Lionsgate will claim, even though its stock price is at rock bottom, that the company has a successful 9-year track record and its shares have performed equal to or better over the past 5 years than others in the media sector. But Icahn surely can tap into national shareholder anger at sitting managements presiding over stocks in the crapper, as well as argue specifics that Lionsgate has gotten too far away from its core business of making low-cost films for high profits by spending too much with little to show from it.