Missouri’s court of appeals ruled against Icahn.
The court upheld a lower court ruling that temporarily blocks investor Carl C. Icahn from buying more stock in Trans World Airlines. Icahn’s investor group already owns 32.8% of TWA’s common stock and has offered $18 for each of the remaining shares. TWA is fighting the takeover effort. Icahn had asked the appeals court to overturn a temporary restraining order issued Tuesday by St. Louis Circuit Judge Bernhardt Drumm. The order prohibited Icahn’s group from purchasing additional TWA shares until June 17, when another hearing is scheduled in Drumm’s court.