By Jerri-Lynn Scofield, who has worked as a securities lawyer and a derivatives trader. She is currently writing a book about textile artisan

Without the presence of Carl Icahn as protagonist, this latest pig tale might otherwise rate as a story of minor interest.

Recall that Icahn came to prominence in the 1980s, as a ruthless corporate raider, known for acquiring companies such as Trans World Airlines and engaging in swingeing asset striping in the quest of siphoning off beaucoup bucks. Many younger readers might not recognize his name, but they surely would recognize the ’80s icon and fictional character he in part inspired, Gordon Gekko.

To be fair, with these latest porcine interests, Icahn currently seems to be on the right side of an issue for a change (although I declare my suspicions up front; one never knows with Icahn, and there’s almost certainly more to this story than what’s been publicly disclosed),

Sticking with those known facts, he’s acquired some McDonald’s shares – a few hundred rather than the thousands in which he typically deals – and has nominated two directors to its board with the aim of improving the food behemoth’s suppliers treat their pigs, according to the FT , Carl Icahn launches board fight at McDonald’s over treatment of pigs:

Activist investor Carl Icahn has launched a highly unusual board fight at McDonald’s to demand changes to the way its suppliers treat pigs.

In a statement on Sunday, McDonald’s said Icahn had nominated two directors board as part of a campaign related to “a narrow issue regarding the company’s pork” processing. Icahn has asked McDonald’s to require that all its US pork suppliers end the practice of keeping pregnant pigs confined in small crates.

The company pledged in 2012 to phase out the use of what are known as “gestation stalls” for pregnant sows in its US pork supply chain in 10 years. It said on Sunday that by the end of 2022, it expected to source 85 to 90 per cent of its US pork from sows no longer confined to stalls, and to completely eliminate the practice from its supply chain by the end of 2024.

The FT, CNN (Billionaire Carl Icahn targets McDonald’s over pig welfare), the Grey Lady’s Dealbook (Carl Icahn Pushes McDonald’s to Change Way It Sources Its Pork), and BBC (McDonald’s pig policy fight escalates with board nominations) all ran with this porky tale today.

Two weeks ago the Wall Street Journal highlighted Icahn’s longstanding interest in McDonald’s pig policy, Relentless Wall Street Billionaire Has a Secret Cause:

Carl Icahn, the billionaire investor known for his relentless campaigns against CEOs and rivals, has a secret cause that he has pursued for a decade.

In 2012, McDonald’s Corp. pledged to stop buying pork for its Bacon McDouble cheeseburgers, McRib sandwiches and the like by 2022 from producers who use small crates to constrain pregnant swine. Left unmentioned was that Mr. Icahn had pushed for the change behind the scenes.

A decade on, Mr. Icahn has concluded the original promise was hogwash. McDonald’s now often has its producers move pigs out of the containers only after confirming they’re pregnant. Many wait to do so until the sows are four to six weeks into their 16-week pregnancies. Mr. Icahn had expected the use of so-called gestation crates to be banned altogether.

Icahn, who’s not known for letting an issue of interest slide, doesn’t believe McDonald’s has fulfilled its 2012 pledge. According to the WSJ:

The man who helped send TWA into bankruptcy and partly inspired Gordon Gekko, the ruthless corporate raider in “Wall Street,” is spending a lot of time advocating for better treatment of pigs, using many of the same tactics.

Mr. Icahn got involved with the Humane Society of the United States, which is leading the push, at the behest of his daughter, Michelle Icahn Nevin, a vegetarian animal-lover who was working there at the time. He learned details of the pigs ‘ plight when he hosted a Humane Society executive for dinner at his Manhattan penthouse. The nonprofit was having trouble getting McDonald’s to take action until it corralled Mr. Icahn.

Now, at this point, I can just imagine Michael Douglas saying, “What’s my motivation for this concern for the welfare of another sentient being?” In other words, what lies behind Icahn’s latest crusade? The answer, per the WSJ, may surprise long-term Chan watchers:

“Animals are one of the things I feel really emotional about,” says Mr. Icahn. He and his wife have three small dogs. He says he feels particular affection for pigs, pointing to their intelligence.A recent study suggested a kinship with humans by showing pigs can play videogames with their snouts.

If I concentrate carefully, I can almost hear the snorts that this latest Icahn confession elicits.

Yet after watching from afar Icahn wreak corporate havoc for decades, I for one am now pleased to see that the 86-year old billionaire many times over has finally discovered some living creatures he can feel emotional about.

Oink, oink!

Although McDonald’s hasn’t so far abandoned gestation crates entirely, other companies have done so. Indeed, rival Burger King has gone one better, at least in terms of making a pledge, to phase out the use of such crates for both pregnant and non -pregnant sows alike. According to the WSJ:

Massachusetts and California have outlawed the sale of pork produced using such crates in most circumstances. Some brands say they don’t use them at all, including Applegate Farms and Niman Ranch. The parent company of McDonald’s rival Burger King, Restaurant Brands International Inc., has set a goal to eliminate the use of crates for both pregnant and nonpregnant sows.

The crates came into widespread use just before corporate raiders strode onto the scene, to reshape US companies and the wider capitalist landscape in their wake. Per the WSJ:

Widespread use of gestation crates began in the 1970s as pork producers gave priority to efficiency. A 1978 article in the industry publication National Hog Farmer suggested producers consider the sow “a valuable piece of machinery whose function is to pump out baby pigs like a sausage machine .”

“Under that mind-set, the industry went, no pun intended, hog wild into moving pigs into gestation crates,” says Matthew Prescott, senior director of food and agriculture for the Humane Society, who has been focused on eliminating the crates since 2002 .

Over to the pink paper for the last word. According to Josh Balk, vice-president of farm animal protection at the Humane Society of the US, who’s known Icahn for more than a decade:

“He is absolutely — to his core — someone who will fight to prevent cruelty to animals.”

For his part, Icahn is not pussy-footing around, and is close to taking action, telling Bloomberg TV last week, according to the FT:

“We’re not going to fool around with them any more,”