Finance and Economic

IAC/InterActiveCorp (IACI.O: Quote, Profile, Research) chief Barry Diller told a Delaware court on Thursday he had rejected “many, many times” the proposals for an asset swap from IAC’s controlling shareholder, Liberty Media Corp, because they did not offer the proper value to IAC investors.

Diller also said he would be interested in a controlling interest in IAC if he could obtain the necessary amount of shares. He dubbed Liberty Chief Executive Greg Maffei an “irresponsible executive” who would not benefit IAC if he took an operating role.

With his role as IAC Chairman and CEO potentially at stake, Diller’s testimony was a key attempt to refute claims made this week by Liberty at trial in Delaware Chancery Court.

IAC and Liberty (LINTA.O: Quote, Profile, Research) (LCAPA.O: Quote, Profile, Research) are suing each other over Diller’s proposal to spin off four of IAC’s largest businesses in a manner that would dilute Liberty’s voting control over the units.

The spin-off plan followed more than a year of inconclusive talks between the sides over swapping one of IAC’s assets in return for Liberty’s stake in IAC.

“We never accepted one of them because we never got to the value that was appropriate for IAC shareholders,” said Diller, who built up the Internet conglomerate over more than a decade with the backing of his long-time friend, Liberty Chairman John Malone.

Asked by Liberty lawyer Kevin Abrams whether he would be interested in trying to seek control of IAC, Diller said, “Yes, if I could.”

“I don’t know how far I would get,” he said no fax payday loans. “I’m not sure the number of shares I would need to acquire I would (actually) obtain,” he told the court. 

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