In a June 14th letter to investors, Lionsgate said that activist shareholder Carl Icahn has a track record of "value destruction and self-serving actions," according to THE HOLLYWOOD REPORTER. The letter was in response to Icahn stating the studio was on the verge of bankruptcy.

Icahn's $7-per-share offer to acquire the company expires on Wednesday.

Lionsgate urged shareholders to reject his offer stating that the value of companies such as Blockbuster, WCI Communities and BKF Capital fell when Icahn was either represented on the board or gained controlling shares. The studio particularly pointed out the woes of Blockbuster as an example of Icahn not understanding the media business. Moreover, Icahn controlled the failed production studio Stratosphere Ent.

Additionally, the letter stated that Icahn's own fund, Icahn Enterprises, has lost 71% of its value since a high in 2007.

On Friday, Icahn called Lionsgate's current board "an abject failure" and "dangerously detached from reality" and wants to replace them all with his own candidates.