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BANK OF NEW YORK MELLON v. LIBERTY MEDIA

No. 284, 2011.

29 A.3d 225 (2011)

The BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee, Defendant Below, Appellant, v. LIBERTY MEDIA CORPORATION and Liberty Media LLC, Plaintiffs Below, Appellees.

Supreme Court of Delaware.

Decided: September 21, 2011.

Attorney(s) appearing for the Case

Joel Friedlander, Esquire , and Sean M. Brennecke, Esquire , Bouchard, Margules & Friedlander, P.A., Wilmington, Delaware, Steven D. Phol, Esquire (argued), Timothy J. Durken, Esquire , Brown, Rudnick, LLP, Boston, Massachusetts, Sigmund S. Wissner-Gross , Brown Rudnick LLP, New York, New York, Mark S. Baldwin, Esquire and Stephen R. Klaffky, Esquire , Brown, Rudnick LLP, Hartford, Connecticut, for Bank of New York Mellon Trust Company, N.A.

Donald J. Wolfe, Jr., Esquire , Arthur L. Dent, Esquire , Michael A. Pittenger, Esquire (argued), Brian C. Ralston, Esquire , and Matthew F. Lintner, Esquire , Potter, Anderson & Corroon, LLP, Wilmington, Delaware, and Frederick H. McGrath, Esquire , Richard B. Harper, Esquire and Renee L. Wilm, Esquire , Baker Botts L.L.P., New York, New York, for Liberty Media Corporation and Liberty Media LLC.

Before STEELE, Chief Justice, HOLLAND, BERGER, JACOBS and RIDGELY, Justices, constituting the Court en Banc.

HOLLAND, Justice:

The plaintiffs-appellees, Liberty Media Corporation ("LMC") and its wholly owned subsidiary Liberty Media LLC ("Liberty Sub," together with LMC, "Liberty") brought this action for declaratory and injunctive relief against the defendant-appellant, the Bank of New York Mellon Trust Company, N.A., in its capacity as trustee (the "Trustee"). Liberty proposes to split off, into a new publicly traded company ("SplitCo") the businesses, assets, and liabilities...

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