Late Friday, IAC/Interactive (IACI) won a key court ruling in its battle with John Malone’s Liberty Media (LINTA). In short, IACI chief Barry Diller has been freed to pursue his planned breakup of the company into five pieces: Ticketmaster, HSN and catalog retailing, Lending Tree, Interval International and core IAC, which will become a basket of Internet brands like Ask.com and Match.com.

IACI shares jumped in after hours trading Friday, but the stock’s move today has been more subdued. One reason for that: a skeptical story about the company’s prospects in today’s WSJ. The story noted that many of the company’s operations are struggling financially; the piece also noted that Diller has been looking for private equity investors for some of the businesses, but so far has signed no deals. IAC reportedly talked to Elevation Partners about taking a stake in Ticketmaster, but the story says those discussions have cooled.

In a note this morning, Bernstein Research analyst Jeffrey Lindsay noted that the ruling on Friday left Malone some wiggle room. In fact, Liberty itself made the same point in a statement late Friday. “Our primary objection to the spin-offs relates to the proposed use of a single-tier voting structure,” Liberty said. “We have never suggested that Liberty was otherwise opposed to the spin-offs. We are evaluating all of our options, including whether to appeal the Court’s decision. In any event, we expect that the IAC board will heed its fiduciary duties and will act appropriately to ensure a fair and equitable outcome. Whether we take any further legal action to enforce these duties will depend on the course pursued by the IAC board.”

Malone holds super-voting shares in IACI, and wants to have the same position in the spinoffs. If the IACI board sticks to its plan to offer only a single class of shares for the spinoffs, Lindsay says, Malone is likely to file a new lawsuit.

Given the uncertainty, Lindsay’s advice is to avoid the stock for now.

IACI today is up 26 cents, or 1.3%, at $20.75.