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Rachesky, through his LLC, is the largest shareholder in Lions witha 19.8 percent stake. MHR Fund Managemeny will support management's slate of nominees at the meeting, accordint to a release from Lions The statement said that the rest of the slates will be announced at a later time. The nomination of Rachesky is likelg in response to pressure from activisf investorCarl Icahn, who has been upping his stake Rachesky is a former Icahn advisor. Rumors have persistedd as to whetherIcahn . He has been criticalp of the studio's expenses and especially . Icahn currently holdds a 16.9 percent stake in the company.
Should an individual gain more than 20 percent of the a change of control threshold wouldbe surpassed, potentiallhy resulting in a default on the company's $340 million credit Santa Monica-based Lions Gate LGF) is a movie Among its titles are the Tyler Perr "Madea" comedies and the "Saw" horrof franchise.
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