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From the Home Page: Lions Gate sues Icahn, alleging `double game'

Superuser / Moderator

Oct 29 2010, 1:26am

Views: 678
From the Home Page: Lions Gate sues Icahn, alleging `double game' Can't Post

The MGM, Lions Gate drama continues. The latest from Bloomberg.com: Lions Gate Entertainment Corp. is suing billionaire Carl Ichan over the Metro-Goldwyn-Mayer Inc. studio deal in federal court in New York, alleging the financier was “secretly plotting” to merge the studios. In the lawsuit, Vancouver-based Lions Gate, the studio whose films include “Crash” and “Precious,” alleges that Icahn realized by June that Lions Gate was in advanced negotiations with two unidentified studios. Aware that the deals might dilute his stake in Lions Gate, Icahn “took drastic and improper action,” the studio said.

Icahn, 74, the studio’s largest shareholder, undermined any proposed transactions by making false and misleading statements, Lions Gate said. He told the investing public that such a deal would be a “financial debacle” and issued press releases vowing to challenge any transaction and sue any entity that interfered with his tender offer, the studio said.

“Icahn opposed a merger with MGM not because it was bad for Lions Gate shareholders, but because it was good -- so good, in fact, that he wanted to postpone it until he could buy as much of both companies as he could and thus extract for himself as much of the value stemming from the merger as possible,” Lions Gate said in the complaint, filed today in U.S. District Court in New York. Thanks to message board member Owain for the link. Read More...

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(This post was edited by Altaira on Oct 29 2010, 1:29am)

Subject User Time
From the Home Page: Lions Gate sues Icahn, alleging `double game' Altaira Send a private message to Altaira Oct 29 2010, 1:26am
    The Cliffs of Insanity!!!// Owain Send a private message to Owain Oct 29 2010, 3:49am
        That Icahn Tim Send a private message to Tim Oct 29 2010, 3:56am
            Anybody want a peanut?// Owain Send a private message to Owain Oct 29 2010, 3:58am
    Nowadays... Ruijor Send a private message to Ruijor Oct 29 2010, 5:48am
        I like birthday suit better.// Kangi Ska Send a private message to Kangi Ska Oct 29 2010, 5:57am
            Personally nothing beats a space suit in coolness... Ruijor Send a private message to Ruijor Oct 29 2010, 6:04am
    Another bump in the road B.R.n Send a private message to B.R.n Oct 29 2010, 11:49am
        Are you being serious? // Flagg Send a private message to Flagg Oct 29 2010, 12:27pm
        Nah Elladan Send a private message to Elladan Oct 29 2010, 12:31pm
    I'd stay away from Lionsgate if I were an MGM creditor... Earl Send a private message to Earl Oct 29 2010, 12:36pm


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