Lionsgate Asks Court to Force Carl Icahn Disclosures on MGM, Mark Cuban
'Girls Gone Wild' creator Joe Francis plays a supporting role in the continuing legal showdown.
NEW YORK - Lionsgate fended off a takeover by activist investor Carl Icahn last year, but the company is still pressing a legal case against him that features the likes of MGM and Mark Cuban and even Girls Gone Wild creator Joe Francis in a supporting role, the Wall Street Journal reported Tuesday.
Lionsgate has asked a Manhattan court to force Icahn to disclose information about a confidential agreement he allegedly struck with creditors of MGM about a possible merger of the two movie studios, according to the paper. The filing is part of a lawsuit, in which Lionsgate accused Icahn of privately plotting to merge the two while publicly denigrating such a deal during Icahn's drive to gain control of Lionsgate.
Lionsgate also asked that Icahn disclose information about a "side deal," including “special consideration,” that it claims it made with Dallas Mavericks owner Cuban to get him to accept an Icahn tender offer for his and other Lionsgate shares, according to the Journal. The paper said that Lionsgate identified Francis as its source of information.
Cuban, in an email exchange, denied any side deal, the Journal reported. Lionsgate itself offered to buy his shares, through a third party, for five cents more a share than Icahn's offer though, he told the paper. "I checked with my advisers about the offer, and I was informed that I should not attempt to do a privately crossed transaction for the stock, so I didn't," the Journal quoted Cuban as saying.
A Lionsgate spokesman declined to comment, and Icahn and Francis couldn't be reached for comment, the paper said.