Icahn Enterprises Sees Two-Decade-Old Bankruptcy Case Reopen
- Cape Cod golf course community resists membership increase
- Residents seek court order holding property owner in contempt
Billionaire activist investor Carl Icahn.
Photographer: Victor J. Blue/BloombergThis article is for subscribers only.
A judge reopened an almost two-decade-old bankruptcy case involving a unit of billionaire Carl Icahn’s holding company, saying it unilaterally raised dues and fees for residents of a Cape Cod golf course community in violation of a court order.
Residents of the community complained that New Seabury Properties, which owns their golf courses and other property, may have violated the bankruptcy order by “failing to consult with the members” or “obtain their input” before announcing plans to change the terms of member contracts. New Seabury is a subsidiary of Icahn Enterprises LP, a holding company for which Icahn is the chairman, and bought the property out of bankruptcy in 1998.