One of the most amusing comments to come out of the entire Bill Ackman-Carl Icahn spat was the revelation that the two agreed to "schmuck insurance."
(Read More: Icahn, Ackman in Epic Showdown of Billionaires.)
Ackman wrote in a press release:
"On March 1, 2003, on behalf of my former fund, Gotham Partners, I entered into a contract with Carl Icahn, signed by him, to sell him a 15% stake in Hallwood Realty Partners. He paid my investors $80 per share and agreed to what he called 'schmuck insurance.' The agreement provided that he would pay my investors an earnout equal to 50% of his profit on Hallwood after he received a 10% annual return if he 'sold or otherwise transferred' his shares for value within three years."