In affirming an April Chancery Court decision, the Delaware Supreme Court has ruled that a proposal by Liberty Media Corp. to split off some of its assets does not violate a successor obligation agreement with bondholders that prevents the conglomerate from disposing "substantially all of its assets."
By applying the "step-transaction doctrine," Vice Chancellor J. Travis Laster ruled in favor of Liberty’s proposal inLiberty Media Corp. v. Bank of New York Mellon Trust Co . Laster wrote in his opinion that the proposal should not be aggregated with three prior transactions and therefore is "not part of a master plan to strip Liberty’s assets out of the corporate vehicle subject to bondholder claims."
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