Carl Icahn fired off another letter to shareholders today, purposing that it spin off 20% of its PayPal division in a public offering. Icahn held back the verbal punches he's thrown at eBay CEO John Donahoe and board members Marc Andreessen and Scott Cook in previous letters, and instead laid out reasons why he believes the 20% spin off would be good for eBay, PayPal and shareholders. Some ideas …
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