TRO Issued Against Icahn Tender vs. Reliance

The Wall Street Journal reported that U.S. District Judge Alvin K. Hellerstein in Manhattan issued a temporary restraining order preventing financier Carl Icahn from proceeding with a tender offer for Reliance Group Holdings Inc.'s bonds has been extended until the court holds another hearing Friday. The order was issued as a part of a lawsuit filed Friday by Reliance (RELH) which claims that Mr. Icahn's offer contains misleading statements and omits key information relative to his tender offer for the purchase of Reliance bonds. Mr. Icahn owns about 30% of the company's $237.5 million in ...