icahn lgUPDATE: Corporate raider/shareholder activist Carl Icahn gobbled up another 945,139 shares of Lionsgate from February 9th-11th, raising his stake to roughly 18.7% of the mini-major, or 22,107,571 shares. Financial sources tell me Icahn may be buying these shares because Lionsgate shares are so low-priced now (in the low $5s) that he’s simply averaging down his cost basis.  Remember, Icahn originally bought millions of shares when the stock was trading between $10-$11. And it’s still the case that if he owns more than 20% of Lionsgate stock, it triggers a bank default. (Lionsgate’s lenders, led by JPMorgan Chase, insisted on amending the company’s $340 million credit facility and adding the default covenant.) So he will inch his way up to 19.99% so long as he can buy the shares on the cheap to minimize his losses when he sells.