In a statement to the New York Stock Exchange Icahn's High River--which already holds 7.5% of Insignia stock--declared its interest in a possible bid. "The Bidder and the Company are considering whether to explore the possibility of a merger without a tender offer," the filing said. Under a confidentiality agreement Icahn will have access to Insignia's books but he is precluded from divulging any price-sensitive information to other parties.

Insignia officials in Manhattan are reminaing mum on the topic. "We have a confidentiality agreement with Mr. Icahn and we are respecting that," an Insignia spokesperson tells GlobeSt.com.

Icahn is already sitting on a substantial paper profit on his 1.6 million Insignia shares, which he bought in December 2002 at just $7.57 per share. He has a history of opportunistic bids, and previous conquests include restaurant chain Morton's Steakhouse, Canadian waste-management company Philip Services and Pananco, an oil and gas company.