Liberty Media Can Split Off Assets: Del. High Court

Law360, New York (September 21, 2011, 7:42 PM EDT) -- Delaware's top court on Wednesday affirmed a decision greenlighting Liberty Media Corp.'s split-off of assets connected to the stock of subsidiaries Liberty Capital and Liberty Starz, despite objections from bondholders' trustee the Bank of New York Mellon Trust Co. NA.

The state Supreme Court rejected BNY Mellon's argument that Judge J. Travis Laster had erred when he ruled that the split-off — an exchange of a subsidiary's stock for its parent company's — didn't constitute a disposition of "substantially all" of the company's assets, a violation...
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