Carl Icahn, believing that the value of Time Warner (TWX) is underestimated by a significant amount, is now trying to get a larger stake in the company through creating a new fund for that sole purpose.
He sent a letter on Tuesday to current investors in his fund saying that, “Time Warner’s stock has proven frustrating, but we continue to hold the stock and feel, as strongly as ever, that a significant gap 
exists between Time Warner’s intrinsic asset value and its share price.”
With his current fund already having 27% of their holding in Time Warner, Icahn said that he wouldn't feel comfortable with increasing that percentage any higher.
It's hard to tell if he just sending another statement to the Time Warner board, or is a floating a trial balloon to see how the winds of opinion are blowing.
With his last proxy battle to oust the company’s board not garnering enough support, he may be searching to see where things are at now that the company has dropped 10 percent in share price since that skirmish.
In his letter to investors, he said that only those who are in his current fund will be offered the opportunity to invest in the new special-purpose fund. He must receive permission from his current investors to be able to create the new fund.
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