Icahn may reduce the cash portion of his TWA bid.

Financier Carl C. Icahn raised the possibility because of greater-than-expected losses by Trans World Airlines, Wall Street sources said. Icahn was considering lowering the cash portion on his $24-per-share bid to $15 per share from $19.50, the unidentified sources said. TWA agreed to the takeover on Sept. 26 after a protracted battle for control between Icahn and Texas Air Corp. The balance of the offer would be in preferred stock, the sources added.