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.

Spokespeople for Insignia could not be reached ere not available for comment as this story was being prepared. Updates will be provided as soon as commentIcahn 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.