In Re IAC/InterActive Corp., (Del. Ch., March 28, 2008), read opinion here. Last Friday, the Chancery Court decided "round one" in a clash of the titans. I say "round one" because if I were a betting man I would predict that the dispute is not over between John Malone and Barry Diller in their pending litigation over the split of their companies. The court ruled that Liberty Media did not prove that Diller violated an agreement between them by pursuing a plan to break the IAC/Interactive Corp. Internet conglomerate into five parts. The court also determined that Diller is not required to obtain Liberty’s approval for splitting up the company. However, the court deferred a ruling until later, if needed, on the issue of whether IAC directors met their fiduciary duties as they had not fully approved the plan or its details.
The Wall Street Journal Law Blog has a post on it here with links to some of the original pleadings.