Icahn MIA From Take Two's Board of Directors

The news that an investor group wants to put in its own slate of directors at Take Two (TTWO), is interesting because of who is NOT in the slate: Carl Icahn. Let's not forget the stock rose late last year, in large part, to the disclosure of Icahn's role as a significant investor.

But as the New York Post reported in February, "Mr. Activist" has been selling his stake. Why would Icahn sell something that he thinks has value? Maybe his research suggests this is one company that all of the activism in the world can't truly help. Also missing from the slate: Value investor Larry Robbins of Glenview Capital, who sold part of his large stake last year. Meanwhile, the news out of the company last week about financials only got worse than expected, not better.

Update: The best part, though, is that Strauss Zelnick, of ZelnickMedia -- who is part of the new slate and is its annointed non-executive chairman -- is really a hired gun whose firm, according to the 13-D, stands to make $62,500 a month, or $750,000 a year, with an annual bonus of another $750,000 if he can get the company to meet certain thresholds. The beat goes on.