Canadian Court Tosses Icahn's Suit Against Lionsgate

Law360, New York (November 1, 2010, 7:32 PM EDT) -- A Canadian court handed Carl Icahn a setback Monday in his attempt to gain control of Lions Gate Entertainment Corp., refusing to nullify a debt-for-equity deal that diluted the billionaire investor's stake in the movie studio.

The Supreme Court of British Columbia rejected Icahn's petition to nix Lionsgate's deal to increase the number of shares held by board member Mark Rachesky, which both deleveraged the company and diluted Icahn's holdings.

Icahn claimed that Lionsgate worked to keep control out of his hands and entrench its current...
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