On Tuesday, the British Columbia Court of Appeal agreed with the Supreme Court's decision to toss Carl Icahn's complaint against Lionsgate, writes The Hollywood Reporter.
On Tuesday, the British Columbia Court of Appeal agreed with the Supreme Court's decision to toss Carl Icahn's complaint against Lionsgate, writes The Hollywood Reporter. The New York Supreme Court ruled the same way.
Icahn had been asking the courts to halt a 2010 debt-for-equity transaction that shrunk the investor's share in the indie studio. He argued that his business expectations were violated when Mark Rachesky gained a larger voting share and was able to block his attempts to his own slate on the board of directors.
The court ruled that the transaction was fair and that it was simply a move to reduce the company's debt.
Rick DeMott
Animation World Network
Creator of Rick's Flicks Picks
