Icahn Launches “Save Lions Gate” Website

NEW YORK: Carl Icahn has issued an open letter to Lionsgate shareholders, in which he announces the launch of a website entitled "Save Lions Gate."

The website includes three reports. The first, "Why change is needed at Lions Gate," looks at how the board approved an arrangement to issue millions of dollars in "bargain" priced stock to a fund controlled by board member Mark Rachesky, which Rachesky would vote. "Through the years I have seen many transgressions of corporate governance but they all pale in comparison to what has taken place during a week in mid-July 2010 at Lions Gate," said Icahn in his letter to shareholders.

The second report was produced by investment bank Salem Partners. Among other areas, it delves into the perceptions about the value of Lionsgate’s film library and cash flows. The third report compares Icahn’s board nominees with the current directors it hopes to replace.

"After reading these reports, I hope and believe you will support us by voting the gold card. Let’s try to save Lions Gate," the letter concludes.