There are a lot of moving pieces right now. I think all of them bode well for Time Warner shares in the near term.
The move simply gives Malone a more liquid and tradable asset if he has normal voting rights. It's perfectly logical for Liberty to want voting rights in a company in which they own shares now that circumstances have changed.
But I can't imagine Time Warner wanting to sell their stake in Court TV to buy back shares, and even if they did, why would Time Warner care if the shares are voting or not.