In an interview, Amin said he sold 650,000 of his total 830,000 shares since Thursday for 'personal reasons' related to other financial pressures. Amin, who gained a board seat in 2000 after selling his production company, Trimark Pictures, to the Santa Monica-based studio, said he had not yet decided if he will seek re-election to the board. But earlier this year, his shares dipped below the level that requires Lions Gate to nominate him as one of its four U.S. directors to its 12-member board. People close to the situation said Lions Gate plans to nominate Rachesky to fill Amin's seat. Last week, activist shareholder Carl Icahn, who has been tightening his grip on Lions Gate and also seeking board seats, recently boosted his stake to 15.6 percent from 14.5 percent over the past month, becoming the company's largest shareholder behind Rachesky. Rachesky, a New York investor, used to work for Icahn. But unlike his former boss, who has been critical of Lions Gate management, Rachesky has supported company chiefs Jon Feltheimer and Michael Burns. In a mid-March regulatory filing, Rachesky changed his status to 'active' from 'passive' investor and said he may seek a board seat. Icahn had been in negotiations with Lions Gate for board seats, but those talks broke down earlier this year. Lions Gate has been girding for a potential proxy contest with Icahn. Given his continued moves to gain more control of the company, it's possible that Icahn will nominate his own slate of directors before the company's annual shareholders meeting Sept. 15. But if he wants those nominees to be included in the Lions Gate proxy that will be circulated to shareholders, he must act promptly. However, that does not preclude Icahn from circulating his own slate. 