Liberty's Filing Strategy!
From Barrons article regarding HSN and IAC:
"Consider, for instance, the saga of Liberty's stake in HSN (ticker: HSNI), parent of the TV shopping channel once called the Home Shopping Network. HSN was one of four companies last year spun out from IAC/InterActive (IACI), the Internet and retailing conglomerate run by Barry Diller. Malone ended up with about a 30% stake in HSN; he placed the holding in Liberty Media Interactive (LINTA), a tracking stock that among other things includes HSN rival QVC.
For the first year after the deal, Liberty did nothing. But last week, Liberty lifted its stake in HSN to 32.8%, buying 1,872,210 HSN shares at an average price of $4.63. Apparently determined not to reveal Malone's interest in the stock too soon, Liberty bought the shares in what it described in its Securities and Exchange Commission filing as "a post-paid forward transaction," which basically means a brokerage firm piled up the shares on Liberty's behalf into a block Malone could buy and then disclose in one fell swoop. The move allowed Liberty to buy the extra shares at less than half the current price.