I find this extremely disturbing if true....

http://savesirius.org/index.php?opti...news&Itemid=56


I have had many arguments with the regulators and NASDAQ as well as brokerage firms regarding the one dollar delisting rule. I have long stated there needs to be consideration for the market capitalization of the companies involved. There is the 35 million dollar minimum market capitalization that is required by NASDAQ to prevent delisting. There is also the one dollar requirement, if the share price falls below one dollar, the company faces delisting. There should be consideration given to a company whose market cap is substantially greater than the 35 million dollar minimum and it should be allowed to trade below a dollar without the risk of delisting. Sirius XM is a perfect example. Even at pennies on the dollar, the company maintains a market cap of roughly five hundred million dollars.


One of the factors that contributed to the death spiral of the stock, apart from management's obvious malfeasance, was that there were millions of dollars in XM shares that were being held in margin accounts. The day after the merger was consummated, XM shareholders received 4.6 shares of Sirius stock for every 1 share of XM which caused non-compliance in their margin accounts and created forced sales. So, one day, you could have a million dollars in XM stock and 500,000 dollars on margin, to find out the very next day after consummation of the merger you receive a 500,000 dollar margin call although your equity position in the account is the same. In my opinion, this needs to be fixed.


This is one of the reasons I have insisted there must be consideration given for the market cap of the company not just its share price.


I thought I would post the correspondence below as it is from a credible source. I believe the NASDAQ will address the market cap issue as well as the delisting rules for shares under one dollar.

If you’ll note, at the bottom of this correspondence, it states “Be advised that this plan has been in the works over the past several years with records we obtained from (IT personnel and inside sources) where emails were obtained along with wire tapped conversations between Karmazin and Leon Black.” Please note I have not been able to confirm this but believe the source is credible and should be of interest to all shareholders.

Michael, You need to post this on Sirius.org. I spoke at great length today with Randy Ganau who is head of compliance at the NASDAQ One Liberty Plaza office in Manhattan.

He clearly stated that in fact Sirius has not been sent a delisting and compliance letter as of today December 15th 2008’ and if the NASDAQ were it would not be until the January 20th 2009’ extension deadline, which by the way he feels will be extended once again due to the unprecedented amount of stocks under a $1.00 He also clearly stated that Sirius would have to by SEC and NASDAQ rules and regulations “announce publicly” with receipt of a compliance letter from NASDAQ at which time (if) and when they receive this letter they would by law have 180 days from that point to become compliant.

In addition Sirius could also appeal the notice at the end of the 180 day deadline. Plus keep in mind that they may very well extend the extension deadline well beyond the Jan 20th deadline as there is an unprecedented amount of stocks on the NASDAQ below 1.00, which could easily put us into 2010. While providing plenty of time for management to perform their fiduciary duties and make a substantial effort to increase the share price and shareholder value. However many including Sirius have market caps well above the 35 million threshold, which by the way the SEC and NASDAQ is looking at modifying the listing requirements including the $1.00 per share threshold.

Thereby making the market cap the (prevailing criteria) and in Sirius case even at .10 cents we are at a whopping 350 million market cap well above the threshold. So clearly there is no legal justification for Mel and management to reverse split the stock. In light of this Sirius’s -Mel Karmazin and Management must: · First and by law publicly announce receipt of a compliance letter from the NASDAQ at which time they have 180 days and can file extension as well.·

This then “derails” management whole fraudulent scheme with the need to Reverse split the stock as this was the (only legal) justification to reverse split the stock.·

Management already “publicly” acknowledged and announced that there is plenty of liquidity and accessibility to trading Sirius common stock so there is then no legal justification to split the stock.· If they attempt to do so they are only doing it in attempt for there fraudulent scheme to play out. Karmazin and Leon Black’s fraudulent scheme:

· Why he “Permitted” bond holders in August 2008 to short the 300 million shares we’ll this was in order to manipulate and push the stock below a 1.00, why you ask see below… ·

That way the possible delisting could occur.·

This would then provide an illegitimate excuse for Mel to reverse split the stock. ·

That way “new stock” could be issued with the upcoming Feb -09 debt due to the bond holders, which they could once again be permitted to short the reverse split adjusted stock.· Thereby driving the stock to pennies once again and with then only 70 Million plus shares the company could then be bought out for next to nothing compared to its value prior to the merger ·

Therefore common shareholders would then be wiped out. We’ll that was there plan and from what we learned today with the NASDAQ compliance dept that fraudulent scheme has just been seriously “de-railed”. · And don’t be fooled by Karmazins purchase of 2 million shares in the open market in August of 09’. That was planned long ago to suck in more investors. Believe me he stands to make hundreds of millions along with Leon Black if they were to bring the company private only to go public once gain years later under a newly formed company, new name and IPO…..·

Be advised that this plan has been in the works over the past several years with records we obtained from (IT personnel and inside sources) where emails were obtained along with wire tapped conversations between Karmazin and Leon Black.

it reads just like the emails that say send us $100 and we will send you $100,00 in 6 months, totally wreaks of nonsense.

whatever...that's bs

how does someone go about buying shares in august of 09? Time travel?

Maybe more grammar and fact mistakes than any spam email I've ever received.

Michael, You need to post this on Sirius.org.

Who talks like that?

Sounds like a drunk guy sitting at his computer typing whatever comes out of his imagination.

It's f*cking hartlieb, nothing is real, and should be sued!

Think about it...and what if it is true?

Quote:

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Originally Posted by SiriusHope

Think about it...and what if it is true?

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Well look at his other "Theories"

- Mel Not releasing the interoperable radios
- The FCC were in on the deal
- Mel took the 300 loan to take the stock private, yet he told one of the siriusbuzz people that if Hartlieb didn't press down on the FCC we would of been done 6 months sooner

So if anything Hartlieb caused that to happen if anything does, which I doubt since by the time the stock needs to be above 1, the debt deal would of been done

I have seen that on the Save Sirius site. There is a lot stated there, but much of it is opinion and conjecture. The troubling part to me is the claim of "wire tap conversations between Mel and Leon BlacK".

How would an individual go about obtaining wire taps? Only the government would do such a thing, and a court order would be needed to accomplish it. If such a tap existed, why would a private citizen know about it? The very fact that this information has been posted somewhere makes it seem suspect in my opinion. Whoever wrote this (it was not Michael) is admitting to at least a few crimes.

1. Obtaining private information from corporate e-mails.

2. Consiracy with employees of a company to commit corporate espionage.

3. Consiracy and/or false wire tap with those that allegedly obtained the wiretap.

4. Insider information if they traded on the private information they allege having.

5. If a wire tap and the e-mails do not exist, slander, lible, etc.

Other less interesting aspects of this are as follows:

1. The writer states that Sirius had not received a delisting notice. This was true, and well know. I covered the NASDAQ rule change here on this site the day it happened, and clearly stated that Sirius would not receive any such notice until after the January deadline. Sirius never claimed to have received a notice.

2. The writer states that there is no legal reason for Karmazin to split the stock. A)The stock split is not a legal issue. It is a NASDAQ compliance issue. B)The company has no way to guarantee that a deadline extension would happen. That is entirely up to NASDAQ and the SEC C)The company has not split the stock even though shareholders approved it. D) There are people who argue about fiduciary responsibity, or lack of it, on one hand, yet want the company to foirego putting in place a measure, that if needed, would keep them listed.

3. If the company were to receive a delisting letter, a notification would go out. No one is trying to hide anything here.

4. Management is making substatial efforts to get the share price up. We are in a piss poor economy, and not a single CCC rated company has received financing since the collapse of the banks. Anyone worth their salt knows that any financing the company does get will need to involve warrants, and thus some dilution will likely happen.

5. The writer says there is a "fradulant scheme" to reverse split the stock. Again, nothing to substantiate the claim other than an opinion. This in and of itself is troubling.

6. The convert issue in August was needed because there was no stock available to short. All convert deals short the stock. It is how things have always been done. This locks in their profit. Because no shares existed to short, the company had to loan the share. Frustrating yes, a conspiracy? Not likely, unless it involved all of the arb players who shorted all shares prior to the merger. Mel did step beyond the typical deal, and got these institutions to agree to go long, at market prices, for every share shorted. Thus, every share that was shorted has a corresponding long share with it (at least in theory).

7. Taking the company private at a low price accomplishes nothing unless the business model is viable and can get to profits.

My opinion is that the person that wrote this could wind up in some serious trouble

Tyler,

Many things that have been written by this writer are slanderous and liable ONLY if it were not true. I have not seen any counter suits from SiriusXM. You have to wonder why.

Countersue to get what exactly? Rarely do you see corps. chase around individuals. It simply is not very productive.

What I say is that if someone is going to make the accusations, give some proof. Put something concrete on the table.

Tyler,

I've read just about everything you've written over the past few months. I've reserved judgement of you until now.

You just picked apart that nonsense piece by piece..........

Well done.........