The facts and tenor of the IAC-Liberty fight continue to take on pro wrestling overtones. Following John Malone’s move to oust chief Barry Diller from IAC’s board, IAC’s PR/legal team has respondswith a 577-word statement. Choice bits:
Last night, Liberty Media took the extraordinary action of attempting to claim control of the voting power of IAC and replacing a majority of its directors. The action is preposterous. Liberty does not control IAC.
…Despite this well intentioned effort at peaceful resolution, Liberty has now gone off the deep end, not only alleging that Mr. Diller has somehow materially breached his proxy by which he has voted Liberty’s IAC shares for over 12 years, but also purporting to unilaterally throw out the incumbent directors and installing its own slate.
…the contention that Liberty is now in control of the Company is inexplicable. Nothing has happened yet. No Board has decided anything. No shareholders have voted (or been asked to vote) on anything. No agreements have been signed. The requisite filings have not been made with the SEC. No transactions have been consummated. Even after reading the various complaints repeatedly, Liberty’s theory that it now controls IAC is incomprehensible.
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