Court Dismisses Stern Suit With Prejudice
The news will certainly send shock waves through the media as Howard stern has just lost his epic battle with Sirius XM Satellite Radio (NASDAQ:SIRI). The suit, filed over a year ago, had some tantalizing tid-bits of the history of the Howard Stern deal with Sirius, the merger with XM, and of course the massive bonus structure that Stern received as part of the deal. Stern, has had many rants on his show about how he feels the company cheated him out of potential bonuses worth well over $100 million and possibly as much as $300 million.
The sides have been at odds for months, but in the end Sirius XM’s request for summary judgment came down in the favor of the satellite radio provider. Documents filed in court today confirm Judge Barbara Kapnick’s ruling. Stern and his agent, Don Buchwald, have the right to appeal, but as of right now Sirius XM is victorious.
The biggest factor working against the Stern side was very specific bonuses paid out in the event of a merger with XM. It would appear that the court felt that the language in this section created a separation in the subscriber pool, and that a value was placed on the XM side of the equation in the event of a merger. Stern received that payment and thus in the thoughts of Sirius XM, they had already made him whole.
Stern may well have some choice words about the decision, and it could make for some entertaining radio. Stay tuned.
ROFLMAO!!! Howard you twit!!! LOL!!!
I invented court rulings. Hoo Hoo. Tell ’em Fred.
Hoo Hoo!
Entertaining radio? Hearing Stern bitch about how unfair it was that a $100 million bonus didn’t happen, and how no doubt this judge is a frigid lesbian makes me want to offer him $100 million to NOT talk about it.
I wonder how much OBUMMER paid the court to let XM steal the money so that he and SOROS can use it to fund OBUMMERs new campaign.
You’re clearly retarded.
This is another great lesson for you, Spencer, and most of the SA contributors who are always on standby with/r to spinning siri they way you feel like it that too often contradicts their Majesty FACTS and REALITY.
The biggest mistake you are all making when trying to analyze siri is looking at it as if it were 2008. You have profoundly failed, in your ardent desire to look at siri minutia through your microscope, to recognize the fact that siri is a monopoly that is making billions of dollars today, and had a 14% profit margin in 2011. Siri is raking in money today and technically is a much more powerful corporation than liberty even today, let alone a year or two from now. If they manage to settle the issue with liberty, I will not be surprised if they buy out liberty in five years if they choose to do so.
The Stern case is another proof that siri is a power house that can afford great attorneys and deal with sterns and liberties. Just name me a single issue during and after the merger that Sirius management was not able to resolve to their benefit. NONE!!! I hope the “bashers and doubters” will start learning lessons and treat the company achievements with due respect.
Incidentally, I attempted to respond to your post on SA about “rationality” but those jerks have been either delaying or blocking my dissenting but still ethical opinions for several months. I just want to let you know where you are posting so anxiously. Good luck with your endeavors!!!
keep those rose colored glasses on. I need no lesson at all. This stock was at $1.80 1 year ago, and sits at $2.20 today. Not a smashingly awesome, great news and prospects, this company is the cat’s meow performance.
SIRI is an average performer in my portfolio. That’s it. Perhaps it is one of your better performers and that is why you are soooooooooooooooo excited by it.
The reason you think I am on a high horse is because you have on rose glasses
You are an arrogant clueless know it all person who has NO idea how business works. Only deliberate agenda driven person cannot see such facts like $427M profit in 2011 off $3.01B revenue. How many companies that are just getting started can boast such profit margins?
All you try to achieve with your ambiguous remarks is to bamboozle common folks who you tend to treat like herd pretending that you know something they do not.
You were wrong on the feasiblity of price increase, on your lawsuit outcome predictions and tons of other larger and smaller things. You will be wrong with your liberty crap auguring as well. The reason is very simple: you have no idea how business works, in particular sirius xm. It appears you have never run a serious business and can only hypothesize.
I have followed you long enough to conclude that you are CLUELESS. My best ally here has been TIME, FACTS and REALITY that you are consistently trying to twist and distort.
I keep wondering why you are doing this: because you do not like the company; do not believe in its business; or you are trying to square some past accounts; or there is something else.
Let me assure you that every time you twist and distort reality about Sirius XM, you should expect me to expose it to your readers.
Gotta love the O and A morons, even with the trouble Stern is giving Sirius, they still would keep him more than O and A.
The little doggie company pays Howie and the other celebrities damn near billions of dollars to do the barest minimum of air time, yet we’re the morons. Right.
At least us “morons” have a live show 5 days a week for most of the year. Enjoy your “Best of Stern” & America Got Talent talk.
I personally can’t wait until O&A leave satellite and go podcast, so I can flush my Sirius unit down the toilet & **** your mother. Radio is dead.
Fuck Howard. He’s old, unfunny and Robin laughs at everything he says, even if it’s not slightly humorous.