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Billionaire Carl Icahn, who holds MGM debt and is Lionsgate's largest shareholder, has been pressuring MGM to make the conditions of Liongate's offer fully public.

Carl Icahn, MGM Comments Off
Oct 272010

The financially troubled studio, controlled by its biggest lenders, will dispute the cost savings from the Lionsgate deal when it releases details of the proposal as early as today, said a source close to the studio.

Billionaire Carl Icahn (estimated worth of $11 billion), who holds MGM debt and is Lionsgate’s largest shareholder, has been pressuring MGM to make the conditions of Liongate’s offer fully public.

Icahn, who supports the Lionsgate proposal, offered yesterday to buy MGM debt at the guaranteed price of 45 cents on the dollar from lenders that commit to vote against a rival plan involving Spyglass.

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