Some fellow XO investors challenge Chairman Icahn

Is billionaire Carl Icahn's attention stretched a little thin these days? It seems like the guy lives for investor-management confrontations, just coming off of one at Motorola and still in midst of a scuffle at Yahoo!, with both conflicts fed by Icahn's strengthening investment position in both companies, and his rising distrust in their leadership. Now, however, Icahn could find himself on the other side of the ball at XO Holdings.

He is chairman, majority shareholder and dominant debt holder of the holding company that owns XO Communications, and some investors have alleged that Icahn kept XO from re-financing its $461 million in debt earlier, which has now put the company in the highly unpleasant position of having to do so in a very unfriendly market. The accusers want Icahn to step down from his chairman post and step away from daily XO activities, while putting his stock into a blind trust. Icahn has been chairman of XO since 2005, and has tussled with XO investors before.

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