The home builder WCI Communities has filed for Chapter 11 bankruptcy protection after failing to obtain financing to stay afloat, its chairman, Carl C. Icahn, said on Monday. Mr. Icahn owns about 15 percent of the company, or about six million shares. On Monday, WCI’s stock lost nearly all its value, closing at 2 cents a share after opening at 99 cents. It was a far cry from the $22 a share that Mr. Icahn offered for the company in March 2007; he bought his stake in WCI in early 2007 for about $19 a share. More

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Posted by markw, filed under Finance. Date: August 5, 2008, 1:01 pm |

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