Icahn fires back at Lions Gate over tender offer remarks

Icahn fires back at Lions Gate over tender offer remarks

In what's fast becoming an all-out P.R. battle, billionaire Carl Icahn struck back today at Lions Gate Entertainment's cautionary words last week to investors who may be considering tendering their bonds to the activist shareholder.

Icahn, who owns 14.5% of the studio's equity and has offered to buy up its convertible debt, questioned in a regulatory filing Monday whether Lions Gate's current liquidity position would be "sufficient enough" to meet its obligations if its revolving credit facility fell into default triggered by a change of control at the company.

If a shareholder's stake exceeds 20%, Lions Gate might have to immediately repay any amount it has drawn on its $340 million "revolver" as well as obligations under its $325 million in notes. "If this occurred, the company would face either a refinancing or a restructuring," Icahn suggests in the filing with the Secvurities and Exchange Commission. And, given the depressed credit markets, Icahn notes, "One is left to speculate how the company would meet this demand without restructuring?"

It's unclear whether Icahn is signaling his intention to continue upping his stake to more than 20%, in which case he would be the one triggering the default. Lions Gate's largest shareholder ,Mark Rachesky, who was Icahn's former investment chief, has recently increased his holding but so far has stopped just short of 20%.

Icahn goes on to say that if Lions Gate is forced to restructure, he believes much of the company's equity would end up being owned by the debt holder and that eventually the company's library assets would provide noteholders "full recovery value if managed properly."

Icahn also questioned Lions Gate's claim that it did not tap the revolver to pay for its $255 million all- cash acquisition of TV Guide Network when the company's filings showed that as of December 31, 2008, it only had $131 million of cash on hand. "Where did it get the extra cash?," Icahn asks.

Lions Gate had no comment.

-- Claudia Eller

'Cupid' gets another shot at love

You can’t say “Cupid” (9 p.m. Central Tuesday, ABC; two and a half stars) hasn’t gotten a fair shot from the gods of television.

Rob Thomas, who later went on to create the cult detective drama “Veronica Mars,” first brought “Cupid” to the small screen 11 years ago. The original series, which was shot in Chicago and starred Jeremy Piven as a man who either was Cupid or thought he was that charming rogue of a god, lasted all of one season.

ABC decided to give Thomas and “Cupid” another chance, and though new star Bobby Cannavale is entertaining as the title character, it’s not entirely clear why ABC thought this slight premise was worth another go-round.

This feather-light romantic comedy certainly couldn't be mistaken for anything on another network. Just as CBS has cemented its reputation as the go-to source for dark, shadowy crime dramas, where dank basements, rain-slicked streets and Gothic color schemes are the norm, ABC shows (not counting that drama with the smoke monster) are resolutely upbeat and brightly lit.

Seriously. It's as if there was a sale at the lighting store and ABC grabbed every bulb in stock, lest a single corner of any of its shows remain in shadow. 

Even the mid-season show "Castle," ABC's attempt at a detective procedural, is sunny and funny (at least that would appear to be the goal). Few gloomy outlooks or sour purveyors of sarcasm are allowed on the alphabet network, unless, of course, they sport McDreamy-style poufy hair or Sawyer's bewitching dimples.

The problem is, though this good-natured show doesn't lack for energy, “Cupid” is a little bland and formulaic. And it doesn’t help that, like so many shows of late, it features an irrepressible and charming male lead who is constantly hemmed in by an uptight and fairly humorless woman. Is it not possible for a woman on a broadcast network show to be a lovable rogue? Even a likable rogue?

Still, the slenderness of “Cupid’s” premise and characters might not matter if there were more sparks of love-hate chemistry in the mix. Alas, this is a romantic comedy without an abundance of sparky romance, at least between the show’s lead characters.

Sarah Paulson plays Dr. Claire McCrae, a psychiatrist who sees the problems of “Trevor Pierce” (that’s Cupid’s  earthly pseudonym) as a mental malady. In her professional opinion, his goalâ€"which involves uniting 100 couples in true love and thus regaining admission to Mt. Olympusâ€"is a delusion, one most likely rooted in a psychic trauma, one that needs to be properly excavated and analyzed.

Not only is Pierce’s mission problematic, in her view, she finds his view of love as a passionate, intemperate and glee-inducing phenomenon almost dangerous. McCrae made her name writing self-help books full of sensible and practical relationship advice, and as far as she’s concerned, Pierce’s attempts to convince jaded New Yorkers of the irrational power of romance is bound to come to grief.

"Maybe you two would be better served by altering your expectations," she primly says to Pierce about his first "client," a lovelorn musician.

Yikes. Who would you rather have as your wingman? Cupid or Dr. Buzzkill?

Though Cannavale is a warm and instantly likable presence, Paulson may be a bit too stiff to make McCrae likable. Or maybe McCrae is just not that interesting of a character.

Still, it wouldn’t do to give up on “Cupid” after only one episode, which is all ABC provided for review. The pilot, which is well-paced and breezy, has to set up Pierce and McCrae’s relationship as well as introduce the question of whether this “god” is insane or not. Perhaps once those plot mechanics are more or less out of the way, love will bloom, or at least affection for these characters.

Or, if we see the same head-versus-heart debate every week, “Cupid” could end up being a one-season wonder. Again.

Photo: Paulson, Cannavale, Rick Gomez and Camille Guaty in "Cupid."

Chetan Tierra conquers Prokofiev
Young area pianists shows his stuff with Santa Cruz Symphony
Spinal Tap Hits The Road Unwigged And Unplugged

25 years after their musical mockumentary This Is Spinal Tap, Christopher Guest, Harry Shearer and Michael McKean are back… not as Nigel, Derek and David, but as themselves. They'll be playing songs from Spinal Tap and A Mighty Wind on their 30-city tour.