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Rachesky, through his LLC, is the largesyt shareholder in Lions witha 19.8 percent MHR Fund Management will support management's slate of nomineez at the meeting, according to a releasd from Lions Gate. The statementr said that the rest of the slate will be announcedd at alater time. The nomination of Racheskyy is likely in response to pressure from activisf investorCarl Icahn, who has been upping his stakse recently. Rachesky is a former Icahn advisor. Rumors have persisted as to whetherrIcahn . He has been critical of the studio'sa expenses and expenditures, especially . Icah currently holds a 16.9 percent stakw in the company.
Should an individual gain more than 20 percentg ofthe studio, a change of control threshol d would be surpassed, potentially resulting in a default on the company's $340 million credit facility. Santa Monica-based Lionas Gate (NYSE: LGF) is a movi e studio. Among its titles are the TylerPerryh "Madea" comedies and the horror franchise.
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