Canadian Appeals Court Rejects Icahn's Lionsgate Appeal

Law360, New York (May 11, 2011, 2:51 PM EDT) -- Carl Icahn suffered a stinging defeat Tuesday in his bid for Lions Gate Entertainment Corp. when a Canadian appeals court declined to nullify a $110 million debt-for-equity swap that severely diluted the activist investor's stake in the company.

A three-judge panel of the British Columbia Court of Appeal ruled that Lionsgate was performing its duty to the majority of its shareholders when it entered into the debt-for-equity swap last year prior to a meeting of the company's shareholders, upholding a lower court ruling. Icahn had argued...
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