Liberty Media received a favorable ruling from a Delaware court Wednesday, clearing the last hurdle for the planned spin-off of two tracking stocks this Friday.
Liberty proposed a plan back in June 2010 that would transform its Liberty Interactive unit (including QVC Provide Commerce, Backcountry.com, Buyseasons, Bodybuilding.com, and interests in IAC/InterActiveCorp and Expedia ) by spinning off its Liberty Starz and Liberty Capital tracking stocks. That plan hit a snag when a group of bondholders led by Bank of New York Mellon, sued in Delaware court to block the move. Liberty received a favorable ruling from a lower court in May on the matter, but the bondholders appealed.
According to Liberty, the Delaware Supreme Court affirmed the Delaware Chancery Court's earlier ruling that the spin does not constitute a disposition of assets. As a result, Liberty intends to complete the spin-off at 5 p.m. on Sept. 23.
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