(FORTUNE Magazine) – After five years raider Carl Icahn, 55, is finally out of USX's hair, only to land in Donald Trump's blow-dried locks. USX split its stock into steel and energy components but denies the move was Icahn-induced. Then in May, just after the split occurred, Icahn sold his 13.3% stake in both, admitting that & the standstill agreement he had signed last year put a crimp in his raiding style. Says he: ''I like to be an activist, but I felt a bit emasculated there.'' What to do with the $1 billion proceeds? He won't say whether any will go to sputtering TWA. But he has already bought $1.3 billion worth of junk bonds of distressed companies, expecting to use his stake to push the issuers into richer settlements for the creditors -- like himself. He owns Taj Mahal debt, and the Taj, of course, is Trump's Atlantic City mausoleum. So the promoter who reportedly asked his banks to finance his divorce may find himself up against an equally bold speculator. Icahn didn't use TWA's cash to pay the interest on its bonds, throwing the airline into default. Later he offered to buy the bonds cheap with the proceeds of a transatlantic route sale.