THE ATLANTA BRAVES may have more problems than poor relief pitching, absent clutch hitting and one of the worst records in the National League. If the team cannot rebound from its sudden collapse this month, a loss in the franchise’s value could jeopardize Time Warner Inc.’s plans to sell the Braves to Liberty Media Corp.
National media reports have said since March that the companies have been negotiating a swap of assets and cash in which Liberty would avoid paying taxes if the deal meets the terms of federal law. For such a deal to work, Liberty and Time Warner have to achieve a perfect balance of cash, assets and stock, said Kilpatrick Stockton partner Lynn E. Fowler, who advises companies on the tax implications of mergers and acquisitions.
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