Liberty Media, the controlling shareholder of Barry’s Diller’s IACI (IACA) wants Mr. Diller to know that the company is not really his. Liberty has filed suit to take away Mr. Diller’s rights to vote its shares. Liberty wants Mr. Diller and the majority of his board out on the streets.
In a response to Liberty’s actions, Mr. Diller said in a statement: "After reading this new salvo, I am beginning to think these people are insane. Everything they cite is hogwash. First of all, we have never asked the board to take action on any specific proposal high, low or no-vote. What we have done, which we thought was the responsible thing to do given this conflict, is to go to the Delaware court and ask them to tell us what rights IAC has or doesn’t have," writes The Wall Street Journal.
Insane, indeed. Mr. Diller now thinks he is a psychiatrist. He may need a new line of work.
Douglas A. McIntyre