SANTA MONICA, Calif. and VANCOUVER, British Columbia -- Lionsgate (NYSE: LGF) today issued the following statement in response to the decision by the Supreme Court of the State of New York to deny the preliminary injunction sought by the Icahn Group regarding the Company's deleveraging transaction on July 20, 2010:
Lionsgate is pleased that the Supreme Court of the State of New York has denied the Icahn Group's motion for a preliminary injunction regarding the Company's deleveraging transaction. The Company believes that the transaction, which resulted in the reduction of Lionsgate's debt by approximately $100 million, supported the best interests of the Company and its shareholders.
Lionsgate noted that, as a result of the decision, Dr. Rachesky will be permitted to vote all of his shares at the Company's 2010 Annual General Meeting of Shareholders.
The Lionsgate Board of Directors encourages all shareholders to vote FOR the Company's highly-qualified director nominees on the BLUE proxy card today and to discard any proxy materials shareholders may receive from the Icahn Group. Since time is short, please vote the BLUE proxy card by phone or internet.
Lionsgate's 2010 Annual General Meeting of Shareholders is scheduled for Tuesday, December 14, 2010 at 10:00 a.m. PT in Los Angeles, California. Lionsgate shareholders of record as of 5:00 p.m. ET on November 12, 2010 will be entitled to vote at the Meeting.