Magnetic properties and the electronic structure of LiCoO_2
  We have described properties of LiCoO_2 within the Quantum Atomistic Solid State (QUASST) theory taking into account very strong electron correlations, predominantly of the intra-atomic origin, spin-orbit coupling and the detailed local crystallographic surroundings and its symmetry. Properties of LiCoO_2 are consistently explained together with NaCoO_2 and LaCoO_3 - in all of these compounds the Co^3+ ions occur in the low-spin state. This low-spin state is the effect of the relatively strong crystal-field interactions (B_4^z = +320 K <=> 10Dq = 3.3 eV) and is a manifestation of the very large orbital moment of the Co^3+ ion. 
R.J. Radwanski, Z. Ropka