Carl Icahn won a round in federal court.
A federal judge threw out two state court orders that attempted to block Icahn’s effort to take control of Phillips Petroleum. The two Oklahoma state courts, located in Pryor and in Bartlesville, where Phillips is headquartered, last week issued temporary restraining orders delaying Icahn’s efforts. Icahn, a New York financier who owns 4.85% of Phillips’ stock, is attempting to make a $4.2-billion tender offer of $60 a share for another 70 million shares, which would give him a controlling 51% of the oil company. Phillips has rejected the offer.
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