Lionsgate names Mark Rachesky co-chairman

Lionsgate has named investor Mark Rachesky , who has 37 percent in the small-major -- as co-chairman in the board.The appointment of Rachesky, who'll share the co-chairman title with Boss Jon Feltheimer, was revealed in the controlling filing. A representative for Lionsgate had no comment Thursday.Rachesky, who was simply named for the 12-member Lionsgate board this past year, agreed on friday to improve his stake within the organization incorporated within an August. 30 settlement through which Carl Icahn made the decision to market his 33 percent stake and finished numerous disputes while using small-major. Rachesky, leader of MHR Fund Management LLC, made the decision to pay for $77 million to buy one 4th of Icahn's stock at $7 a share incorporated within the settlement.Rachesky, who had labored with Icahn before striking out by themself, had consistently backed Lionsgate management through the bitter three-year fight with Icahn.Lionsgate attracted on Rachesky for your board couple of years ago incorporated in the slate after Icahn happen to be rebuffed in efforts to attain seats concerning the panel. In those days, Rachesky possessed 19.8% of Lionsgate and transformed Mark Amin concerning the board.Within This summer time, 2010, Rachesky was at the center of what increased to become vital dispute with Icahn in the $100 million debt-for-equity deal as Icahn was attempting to consider within the organization via numerous hostile tender offers. The transaction reduced Icahn's stake from 37% to 33% and elevated Rachesky's holdings to 29%. The Rachesky deal triggered suit by Icahn, who alleged the minimajor's management and board was underhanded and under professional while Lionsgate frequently referred to Icahn just like a meddler getting an undesirable good reputation for buying and selling in entertainment companies.Your dream with Icahn began ebbing last December when Lionsgate effectively made it a spirited proxy fight with Icahn. The August. 30 accord allowed Icahn to destroy even by selling his 33% stake within the organization at $7 a participate numerous deals gathering about $309 million. Under that surprise pact with Icahn, the two sides made the decision to dismiss all outstanding suit together -- dealing with some close a tumultuous three-year period that saw Icahn accuse Lionsgate management frequently of overspending and neglecting to boost the stock cost to anywhere near its 2007 lots of $12. On Tuesday, Lionsgate held a brief annual meeting in Toronto, which Rachesky did not attend. Feltheimer stressed the positive, while using 40 roughly participants through what he referred to as Lionsgate's "finish-to-finish solution" for "Weeds." Lionsgate introduced Thursday it had wrapped production in New You are able to which it hopes is really a B.O. franchise good "Hunger Games" book trilogy. Lionsgate shares were up 12 cents to $7.08 Thursday.Rachesky is co-founder and leader of MHR Fund Management, that's been a substantial Lionsgate investor in excess of five years. He labored becoming an Icahn strategist from 1990 to 1996. Rachesky presently may serve as non-executive chairman in the board of company company directors of Loral Space & Communications and Leap Wireless Worldwide Corporation. He's concerning the board of company company directors of Emisphere Technologies. Contact Dork McNary at dork.mcnary@variety.com