[irish guard]

That illegal information part is the interesting component. If Carl Icahn was talking about something more than ....hey, this is a great company....it gets really dicey for Phil. And no Phil can't act 'legally' on any tip he wants.

http://www.sec.gov/answers/insider.htm

If he gets some information from someone that there will be a sale of a company or another company is going to be bought and the guy works for or has a reason to know what's going on....he is in trouble. Like I said....too early to tell on Phil.

[tatown]

Go back and re-read my post. I pointed out that Phil had to act on ‘knowingly illegal information’ for it to be a crime. If I overhead someone on an airplane talking about about a company being purchased, I can legally act on that unless I ‘know’ that the person is illegally providing inside information.

If Icahn is providing him information about a company he is purchasing, then Phil would be ‘knowingly’ acting on insider information.