Insider Trading: Carl Icahn’s Icahn Capital Bought 648 Thousand Shares in $TPCA

Carl Icahn’s Icahn Capital revealed its insider purchase of 648 thousand shares in Tropicana Entertainment Inc. (TPCA). The Form 4 filing shows Carl Icahn made the purchase at $14.3 on November 17th, so now Icahn Capital retains about 17.12 million shares in TPCA, giving him 65.06% activist stake. Previously Carl Icahn bought 250 thousand shares in the stock on November 10th at the same price. So it seems Carl Icahn is buying TPCA continuously. TPCA is now trading at $14.50, losing 5% in 2011.

Carl Icahn is an American business magnate and legendary corporate raider. He began his career on Wall Street in 1961. In 2007, he founded Icahn Capital LP, which is a wholly-owned subsidiary of Icahn Enterprises L.P. Carl Icahn recently announced that he will be returning $1.76 Billion back to his investors. He will continue investing his own money. He is an excellent insider to imitate because his moves are usually bigger than an average hedge fund’s and he has to report them more promptly on 13D forms because he usually takes activist positions.

According to Yahoo! Finance, Tropicana Entertainment Inc. “owns and operates casino gaming properties in the United States. It also manages hotels. As of December 31, 2009, the company operated three casinos in Nevada; three casinos in Mississippi; and one casino in each of Indiana, Louisiana, and New Jersey with approximately 9,500 slot machine positions and 350 table games. Its properties consisted of approximately 435,000 square feet of gaming space and 5,866 hotel rooms. The company is headquartered in Las Vegas, Nevada. As of November 15, 2010, Tropicana Entertainment Inc. operates as a subsidiary of Icahn Enterprises, L.P.”