IAC’s Barry Diller wants to spin off IAC into a five different parts, and switch to a single tier voting structure. This move would effectively halve Liberty Media’s voting power in IAC, which is currently 62%. As a result of previous dealings, Diller has proxy control of Liberty Media’s shares in IAC. Liberty’s John Malone is suing to stop the restructuring and oust Diller, claiming that he is breaching stewardship and his contract.