[spider]

I don't know anything about these companies, but if I were thinking of investing in ARII, I'd be curious to know the relative stake Icahn has in the other two companies mentioned (ARL & ACF). For example, if you found his stake in ARII to be 5% of his combined stake in ARL & ACF, that would definitely scare me away from buying ARII.

I think the statement here to some degree is pretty generic and not worrisome (Mr. Icahn owns lots of stuff therefore has lots of potential conflicts of interest), but when specific companies are mentioned in the context of a possible conflict of interest, that would be something I'd worry about and investigate as a potential investor in ARII.

Another thing to consider would be buying the three companies together like Icahn. Then anything Icahn might do to help one company vs the other should have a net positive effect and you benefit the same as Icahn.