Lionsgate Sues Icahn Over MGM Debt Buy
Lionsgate has filed suit against its largest shareholder Carl Icahn for securities fraud, according to The Hollywood Reporter. Lionsgate brass claims Icahn misled shareholders with claims that its merger plans with MGM were "delusional," while he was in the process of buying up MGM debt in order to have a strong stake in a merged MGM/Lionsgate if the deal went through. Since Icahn's initial opposition to the merger, he has openly backed the latest plan to combine the companies. The suit names Icahn, his son Brett and the Icahn Group.