WCI Communities, Icahn agree to settle all total return swaps

By Susanna Moon

Chicago, Oct. 10 - Icahn Associates Corp., led by Carl Icahn, and its affiliated companies agreed with WCI Communities, Inc. to settle in cash all total return swaps, according to a schedule 13D filing with the Securities and Exchange Commission.

Under terms of the swaps, Icahn was obliged to pay the decrease between $3.83, the initial reference price, and zero dollars, the final valuation price, for each of the 5,427,113 shares for which Icahn had long economic exposure.

As a result, Icahn no longer has long economic exposure to 5,427,113 shares through the total return swaps.

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

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