CEO calls legal dispute 'unfortunate'
By Jeff Smith, Rocky Mountain News (Contact)
Published February 7, 2008 at 12:05 a.m.
IAC/InterActive Corp. CEO Barry Diller said Wednesday that the publicly heated litigation with Douglas County-based Liberty Media over a proposed IAC spinoff is an "unfortunate situation."
"We organized the process in such a way where no harm would've come to Liberty prior to the court resolving our dispute," Diller said during IAC's fourth-quarter conference call. "So I do wish Liberty hadn't raised the roof on this in such an aggressive way, but they have."
Liberty doesn't object to the concept of dividing the interactive conglomerate into five separate publicly held companies in efforts to boost values. But it alleges IAC is engaged in a "corporate coup" by structuring the spinoff in such a way that Liberty, which owns a 30 percent stake, would lose its majority voting interest in IAC.
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