Icahn just disclosed his purchase from Berkowitz. Didn't he make the purchase back in about March? If so he may own more shares that have not been disclosed yet. maybe more from Berkowitz or on the open market or Ackman or.... I don't have any idea what strategy that plays into. Just a thought.
All we can confirm is that Ichan purchased 51 billion worth from Berko at 4.04 and 4.03 and that was dated 11 March, the day the share price crashed from 6+ down to 3.25 The share price has been above and below the 4.04 and 4.03 point many times since the Ichan purchase. I speculate Ichan added to his initial position and his average is below the purchase price to Berko and his share counts are much higher. At some point we will know what the real deal is with Ichan, I say he is in it to win it.
Icahn got his shares from Berkowitz for around $4. Ackman bought his for WAY less, on the cheap. Ackman needs a HUGE gain to offset gigantic hits he took long on JCP and short on Herbalife. Icahn is having a fabulous year on earlier trades including long positions in AAPL and Herbalife. Carl doesn't need the high risk/reward.
It's the same reason Berkowitz went so deep in FnF. He got killed by buying about 25% of Sears Holdings. one of the worst dogs in Wall Street history, IMO. He is at risk of losing both momentum and fund investors without some massive reversal of fortunes.