WCI Communities ends sale process; Icahn new board chairman

By Lisa Kerner

Charlotte, N.C., Sept. 6 - WCI Communities, Inc.'s board of directors terminated the company's sale process after it did not receive any definitive proposals for the purchase of WCI.

However, the company said in a statement released on Thursday that it will "continue to explore alternatives including a potential rights offering to strengthen the company's balance sheet."

WCI also announced that Carl C. Icahn was elected chairman of the WCI board.

"Despite the rough road ahead, I believe in the long-term value of the company and view the WCI platform as a unique vehicle to take advantage of the current market disarray," Icahn said in the release.

In addition to Icahn, the recently elected board of directors includes Don E. Ackerman, Charles E. Cobb, Jr., Hilliard M. Eure, III, Keith Meister, David Schechter, Craig W. Thomas, Nick Graziano and Jonathan R. Macey.

WCI is a Bonita Springs, Fla., builder of master-planned lifestyle communities.

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