ICAHN SAYS HE IS TARGET OF SEC INVESTIGATION

  Corporate raider Carl Icahn
  acknowledged that he is one of the targets of an investigation
  by the Securities and Exchange Commission into possible
  violations of securities laws.
      Icahn, who heads and controls Trans World Airlines Inc
  &lt;TWA>, made the acknowledgement in a filing TWA was required to
  make with the SEC disclosing its 14.8 pct stake in USAir Group.
      The SEC issued a formal order launching the private
  investigation on Nov 12, 1986, Icahn said in the SEC filing.
      The order empowers SEC investigators to try to find out
  whether any persons, including Icahn, violated securities laws
  and related rules, Icahn said.
      Specifically, the probe is examining the acquisition and
  subsequent sale of more than five pct of the stock of certain
  unspecified companies, he said.
      Federal law requires individuals or groups of individuals
  who have made shareholder agreements, to disclose stakes in
  companies of at least five pct within 10 days.
      Icahn has acknowledged that he has been subpoenaed in
  connection with SEC probes, but this is the first time he has
  disclosed that he is among those being investigated.
      By making the disclosure in a filing with the SEC, which is
  obviously already aware of its own probe, Icahn was also
  alerting current and potential shareholders of TWA.
      It is not uncommon for companies which are aware that they
  or their officers are the targets of government probes to
  acknowledge the existence of the otherwise secret
  investigations to fulfill their legal disclosure requirements
  to their shareholders.
      Icahn said the SEC is looking into whether he and others
  whom he did not name violated securities laws by acquiring and
  selling more than five pct of a company's stock.
      SEC investigations into those kinds of possible securities
  law violations have been spawned by the agency's widening probe
  into the Wall Street insider trading scandal, according to
  published reports.
      Making late filings of 13D forms, which disclose the amount
  of stock over five pct an investor has in a company, or making
  no filing at all could indicate a scheme to "warehouse" shares
  of stock.
      In a warehousing scheme, a group of investors acting in
  concert would each amass stock in the company without
  disclosing that they have an agreement among them.
      By failing to disclose that they are acting together the
  market is unware of the amount of stock of a company that is
  controlled by a group acting in concert.
      Last year, the SEC charged members of the wealthy Belzberg
  family of Canada with taking part in a warehousing scheme while
  it was accumulating stock in Ashland Oil Inc.
  

