallboard sector, suggesting excess supply could depress earnings. ...
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