Liberty Media v. IAC/Interactive Corp

VERDICT

Trial
03/10/08 – 03/14/08

Summary

IAC’s Barry Diller wants to spin off IAC into a five different parts, and switch to a single tier voting structure. This move would effectively halve Liberty Media’s voting power in IAC, which is currently 62%. As a result of previous dealings, Diller has proxy control of Liberty Media’s shares in IAC. Liberty’s John Malone is suing to stop the restructuring and oust Diller, claiming that he is breaching stewardship and his contract.

Outcome

In favor of the defendants and against the plaintiffs and that action was dismissed with prejudice.

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