Liberty Media filed their required disclosure with the SEC subsequent to their previously announced sale of 91 percent of their preferred shares in Barnes & Noble to “qualified institutional investors.” Their motives are pretty clear from the filing: Liberty received $250.7 million for the shares, after investing $204 million in the bookseller in August 2011. They also received 9 or 10 quarters of dividends while holding the preferred shares, good for 7.75% annually — giving them a return of over $80 million, or roughly 40 percent. The timing of the sale took advantage of a brief run-up in Barnes & […]
