Things may seem rosy over at eBay HQ — after all, the company’s online payments division PayPal (News - Alert) has been adding major players like Deutsche Telekom to its carrier payment network lately — but it’s actually something of a turbulent time for the company, thanks largely to activist shareholder Carl Icahn. Put simply, Icahn has started a war of words with eBay’s (News - Alert) board of directors over his belief that the company should spin off PayPal, which eBay is unwilling to do.

Earlier this week, Icahn wrote a rather intense letter to eBay’s shareholders that the company’s “complete disregard for accountability” is “the most blatant we’ve ever seen.” He even directly called out two directors and eBay’s CEO for what Icahn calls “lapses in corporate governance.” In response, eBay simply stated it believes stockholders are best served by keeping PayPal as part of the company.

Not to be deterred, Icahn has followed up that letter with another, once again addressed to eBay’s shareholders. This latest open letter lays out what Icahn calls six “facts” about the way eBay is handling PayPal. As expected, the list is aggressive and straight to the point.

Icahn’s first fact is that, although eBay challenged him to focus on “honest, accurate debate,” he doesn’t believe the company is serious about this. That said, he has issued a formal challenge to debate, using CNBC as a public forum, but eBay has yet to respond to this.

Moving along, Icahn believes that eBay’s handling of Skype (News - Alert) was poor, namely that the company sold 70 percent of Skype to Silver Lake, Andreessen Horowitz and the Canada Pension Plan Investment Board for “less than what eBay paid for it.” He adds that eBay shareholders would have been “at least $4 billion richer” if eBay had sold Skype to Microsoft (News - Alert) at the price paid to those investor groups.

Icahn’s third fact strays from the definition of fact somewhat, leaning more toward speculation. He believes that eBay did not explore all available options for Skype before selling it as the company claims.

It’s not until fact four that Icahn really decides to get to his point. He believes that investments made by Marc Andreessen of Andreessen Horowitz in Skype are troublesome as Andreessen “has funded, sites on the boards of, and advises no less than five competitors” of PayPal. Icahn goes on to level similar conflict of interest accusations at eBay board member Scott Cook, who runs a company Icahn sees as a competitor of PayPal.

It’s an interesting read, to be sure, especially if you happen to be an eBay shareholder. As for the validity of Icahn’s “facts,” however, only time will tell how accurate his claims are.