Shareholder to sue Motorola for documents

March 25, 2008 at 1:27 PM
share with facebook
share with twitter

SCHAUMBURG, Ill., March 25 (UPI) -- Motorola Inc. shareholder Carl Icahn said he would pursue his intention to obtain documents related to the Illinois-based company by taking his case to court.

Icahn is trying to obtain documents related to Motorola's corporate strategy on mobile phones and hiring practices for top executives, the Chicago Tribune reported Tuesday.

Icahn, who lost a proxy battle for a seat on the Motorola board a year ago, has increased his share of the company to 6 percent and is attempting to win four seats on the board this year.

Icahn contends Motorola should split from its hand-held devices business.

Icahn recently wrote shareholders company management made "empty promises," in "a year of revolving-door executives, a leadership vacuum and accelerating deterioration at Motorola's Mobile Devices unit."

"You'd spin it off and it would certainly keep the brand," Icahn told the Tribune Monday. "It's a great brand with great intellectual property. It just needs someone to run it properly."

Motorola refused Icahn's earlier request for documents because it did not "set out a proper purpose to support a right of inspection under Delaware Law."

Icahn said he would file his suit in the Delaware Chancery Court, the report said.

Related UPI Stories
Topics: Carl Icahn
Trending Stories