Lionsgate might put Rachesky in board seat
Investment strategist worked for Carl Icahn in the '90sTORONTO -- Lionsgate appears set to install former Carl Icahn investment strategist-turned-indie studio supporter Mark Rachesky to its board room.
Rachesky, who worked for Icahn from 1990-96 and now runs New York-based MHR Fund Management LLC, currently backs Lionsgate as its biggest shareholder with a 20% stake.
Lionsgate offered no comment Tuesday on Rachesky's pending nomination. But in a March 18 securities filing, MHR Fund Management confirmed early discussions with Lionsgate on its own designated nominee possibly joining the indie studio's board of directors.
The fund manager, which is majority-owned by Rachesky, also indicated at the time that it was "principally supportive" of Lionsgate's managers and their business strategy.
Rachesky's backing came as Lionsgate moved to fend off a possible proxy war with Icahn, who mostly recently boosted his own stake in Lionsgate to 15.6% and seeks his own board room presence.
Rachesky is expected to fill the director slot vacated by Mark Amin.