Icahn Offers To Buy MGM's Debt To Block Spyglass Deal

Law360, New York (October 21, 2010, 4:00 PM EDT) -- Carl Icahn on Thursday offered to buy Metro-Goldwyn-Mayer Inc.'s debt from the movie studio's senior secured lenders in exchange for their votes against a proposed plan of reorganization that would hand over management of MGM to top executives at Spyglass Entertainment.

The billionaire investor said MGM debt holders participating in his offer would gain the right to sell him senior notes at a price of 45 cents on the dollar and would be required to vote against the movie studio's proposed reorganization plan.

The offer is...
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