Mr. Ichan Laments

One of our readers sent us a link to Nikki Finke’s post regarding corporate rapist Carl Ichan’s blown fuse over the runaway spending at Lionsgate. Icahn is attempting a hostile takeover of the studio. His tender offer expires today, but a second offer commences Thursday and runs for two weeks. 

But, honestly, who cares about all that bidness stuff - if you’re like us, the most interesting thing in all this is the comment made by “Sarah” (see below).

Dear Members Of the Board:

In addition, the anecdotal evidence regarding the overspending in Lions Gate's corporate suite is the stuff of legend. A cursory review of recent press reports yields many references to   management's lavish new offices, their huge salaries and more than a few mentions of the Bentley driven by CEO, Jon Feltheimer. Sadly, however, one is hard pressed to find the stories detailing how manage- ment is committed to increasing earnings per share by attempting to boost revenues and cut costs. Reported "general and admin- istrative" expenses (which includes salary and overhead) increased from under $70 million for the fiscal year ended March 31, 2006 to over $180 in 2010. As a shareholder, I'm forced to ask how much longer this board of directors will allow the party in the management suite to continue. How long can management continue to claim "record performance" while cash flow remains anemic and the stock price remains in decline? Since the board is clearly unwilling to tell the Emperor he wears no clothes, it is left up to the shareholders to take action. We therefore intend to conduct a proxy solicitation to seek to replace the board with our nominees at the upcoming annual general meeting of shareholders. We are hopeful that a newly elected board will act expeditiously to replace management and hold the new team accountable for performance moving forward.

Sincerely yours,

CARL C. ICAHN

Comments:

It’s amazing that a co-head of marketing can get away with wedding expenses covered by a studio and vendors in this day and age. I’m not going to name names, but I bet Mr. Ichan knows. Oh wait, the freebie line shouldn’t end at a wedding, that’s just the most recent.

Comment by Sarah — Friday June 11, 2010 @ 9:55pm PDT

Comments

[Vinnie The Vendor]

WTF?!!! How come I wasn't invited to the wedding?

[Tim P.]

You mean somebody is actually marrying that Sex and the City wanna-be Sarah Greenberg, ugh she is so annoying..

[neptune's net]

President Obama, please assemble a red/white/blue-ribbon panel to put a boot on the neck of the entertainment industry's wasteful extravagance!

(But the dressy Westwood premiere parties with the little Swedish meatballs - those can stay.)

[Tony Hayward]

Yes! Please! A fresh, new corporate scandal for the public to be outraged about! I want my life back!!!

[Call it what it is]

There was a topic [ High Noon At Crew]. A few comments about Weddings being paid for by Crew and how Works started up after being used up. Wow it must be the way to get the account. Hire a wedding planer. If the people running the studios only knew.

[Dr. Zhivago]

Sarah is so NOT a SATC wanna-be.
She's a 60's icon wanna-be:
http://latimesblogs.latimes.com/alltherage/2007/10/local-style-pro.html

[Miuccia Prada]

Her accessories are SO 2007.

[Leo Flank]

Is TP's marriage still valid in California? Was THAT law changed?

[TKO]

I can almost guarantee that the "marriage" between TP and Lionsgate will end soon. Ican will see right through that insecure marketing "genius".

[Bonnie Parker]

Cinematic style icon: William Hurt, "Kiss of the Spider Woman"

Mascara or lipstick: Not allowed "inside"

Sunglasses du jour: Not allowed "inside"

Ring tone: Not allowed "inside"

To-die-for dessert: Jello pudding cup (Thursdays)

Purse of the moment: Plastic trash bag, side of the 405

Go-to outfit: County issued jumpsuit.

Plaid or stripes: Stripes.

Favorite expression: "You're eligible for parole"

Shoe of the moment: Canvas low cut, no laces.

Best compliment ever received: "You look mighty purty..."