John Malone's Liberty Media Corp (LINTA.O) overcame a court challenge on Wednesday to its plan to split off Liberty Capital (LCAPA.O) and Liberty Starz (LSTZA.O) tracking stocks. Delaware's Supreme Court affirmed a lower court ruling that the split-off of assets do not amount to a default under a bond indenture agreement. The bond trustee had argued that the split, when taken together with three prior asset distributions by Liberty Media, amounted to a strategy to remove Liberty Media's assets out of the corporate structure and transfer them to shareholders. Because the bonds have their claims against the corporate structure, the trustee argued the distribution might violate the bond indenture and threatened to declare a default. Delaware's Supreme Court found that the lower court was correct to rule the current asset split is not sufficiently tied to the previous asset splits.
Liberty Media Corporation is a holding company, and through its subsidiaries, is engaged in the video and online commerce, media, communications and entertainment industries. Shares of LINTA traded higher by 8.12% or $1.26/share to $16.77. In the past year, the shares have traded as low as $12.44 and as high as $18.65. On average, 5228780 shares of LINTA exchange hands on a given day and today's volume is recorded at 12633148.
Liberty Media Corporation is a holding company, and through its subsidiaries, is engaged in the video and online commerce, media, communications and entertainment industries. Shares of LCAPA traded higher by 1.49% or $1.05/share to $71.41. In the past year, the shares have traded as low as $50.59 and as high as $92.55. On average, 550375 shares of LCAPA exchange hands on a given day and today's volume is recorded at 604265.
Liberty Media Corporation is a holding company, and through its subsidiaries, is engaged in the video and online commerce, media, communications and entertainment industries. Shares of LSTZA traded higher by 1.46% or $1.03/share to $71.79. In the past year, the shares have traded as low as $60.12 and as high as $81.36. On average, 342209 shares of LSTZA exchange hands on a given day and today's volume is recorded at 543022.
Source
