Carl Icahn, the man who would be king of Lionsgate, is suing the studio over its move last week to convert $100m of debt into equity.
Filing the complaint today [26] in the New York Supreme Court in Manhattan, Icahn called Lionsgate’s swap a “sham” and petitioned for Mark Rachesky and other board members to be blocked from voting their shares.
Lionsgate’s play diluted Icahn’s stake in the company from just under 38% to 33.5% and boosted that of Rachesky from just under 19.9% to 29%.
In separate news, Lionsgate has signed a multi-year home entertainment distribution deal with Francis Ford Coppola’s Zoetrope Corporation.
Under the terms of the arrangement Lionsgate obtains North American DVD, Blu-ray, electronic-sell-through (EST), VoD and broadcast rights to such works as Apocalypse Now, Apocalypse Now Redux and others, as well as North American DVD, Blu-ray, EST and VoD rights to The Conversation.
The first title to be released was Tetro, Coppola’s most recent theatrical release and first original screenplay since The Conversation. Apocalypse Now will roll out in high-def on October 19.
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