Welcome to the sixteenth Pari Passu newsletter,

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Today, we will learn more about:

1. Summary of Hindenburg Research short report on Icahn Enterprises

2. Fiduciary duties in M&A

Hindenburg Research shorts Icahn Enterprises

I think that most readers of this newsletter have already heard about Hindenburg Research, an investment research firm with a focus on activist short-selling which this year has already targeted Adani Group and Square. This past Tuesday, the firm published a report on Icahn Enterprises (IEP), the holding company run by one of the most corporate raider and activist investors ever - Carl Icahn.

This is truly fascinating, an activist investor initiating a campaign against on another activist investor. I highly recommend everyone to read this report as it is very easy to understand and the thesis is straightforward. I included below my notes with some comments. Let’s dive in.

Hindenburg Research believes IEP stocks are overvalued for 3 keys reasons:

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