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Icahn Resigning From Blockbuster Board, Cites ISS Guidelines

By Joseph Checkler Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- Hedge fund manager Carl Icahn today sent a letter to Blockbuster Inc. (BBI, BBIB), telling the company he is resigning from its board effective Thursday, according to a regulatory filing. Icahn, whose funds still own 16.9% of Blockbuster's outstanding class A shares and 7.7% of its class B shares as of Friday, said on a Securities and Exchange Commission Form 13-D that he's resigning because of Institutional Shareholder Services guidelines regarding how many directorships one person should have. In the note, Icahn cited his earlier decisions to resign as a director at Yahoo Inc. (YHOO) and Motricity. Icahn began building a stake in Blockbuster in late 2004 and 2005. He criticized the company's then chief executive John Antioco for an excessive pay package and for what he characterized as a bungled attempt to acquire rival Hollywood Entertainment Corp. Icahn eventually gained a board seat. Antioco left Blockbuster in 2007. In his letter resigning from the board, Icahn told current Blockbuster Chairman and Chief Executive James Keyes that he's enjoyed working with Keyes and the board and that he will miss those relationships. Blockbuster's stock price has gone from just below $10 when Icahn first took a stake to 45 cents at market close Friday. Blockbuster and Icahn didn't immediately return calls seeking comment. -By Joseph Checkler, Dow Jones Newswires; 212-416-2152; joseph.checkler@dowjones.com

Stock News for Blockbuster (BBI)
DateTimeHeadline
06/29/201010:41:36NCR To Put DVD Kiosks At More Than 500 MAPCO, Daily's Stores
05/17/201019:14:32Icahn More Than Doubled Genzyme Stake In 1Q; Buys Chesapeake
04/22/201017:01:09NCR 1Q Loss Widens On Pension Costs, Sees Improved Backlog
04/20/201015:17:21CORRECT: NCR To Offer Digital Downloads At Airport Kiosks
04/20/201013:47:30NCR To Offer Digital Downloads At Airport Kiosks
04/16/201016:55:07CORRECT: NCR Corp To Place DVD Kiosks At Kwik Trip Stores
04/16/201016:38:13NCR Corp To Place DVD Kiosks At Nearly 500 Kwik Trip Stores
04/16/201015:20:30NCR To Rent New, $2-A-Day DVDs From Blockbuster Kiosks -Bloomberg
04/07/201014:52:19NCR Could Expand DVD Footprint As Blockbuster Downsizes
03/22/201023:46:41Blockbuster: Warner Bros Pact Retains New-Release Advantage
03/17/201016:59:08MARKET SNAPSHOT: Dow Win Streak Longest Since August 2009
03/17/201016:52:00TECH STOCKS: Tech Stocks Follow LSI To Close With Gains
03/17/201015:15:08MARKET SNAPSHOT: Dow Win Streak Longest In Nearly Three Months
03/17/201010:45:43TECH STOCKS: LSI's Gains Give A Lift To Chips, Tech Stocks
03/14/201020:29:31NCR Rolling Out More Blockbuster Express DVD Kiosks
03/03/201014:00:08Best Buy Nears Launch Of Revamped On-Demand Video Service
01/29/201018:39:11Icahn Resigning From Blockbuster Board, Cites ISS Guidelines
11/24/200915:46:07Comcast Sees More Videos On-Demand In NBC Universal

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