QVC Debt Concerns

The Wall Street Journal reports on mounting concerns over QVC's debt load (subscription required). Its not that QVC is going to go bust anytime soon, its just that John Malone's Liberty Media empire (which owns QVC) is so difficult to keep track of with all of its asset juggling and tax advantage oriented transactions.The article suggests that Malone may not have treated some debt holders too well relative to other classes of investors.
Another thing I don't like about Liberty Media is its tracking stocks (for instance, QVC is assigned to the Liberty Interactive tracking stock). I would never buy a tracking stock; even though I have an MBA I've never quite understood what I'm getting with them (just my opinion).
Another thought about Liberty Media-if it does need more liquidity would it consider unloading its 90% or so position in TruePosition of Berwyn? I think it might, if the tax implications are favorable. I don't see a strong fit with most of the other activities Liberty Media is engaged in, though I might be missing something strategically.
Other Liberty Media holdings in the area include a stake in GSI Commerce, and ZoomBak, which sells GPS locators.