(2) A 9.3% NUAN stake would be worth about $550 million, and about an average size holding for Carl Icahn personally. Various funds have also disclose shared voting power, per SEC documents (including three Master Funds, an Onshore Fund, an Offshore Fund, a Partners Fund, a Capital Fund, two Enterprise entities, and perhaps IPH GP is controlled by him too). If Nuance's next Report reveals deterioration, despite what could be improving results from the Microsoft partnership, the implications could manifest. There might already be enough power to try and place someone--such as Icahn Enterprises ( IEP ) President, Daniel Ninivaggi--on the Board. If not, votes are probably continuing to be amassed.