Metro-Goldwyn-Mayer Inc.'s latest drama is near a denouement.

On Friday, creditors vote on a plan to send MGM into bankruptcy court, to be relieved of a crushing debt load, not to mention a management that offered spending solutions at sharp odds with desires of the lenders.

But there is a last-minute plot twist: Stalking the studio with a rival plan of his own is activist investor Carl Icahn.

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