Icahn did manage to change the terms of the deal, reports the LAT:
Icahn cut a deal with MGM's creditors to support the Spyglass plan in exchange for a seat on the company's nine-person board of directors after the beleagured studio exits bankruptcy, a person familar with the situation confirmed.
As part of the deal, the creditors agreed, at Icahn's insistence, to change the arrangement with Spyglass so that its library of about 15 titles will no longer be merged into MGM. As a result, Spyglass will not get a 5% equity stake in the reorganized MGM, as originally planned. Icahn had believed that Spyglass's movies, including "The Sixth Sense" and "Seabiscuit," were being overvalued.
Under the bankruptcy plan, MGM's creditors will swap all of their debt in exchange for more than 95% of the studio's equity.
Because of the last-minute agreement, Icahn voted his debt, which totaled between 12% and 20%, for the Spyglass plan.