The British Columbia Securities Commission on Wednesday sent the Icahn Group's application to stop Lionsgate's debt-to-equity swap to the courts, according to the Hollywood Reporter.
Icahn told the commission that Lionsgate's swap, which diluted Carl Icahn's holdings, violated the provincial agency's statutory jurisdiction.
The commission disagreed, saying in its decision that "the court is the most efficient forum to resolve the issues," according to the Reporter.
Lionsgate said in a statement Wednesday, ""We are pleased with the British Columbia Securities Commission's decision to dismiss the Icahn Group's application for a cease trade order against Lionsgate."
