market folly

Activist investor Carl Icahn has filed numerous documents to the SEC recently (13D's and Form 4's) regarding his position in Hertz Global (HTZ).  Per the most recent 13D, Icahn now owns 30.92% of the company with exposure to over 43.92 million shares (inclusive of 2.03 million shares underlying forward contracts).

His recent purchases also are via forward contracts.  Per the filing, Icahn acquired exposure to over 1.15 million shares via forward contracts that expire on September 8, 2021.
The price per share is listed at $14.73 and $15 in the transactions.  And the filing notes that these contracts "Represents a forward price of $12 per Share, plus the amount per Share the Reporting Person paid the counterparty to the forward contract upon entering into such forward contract. The forward price is subject to adjustment to account for any dividends or other distributions declared by the Issuer. In addition, the Reporting Person paid a financing charge to the counterparty to such forward contract."