08/09/2008 05:12 am ET | Updated May 25, 2011

Carl Icahn Busy Making Money Where Martha, Others Failed

It was one of the most celebrated insider-trading scandals of the last decade, sending Martha Stewart and her Merrill Lynch stock broker to prison, along with the chairman of a highflying biotechnology company whose social climbing had made him a boldface name.

Now, it turns out, if they only had been more patient investors, they might have done just fine, and avoided jail time.

In a strange twist, ImClone Systems -- the biotechnology company whose stock was dumped just before bad news was announced about an experimental cancer drug -- has received a multibillion-dollar takeover bid pegged to the success of that very same drug.

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Read about Carl Icahn, now ImClone's chairman, skipping the Yahoo annual board meeting