Malone And Diller Square Off In Delaware Court
Although numerous analysts had predicted that the dispute between billionaire media moguls Barry Diller and John Malone would never see the light of a courtroom and would be settled early on, a Delaware chancery judge began hearing testimony in the case on Monday. Malone was the first to take the witness stand, accusing Diller -- with whom he has had a nearly 15-year business relationship -- of trying to run IAC/InterActiveCorp without answering to its shareholders, chief of whom is Malone. "I think he believed that basically it was his company," Malone said. The Liberty Media chief claims that Diller had no right to spin off four major IAC businesses on terms that would cut in half Malone's voting rights in those businesses. Malone also acknowledged that by not negotiating a settlement and having to take their dispute to court, "we both have hurt ourselves a little bit."