(Reuters) ? John Malone's Liberty Media Corp overcame a court challenge on Wednesday to its plan to split off Liberty Capital and Liberty Starz tracking stocks.
Delaware's Supreme Court affirmed a lower court ruling that the split-off of assets do not amount to a default under a bond indenture agreement.
The bond trustee had argued that the split, when taken together with three prior asset distributions by Liberty Media, amounted to a strategy to remove Liberty Media's assets out of the corporate structure and transfer them to shareholders.
Because the bonds have their claims against the corporate structure, the trustee argued the distribution might violate the bond indenture and threatened to declare a default.
Delaware's Supreme Court found that the lower court was correct to rule the current asset split is not sufficiently tied to the previous asset splits.
(Reporting by Tom Hals; editing by Gunna Dickson)
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