Longtime Lionsgate Faithful

The Secret Takeover of Lionsgate Films

You obviously cannot read an SEC filing. Those stakes are divided amongst five funds, all of which contribute to his beneficial ownership stake. Each fund has its own footnote and is listed separate on the same exact form which you diligently put the link up for. If you add correctly, you will see that he owns:

2,260,257 shares in MHR Capital Partners Master Account LP, an
Anguilla, British West Indies limited partnership
301,536 shares in MHR Capital Partners (100) LP, a Delaware limited
partnership
2,352,223 shares in MHR Institutional Partners II LP, a Delaware limited
partnership
5,925,953 shares in MHR Institutional Partners IIA LP, a Delaware
limited partnership
7,631,634 shares in MHR Institutional Partners III LP, a Delaware limited
partnership

Total shares beneficially owned by Rachesky = 18,471,603 shares
(Since, the link you published, he has purchased an additional 139,000 shares)
Total shares outstanding as of November 1, 2008 = 115,738,568 shares

Rachesky owned 15.96% as of that filing; and since he has since filed the additional 139,000 shares, and LGF has likely repurchased more than 1 million shares since then (we will see at the next quarterly filing), his percentage is likely higher and is over 16%.

You should check your facts before your post!



On Nov 09 09:16 AM pnx wrote:

> the writer just doesnt get it. THERE IS NO SUCH THING AS FREE CASH
> FLOW IN THE MOVIE BUSINESS> WHAT THEY CALL FREE CASH FLOW IS LESS
> THAN OVERHEAD AND THE CONCEPT ASSUMES THEY DONT HAVE TO INVEST IN
> NEW FILMS>

The Secret Takeover of Lionsgate Films

Very interesting situation. I will pay attention to this one!

Richard X. Bove on Lehman: An Assault on Reason

You presented a legal analysis regarding a fraudulent conveyence, yet you completely ignore or possibly understand the securities laws. There is a good chance Dick Fuld cannot trade Lehman stock right now b/c of non-public material information that can affect the future value of the stock: Fuld is constantly, likely everyday, looking to enter into a major transaction that is so material it would prevent Fuld from being able to trade LEH. These transactions have rumored to be: 1) A sale of Neuberger, 2) A sale of $40 billion of Level 3 assets at a steep discount, 3) a major investor for up to 50% of LEH shares, or 4) an outright sale of the entire company. In addition, there are reports that LEH will be taking a $2 to $4 billion writedown this quarter (a figure Fuld probably knows more specifically). Lastly, news reports have stated that LEH will likely pre-announce, some say as early as this coming week. If that is the case, there is an automatic black out period for trading.

As a result, Fuld is likely prevented from trading given the material circumstances surrounding the company.

HOWEVER, I would believe that if he really really wanted to make a statement by purchasing more LEH, he could get a waiver and approval from the SEC. But keep in mind, he already has a substantial value of LEH stock at risk already.

Lionsgate Entertainment: Misunderstood, Too Cheap to Ignore

Buyitcheap,

There is currently $100 million in authorized buybacks, $50 million of which was authorized in the past 2 weeks. This indicates the shift to return cash back to the shareholders that you urge. As for other catalysts, they announce again around early-mid August, which should be a solid quarter and their slate looks solid at the end of the year.
- Andrew

Is Something Cooking in Microhoo's Kitchen? (Update)

I am not entirely sure Microsoft can legally buy yahoo's shares in the open market given their intentions and statements. If they were to accumulate shares it may prevent them from doing a tender offer in the future, etc. I think you should look into these legal aspects and get back to us.