First nothing seems to be moving to resolve the crisis at MGM and then it all happens at once.
First of all, Spyglass signed a letter of intent to take over the running of the studio; then Sahara entered the picture, with a bid that was rumoured to have the backing of Barbara Broccoli and Michael G Wilson – quickly denied. That bid was rejected, reportedly because it was in Rupees, and so Sahara put a second bid in US Dollars.
And now Carl Icahn rejoins the picture by continuing to buy up MGM’s debt as this article published on WSJ.com reports:
Mr. Icahn has been in a long-running fight to take control of Lions Gate. Along with Lions Gate’s top executives, he held talks with MGM’s biggest creditors over the summer on a so-called merger of equals but couldn’t reach a deal, people familiar with the matter said.
It seems currently unlikely that he will manage to undo the Spyglass deal and MGM is close to filing for bankruptcy protection that will see it reborn – weeks away according to the article.
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