Liberty Media trustee appeals court ruling related to split-off

By Jennifer Chiou

New York, June 7 - Liberty Media Corp. announced that the Bank of New York, the trustee under the indenture governing Liberty Media, LLC's public debt, appealed the Delaware Court of Chancery's April 29 ruling against the trustee.

As already reported, the ruling stated that the company's plan to split off the businesses, assets and liabilities attributed to its 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.

Liberty said that it is requesting expedition of this appeal and hopes to complete the split-off prior to Sept. 23, which is the last trading day on which Liberty can complete the split-off under the terms of its charter without seeking another vote of the tracking stockholders.

According to a news release, the completion of the split-off is conditioned on, among other things, a final non-appealable judgment on this suit.

Liberty Media is an Englewood, Colo.-based company that owns interests in electronic retailing, media, communications and entertainment businesses.

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