There’s been another Wall Street margin call for a major Hollywood player because of the financial crisis and Wall Street crash. It’s now come to light that Lionsgate Entertainment Vice Chairman Michael Burns lost 49% of his stake in the mini-major on October 10th in a forced liquidation by Merrill Lynch as the stock plunged to more than a four-year low. Let me make that clearer: the shares were sold “pursuant to automatic forced liquidation by Merrill Lynch due to maintenance requirements for a pre-existing contractual obligation”. In other words, the trades were not initiated at the direction of Burns. Merrill liquidated 672,000 of his shares for $4.04 million, according to regulatory filings. The sales left Burns with just 689,635 shares, according to the filings.
Michael Burns Loses 1/2 Lionsgate Stake
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