Liberty Media Reports Appeal in Indenture Litigation
June 07 2011 - 9:30AM
Business Wire
Liberty Media Corporation (“Liberty”) (Nasdaq: LCAPA, LCAPB,
LINTA, LINTB, LSTZA, LSTZB) announced that The Bank of New York
Mellon Trust Company, N.A. has appealed the Delaware Court of
Chancery’s ruling that the pending split-off (“Split-Off”) of the
Liberty Capital and Liberty Starz tracking stock groups will not
constitute a disposition of all or substantially all the assets of
Liberty Media, LLC under the indenture governing its public
indebtedness. Liberty is requesting expedition of this appeal and
hopes to complete the Split-Off prior to September 23, 2011, which
is the last trading day on which Liberty can complete the Split-Off
under the terms of Liberty’s charter without seeking another vote
of the Liberty Capital and Liberty Starz tracking stockholders.
The consummation of the Split-Off is conditioned on a final
non-appealable judgment in the Delaware matter, in addition to the
other conditions disclosed in Liberty's proxy statement.
About Liberty Media Corporation
Liberty Media owns interests in a broad range of electronic
retailing, media, communications and entertainment businesses.
Those interests are attributed to three tracking stock groups: (1)
the Liberty Interactive group (Nasdaq: LINTA, LINTB), which
includes Liberty Media's interests in QVC, Provide Commerce,
Backcountry.com, Celebrate Interactive, Bodybuilding.com and
Expedia, (2) the Liberty Starz group (Nasdaq: LSTZA, LSTZB), which
includes Liberty Media's interest in Starz, LLC, and (3) the
Liberty Capital group (Nasdaq: LCAPA, LCAPB), which includes all
businesses, assets and liabilities not attributed to the
Interactive group or the Starz group including its subsidiaries the
Atlanta National League Baseball Club, Inc., and TruePosition,
Inc., Liberty Media’s interest in SIRIUS XM Radio, Inc., and
minority equity investments in Live Nation, Time Warner Inc. and
Viacom.
Additional Information
Nothing in this press release shall constitute a solicitation to
buy or an offer to sell shares of the split-off entity or any of
Liberty's tracking stocks. The offer and sale of shares in the
proposed split-off will only be made pursuant to Liberty CapStarz,
Inc.’s effective registration statement (f/k/a Liberty Splitco,
Inc.). Liberty stockholders and other investors are urged to read
the Form S-4 registration statement on file with the SEC, including
Liberty’s proxy statement/prospectus contained therein, because
they contain important information about the split-off. Copies of
Liberty's and Liberty CapStarz, Inc.’s SEC filings are available
free of charge at the SEC’s website (http://www.sec.gov). Copies of
the filings together with the materials incorporated by reference
therein are also available, without charge, by directing a request
to Liberty Media Corporation, 12300 Liberty Boulevard, Englewood,
Colorado 80112, Attention: Investor Relations, Telephone: (720)
875-5408.
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