Short answer

Icahn Enterprises L.p (IEP) filed its fiscal 2009 10-K annual report with the SEC on Mar 3, 2010.

Top risk flagged: Investment Company Act exposure: SEC registration risk if WPI control is lost or investment values shift materially

Icahn Enterprises L.p FY2009 10-K analysis

AI summary of each section, grounded in the filing text

Diversified holding company investing in undervalued, distressed, and asset-intensive businesses across five operating segments
Post-year-end acquisitions of controlling interests in American Railcar Industries and Viskase, creating two future reporting segments
Investment Management introduced four investor options effective July 1, 2009, reducing new fee ranges to 1.5%-2.25% and incentive allocations to 15%-22%
Federal-Mogul operated in 33 countries with approximately 39,000 employees and $140 million in fiscal 2009 R&D spending
Affiliates of Carl Icahn controlled approximately 92.0% of depositary units and 86.5% of preferred units as of December 31, 2009

Revenue $7.865B vs $5.027B in 2008, driven by Investment Management gains after 2008 investment losses
Investment Management best performer: $469M income vs $335M loss, Private Funds return 33.3% vs -35.6%
Home Fashion worst segment: $40M loss, sales down $56M, gross margin 8.4% vs 7.3%
Operating cash flow $266M, capex $191M, distributions $75M, Private Funds investment $750M
Outlook: Automotive expects 2010 funding sufficiency, while Home Fashion losses and restructuring continue; Venezuela risk $13M to $30M loss

Investment Company Act exposure: SEC registration risk if WPI control is lost or investment values shift materially
Economic downturn: ARI railcar orders fell from 2,510 in 2007 to none in fiscal 2009
Supplier concentration: Viskase generally sources paper and pulp from a single source or small supplier group
Technology disruption: plastic and film casing alternatives could displace Viskase’s cellulosic casings
Leverage concentration: Federal-Mogul carried approximately $2.9 billion of indebtedness as of December 31, 2009

Generated from the filing text; verify against the original. How to read a 10-K

Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.