Billionaire Financier Keeps Paychecks Going Out at Damaged Marmaduke Plant

APRIL 11, 2006 - Posted at 7:40 a.m. CST

MARMADUKE, AR - Billionaire financier Carl Icahn is using personal funds to keep paychecks going out to 350 employees idled when a railroad tank-car plant run by one of his companies was shut down after being hit by a tornado last week.  The American Railcar Industries Incorporated plant at Marmaduke in Greene County was damaged in a devastating tornado on April 2.

Icahn told the Arkansas Democrat-Gazette that he decided to use some of his own money to keep employees' pay and benefits intact as what he called a token of his appreciation for the workers' loyalty and work ethic.

No one was killed in Arkansas by tornadoes that touched down in several places in northeast Arkansas that night, but dozens of people were injured at Marmaduke.

As of December, Icahn owned 53 percent of American Railcar shares, and he is chairman of the company.

(The Associated Press contributed to this report.)