Ackman vs. Icahn feud rages again

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The William Ackman vs. Dan Loeb feud over Herbalife seems rather cordial on the surface.

It comes across as a rather professional difference over valuation and the legitimacy of a company's business model. You do not get the sense that it is personal. But it's another story when it comes to the feud between Ackman and Carl Icahn, who has chosen to use Ackman's Herbalife tactics to revive their antagonism.

Their personal acrimony, according to Bloomberg, stretches back to 2003. It notes that Akman, "agreed to sell Icahn a 15 percent stake in Hallwood Realty Partners at $80 a share."

The deal included a contract provision that allowed Ackman's investors a share of any profits if the stock was sold for a profit within three years. But Ackman alleged that Icahn refused to pay the nearly $5 million owed to investors after the sthares were sold a year later. The debt was settled in 2011.

Just recently, Icahn has decried Ackman's tactics on Herbalife and Ackman's offer to give any profits from the trade to charity. If you want to be in the business of exposing sham companies for the public good, "why don't you join the SEC," he suggested to the news service. He added that he didn't like or respect Ackman.

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