Activist investor Carl Icahn's latest legal strike at the management of Lions Gate Entertainment misfired Wednesday when the British Columbia Securities Commission rejected his request to overturn the debt-for-equity swap with his former lieutenant, Mark Rachesky, that boosted Rachesky's stake in the company while diluting his own. Icahn has filed a similar claim with the New York State Supreme Court. Today's (Thursday) Los Angeles Times , in reporting on the commission's action observed that it will make it more difficult for Icahn to prevail, since Rachesky will now be able to sell his stock to others or even purchase more.