WCI Communities, one of only 14 publicly owned homebuilding companies, is exploring the possibility of selling itself.The Bonita Springs, Fla.-based builder of expensive homes and condominiums in Florida and the Washington and New York metropolitan areas, has retained Goldman, Sachs & Co. to either find a suitor or recommend changes to its capital structure, including the repurchase of stock. Activist investor Carl Icahn purchased stock in the company in November and then boosted his share to 14.6%, causing WCI to adopt a shareholder rights plan, otherwise known as a "poison pill." The Bill & Melinda Gates Foundation Trust, a charitable foundation founded by the chairman of Microsoft Corp., also has taken a stake in the company. WCI also said it is exploring the disposition of certain assets. In 2007, it expects to generate about $1 billion of free cash flow, which will help in reducing debt.

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