The New York State Supreme Court has tossed Lionsgate shareholder Carl Icahn injunction attempt against the company, reports Deadline.com.
The New York State Supreme Court has tossed Lionsgate shareholder Carl Icahn injunction attempt against the company, reports Deadline.com. Icahn was asking the court to reverse Lionsgate's debt-for-equity swap that lowered Icahn's share in the company to 33% and raised Marc Rachesky's to 29%. Icahn was also looking to bar Rachesky from using those new shares in the voting for board members at the Dec. 14th annual meeting.
Icahn has put together is own slate of directors to challenge the current board. The Hollywood Reporter writes that Icahn has secured support for his board choices from Egan-Jones. Additionally, Institutional Shareholder Services (ISS) has put its support behind three of his five choices — Canadian TV producer Jay Firestone, former Bertelsmann Entertainment executive Michael Dornemann and Daniel Ninivaggi, president of Ichan Enterprises. Overture Films CEO Chris McGurk and Princeton economics professor Harold Shapiro are Icahn's other choices.
Meanwhile, Lionsgate gained support from advisor Glass Lewis & Co., which rejected Icahn's choices outright.