Carl Icahn thinks there's only one person who should run Motorola Inc. and that's Carl Icahn.
As a result, it's doubtful the billionaire investor, who has been dueling with Motorola management since last year, will be placated by the company's plan to split itself into two publicly-traded companies--a cell phone business and a company that sells cable TV set-top boxes and other electronic devices.
In many ways, a company bust-up is what Icahn has been advocating since he started wolfing down about six percent of Motorola shares while baring his teeth at management. In recent days, Icahn has sued the company to obtain crucial documents, which he intends to use in an attempt to win four seats on Motorola's board.
Why would Icahn allow the management he's been fighting to run either company? Already his handiwork helped oust Ed Zander as Moto's CEO so why stop there?
Instead, Icahn may seek to have himself, or a proxy like his son, head one or both of the newly-formed companies. Or maybe he'll say forget about a restructuring, push for an outright sale of the company and move on.
Right now, Icahn is mum about the proposed Motorola split. But chances are he's only begun to fight.