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shadowdog
Nargothrond
Oct 30 2010, 1:57am
Post #1 of 13
(1479 views)
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Is this good or bad
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According to Variety, the MGM creditors have approved the Spyglass plan.
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duats
Hithlum
Oct 30 2010, 2:00am
Post #2 of 13
(920 views)
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shadowdog
Nargothrond
Oct 30 2010, 2:24am
Post #4 of 13
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It doesn't lead to additional lawsuits.  That is what I am concerned about. It is time to end this. 
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Patty
Elvenhome
Oct 30 2010, 2:25am
Post #5 of 13
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that yet another studio logo will be on the DVD?
Permanent address: Into the West
Must. Have. The Precious! Give us the LotR EE Blu-ray Ultimate Box Set!
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Kangi Ska
Gondolin
Oct 30 2010, 3:49am
Post #7 of 13
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Well thought out and should put the studio back on its feet the quickest possible.
Kangi Ska Resident Trickster
New Zealand is Middle-earth & today life is good.
At night you can not tell if crows are black or white.
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Kristin Thompson
Nargothrond
Oct 30 2010, 4:07am
Post #8 of 13
(846 views)
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is always a good idea. I think the vote is probably for the best. The bankruptcy should take a month, the Spyglass heads are smart guys and should run MGM well, and we've already got a greenlight for The Hobbit. Let the filming begin!
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Owain
Dor-Lomin
Oct 30 2010, 7:58am
Post #9 of 13
(805 views)
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This should be excellent news.//
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Middle Earth is New Zealand!
"Question everything, embrace the bad, and hold on to the good."
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Flagg
Dor-Lomin
Oct 30 2010, 12:16pm
Post #10 of 13
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You can always go over it in black permanent marker or put a sticker on it or something. 
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Altaira
Superuser
Oct 30 2010, 4:53pm
Post #11 of 13
(751 views)
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A 95% equity share vs. a 55% share? I'd take it any day.
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The only advantage the Lions Gate deal had was that MGM wouldn't have to go through bankruptcy. But, either way, the creditors were going to take a big financial hit because they're trading a $4 billion dollar investment for a $2 billion one (or less). Why would they take an even bigger hit and divide only 55% of the equity between them with the Lions Gate deal when they can divide 95% between them with the Spyglass deal. It was kind of a no-brainer in my opinion.
What's encouraging to me is that MGM has obviously suffered from terrible management and bad merger and acquisition decisions in the past, always designed to make a buck with little consideration for the health and future of the company. In this case, knowing they were going to take a financial hit either way, the creditors chose the option that will result in MGM being a much better managed company in the hands of successful, experienced industry experts. That can only be good for MGM and thus, for the Hobbit too. Good for them.
Koru: Maori symbol representing a fern frond as it opens. The koru reaches towards the light, striving for perfection, encouraging new, positive beginnings.
"Life can't be all work and no TORn" -- jflower
"I take a moment to fervently hope that the camaradarie and just plain old fun I found at TORn will never end" -- LOTR_nutcase
TORn Calendar
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Doriath
Ossiriand
Oct 30 2010, 5:15pm
Post #12 of 13
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this was the last potential bump in the road now smoothed over? I guess we still need to hear that we will have our Gandalf and Gollum officially.
The Trees will have their revenge! And they will have it in glorious 2D!
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shadowdog
Nargothrond
Nov 1 2010, 11:15pm
Post #13 of 13
(628 views)
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Here is the latest on the MGM front
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http://latimesblogs.latimes.com/...e-icahn-lawsuit.html
Carl Icahn's attempts to take over Lions Gate Entertainment suffered a setback Monday morning when his lawsuit attempting to strike down a controversial stock transaction was dismissed by the British Columbia Supreme Court.
A judge in Vancouver, Canada, where Lions Gate is domiciled, said the transaction -- which boosted the stake of the company's second-largest shareholder, Mark Rachesky. and diluted the stakes of Icahn and others -- was legally valid.
"Although the Icahn Group complains about the dilutive effect, it says that the purpose of the transactions was to entrench the existing Board, and thus thwart the Icahn Group at its proxy battle at the next annual general meeting," Justice John Savage wrote. "In my opinion the evidence simply does not support this assertion."
The decision means that Icahn's stake in Lions Gate remains at 33.5% instead of reverting to the 38% where it stood before the transaction. That will make it more difficult for Icahn, who has a tender offer to buy all the company's stock, to acquire a controlling stake. The offer expires Nov. 12.
Icahn has also said he plans to launch a proxy war to replace Lions Gate's board of directors and senior management.
In the July transaction, Lions Gate swapped $100 million worth of debt that Rachesky had acquired for 16.2 million new shares of stock. That increased Rachesky's position in the film and television studio to 29%, from just less than 20%.
The studio said the deal was primarily designed to reduce its debt load; Icahn said it was an illegal attempt to thwart his takeover attempt.
Savage also ordered that Icahn must pay Lions Gate's legal fees.
Icahn has another pending lawsuit against Lions Gate that resulted from the Rachesky transaction pending in the New York State Supreme Court. Meanwhile. Lions Gate filed a new lawsuit against Icahn last week, claiming he misled shareholders.
Icahn has been trying to orchestrate a merger between Lions Gate and Metro-Goldwyn-Mayer, in which he is a major debt owner. However, on Friday, MGM creditors voted to pursue a different path: They approved a bankruptcy plan that would see the chief executives of Spyglass Entertainment take control.
As part of that deal, Icahn cut a deal with creditors that would give him him a seat on the MGM board. A person familiar with the matter said Icahn still hopes a merger with Lions Gate will be possible.
Icahn could not immediately be reached for comment.
-- Ben Fritz and Claudia Eller
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New Line, Warner, MGM and Spyglass... it's fine by me as long as there's a movie! ;) //
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