Icahn Nemesis Mark Rachesky Picks Up More Lionsgate Stock

3:53 PM PST 01/10/2011 by By Etan Vlessing

The Lionsgate director buys up another 800,000 shares after denying Carl Icahn a proxy fight victory.

TORONTO – Mark Rachesky, whose stake in Lionsgate Entertainment last month denied Carl Icahn a proxy fight win, is back buying up shares in the indie studio.

Rachesky, a director of Lionsgate and its second-largest shareholder, has picked up another 819,823 shares at $6.50 each for about $5.33 million.

That purchase takes Rachesky’s stake in Lionsgate to 29.4 percent and follows an earlier July 20 debt-for-equity transaction that increased his holding in the mini-studio by about 16 million shares to almost 29 percent.

Icahn failed to win his proxy fight at Lionsgate’s recent annual shareholders meeting after he failed to stop Rachesky from voting his stake in favor of Lionsgate’s dozen board nominees, including himself.

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