Icahn Enterprises: Refinancing And NAV Drop Accentuate Risks For Distribution

Neilson Barnard In our last coverage of Icahn Enterprises L.P. (NASDAQ:IEP), we pointed out that the distribution was nowhere near safe, despite the large initial cut. We expected another one within a year and felt the risks were materially skewed to the downside. Investors have put those warnings on snooze and the stock is flat since then, providing a nice, albeit market-lagging, total return.   Seeking Alpha With an estimated NAV out from the company and immediate refinancing risks behind it, we updat ...