Getting your player ready...
After hearing five days of testimony, a judge ordered attorneys on Friday to submit written arguments that could decide the fate of chief executive Barry Diller’s proposed breakup of the IAC/InterActiveCorp media conglomerate.
Delaware Chancery Judge Stephen Lamb gave attorneys for IAC and Liberty Media one week to submit briefs outlining their positions on Diller’s authority under the proxy granted to him by Liberty, and on Liberty’s move to oust Diller and other directors from the IAC board.
The plan is being challenged by Douglas County- based Liberty Media, which holds 62 percent of the voting power of IAC’s stock and says Diller’s plan would unfairly dilute that power.
