Tuesday, November 30, 2010

Icahn proposes its Lionsgate plank

Published: Friday, November 26, 2010, 1 h 18 PTGearing his combat proxy Liongsate control, Carl Icahn has proposed five candidates for the Board of Directors of the minimajor including showbiz exec veteran Chris McGurk.

The other nominees, disclosed Friday in a filing with the Securities and Exchange Commission, are Michael Dornemann, Jay Firestone, Daniel Niniyaggi and Shapiro.The of t. Harold annual meeting has been set for December 14 in Los Angeles.

McGurk is a former exec MGM ankled earlier this year by the top slot in the film opening .Dornemann is a former exec of Bertelsmann and Firestone served in slots in the Alliance and shows of fireworks .Firestone communications is also the chief exec of Prodigy based out of images.

Icahn has also said in the filing that a change in the composition of the Board is "necessary to improve the financial performance of the company."

In addition to vote for its five candidates, Icahn called shareholders to five members of the 12-Member Lionsgate slate, including vice President Michael Burns, former Icahn takes does not support associate Mark Rachesky (owned by 29% from Lionsgate) with Harald Ludwig, g. Scott Paterson and Hardwick Simmons.

LIONSGATE has responded by saying that it is bad time for change and then shot blasted Icahn.

He said: "led by the current Board and management team, Lionsgate has reached records, ticketing revenue hits, one of the strongest and most valuable entertainment filmed libraries in the industry, a dynamic business television, a dynamic and growing channel platforms portfolio and infrastructure attractive distribution around the world.""Momentum of Lionsgate is evident in the whole of the undertaking of the company and is not the time to make a change.Mr.Icahn not raised no vision for Lionsgate regarding how it would improve results and candidates do not provide any greater clarity on the critical issue of direct Lionsgate in the future.

Icahn has extended its current $7.50 hostile offer hand for Lionsgate on December 2 - the fourth time that the application has been extended.

Icahn owns 33% of the mini-major.

Stock, reaching a maximum of two years $ 7.65 on October 15, was off the coast of 1 ¢ to $7.44 per share in trade on Friday at the New York Stock Exchange.

Offer expires on the day on which MGM should receive confirmation of its faillite.Icahn, has 18% of the debt of the GMM, has agreed to support the plan of the bankruptcy of the GMM three weeks after its management has decided to exclude the Spyglass Entertainment transaction library and give Icahn a seat on the Council MGM new plan with the promise of "good faith" negotiations on a merger with Lionsgate.

Icahn complained on several occasions on perceived exceedances by Lionsgate and long said he planned to start a fight for control of the Board of Directors .LIONSGATE proxy executions responded saying ceased to grow, has kept a bridle tight cost and improved its balance sheet.

LIONSGATE has developed its December 14 in Los Angeles.Ardoise 12 members of the Executive annual meeting is the same as the current Board, except slot that Brian V. Tobin will be populated by Frank Giustra, founded in 1997, Lionsgate, who served as President until 2003.communiquer with Dave McNary at dave.mcnary@variety.com


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