Lions Gate might be battleground for Icahn, former adviser - Los Angeles Business from bizjournals:

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Rachesky, through his LLC, is the largest stakeholdert in theSanta Monica-based studio (NYSE: LGF) with a 19.99 percen stake. According to the reports, he has started talkes to have a respresentative namedd to the LionsGate board. Icahh currently owns a 14.5 percent stake, and is looking to purchase $325 million in convertbile debt. Purchasing the debt woulde giveIcahn leverage, given that should he purchas e the debt, then converft it, he would effectively doubler his stake. According to Ichan has been critical ofthe studio's expenses and especially .
According to the reports, should an individuaol gain more than 20 percent ofthe studio, a change of controlp threshold would be potentially resulting in a default on the company's $340 millionh credit facility, which was drawn on to help fund the TV Guide Channel purchase. Among Lions Gate's offerings are the Tylee Perry "Madea" comedies and the "Saw" horroer franchise.