Liberty is asking the FTC to loosen restrictions on its stock in Time Warner Inc. so its can build a financial derivative around the shares.
That means Liberty wants to loan an undisclosed amount of its shares to a bank "to earn fees that will offset costs it is incurring elsewhere." Liberty got the stock in 1997 when Time Warner paid its own shares to acquire Turner Broadcasting System, of which Liberty was a major investor. The FTC granted antitrust approval on the condition that Liberty only get non-voting shares that gives Liberty no influence over management of Time Warner. Liberty wants to make the shares voting shares once again, promising that it will have no control over them while they are on loan.