Debt Market Turmoil Thwarts Diller
Timing is everything, and the kindness of the lenders has cooled considerably. IAC chief Barry Diller, who controls 27 percent of the common-stock of Expedia, the largest online travel agency in the world, was seeking to extend his control over the company until he ran into the debt market crisis. Diller announced in June his share-repurchase plan to borrow $3.5 billion to buy back 42 percent of its stock. From the WSJ:
“Though he’s keeping quiet, all of this looks like a drag for Mr.
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