Carl Ichan is a man who never says never. After tussling with the likes of Teddy Forstman of Forstmann Little & Company, Gary Winnick he is now picking a big fight with Tom Gores. Ichan, who specialized in buying distressed assets and bankrupt companies is trying to muscle in on Gores’ recent attempt to buy the assets of Cable & Wireless USA. As you might remember, Cable & Wireless, after spending nearly $3.5 Billion decided to call it quits, and get out of US market. Tom Gores’ Gores Technology Group was going to buy the assets for $125 million.

After buying up bonds of XO on the open markets, Ichan decided to do a repeat with Global Crossing but did not succeed. However, Washington Post reports that he made a profit of about $33.5 million profit on the Global Crossing debt. Now he is going for Cable & Wireless USA, according to the Washington Post. XO is looking to make a bid in partnership with One Equity Partners, the private equity arm of Bank One Corp. Here is a link to my previous post on telecom consolidation.