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IAC, Liberty agree to board rules ahead of trial

Wed Feb 13, 2008 1:56pm EST

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NEW YORK, Feb 13 (Reuters) - IAC/InterActiveCorp (IACI.O) and its controlling shareholder, Liberty Media Corp, have reached an arrangement on how IAC's board can operate ahead of a March trial over a proposed company restructuring, according to legal documents submitted on Wednesday.

Under a status quo order, the two sides agreed that IAC's board will remain intact, but must notify Liberty five business days in advance of any non-routine actions it takes for the company.

IAC and Liberty (LINTA.O) have filed dueling lawsuits over a plan to spin out four of IAC's largest businesses. As part of the dispute, Liberty has asked a Delaware Court to remove IAC Chairman Barry Diller from the board along with six other directors. (Reporting by Michele Gershberg and Gina Keating in Los Angeles, editing by Leslie Gevirtz)



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