The Seeds Were Being Sown Long Before the Complaint was Filed!
Read this . . . .
If this is what One Twelve is hanging their hat on, good luck. What if I buy a new Honda that comes with XM? I get Howard only by subscribing to "Best of" . . . that number can be easily quantified. It would appear that a quite sizeable number of XM subscribers are apparently satisfied enough to renew without adding the "Best of" programming. All boils-down to the wording of that employment agreement which we will never see.
Another caller said that he doesn't deny the fact that he brought in millions of subscribers but not 20 million. Howard said there were 600,000 subscribers there when he started. He said they had to sell radios and subscriptions. Howard said this enabled Sirius to gobble up XM. That got them another 8 million subscribers. Howard said it allowed them to merge and not pay salaries they were paying to two companies. Howard said that this 20 million is because of him. He said that the reason they're successful is because for the millions he brought over. The caller said that they sell subscriptions with new car sales too though. Howard said that when old fans of the show get a new car they get to hear the show again and maybe they subscribe. They need the content to get new listeners. Howard said that this is one of the reasons people stay or subscribe.
Rated R - Intended for Mature Audiences Only
Damn SL! You are almost there . . . take 1 more big gulp of air and make a mad dash for the finish line . . . you still have a chance to break the tape ahead of Lloyd!
Originally Posted by SiriuslyLong
As a heads-up, I will be revealing the answer later this evening. This, however, is a WARNING . . . if you are not a big fan of strong language you may want to steer clear of this thread. I will be posting an extended quote with unredacted language (I am not sure if the SB software will edit-out profanity when wrapped in quotes).
"Think Deeper Man"
. . . . . . . . . . . T. Savery
The language gets pretty rough, even by Tyler Savery standards, so if you find "Richard Pryor" or "Redd Foxx" type language offensive . . . please avoid the thread for now. If you are interested in what was said but would rather not read that type of language, send me a confidential PM and I will clean-up the areas of concern and post a more PG version in the Siri Stock Thread.
It is not my intent to simply post gratuitous profanities . . . it will be done for purposes of retaining the emotional context involved in the statements that were made.
Rated R - Warning . . . Obscene Language
ok, you guys have been good sports about this . . . so here goes.
First, I am speculating here based 100% on circumstantial evidence. I believe Howard Stern is out to ruin David Frear. When Howard refers to a "long line" of people who have been unfairly dealt with by the company, he is talking about David Frear. Consider this:
or this (same source):
December 7, 2010
Howard said he was so dissesd yesterday by this company. He said he got an article from Richard Bosch and the company hasn't even gotten back to them after they asked why this article came out. Howard said he's never even heard of this guy David Frear. He said he sounds like a complete idiot. Howard read the article and said that this guy can suck his dick. He said the article says he's going to have to take a pay cut. Howard said he's not going to take a pay cut. He said even if he was going to take a pay cut he doesn't have to broadcast it and humiliate him.
Howard said he's not sure what business it is of anyone what he gets paid. He said this guy who is supposedly the CFO doesn't have to be broadcasting this stuff. Howard said the guy is a putz and it's unbelievable the amount of assholes he meets in this business. Howard said that he has no problem leaving this company after the 16th.
and yet again:
Howard said this guy should just say he has no idea if he's going to sign or not. Howard said he has no idea who this guy, David Frear, is. He said that the guy says that he'd have to sign on for less money if he does stay there. Howard said the guy is a shithead. He said he doesn't have to say that in an article.
Howard said that this guy David got paid $3.3 million last year and he got that money because of him. Howard said the company wouldn't even exist now without Howard Stern. Howard said he's not going to take a pay cut. Howard said he'd rather not work there than take a pay cut. Howard said this guy knows nothing about it and he's never even heard the guy's name before. Howard said that he's not even in the loop as far as he knows.
The next day, Howard gave a half-hearted apology to Frear based on Frear's remarks apparently being misstated. I'm not buying the apology. More likely done based on other considerations. Would Howard really not know who David Frear is or that the company had a "CFO" . . . doubtful.
The caller said he was sorry for calling this guy David Frear a cock sucker. Howard said that the guy is probably a nice guy but he doesn't think that he deserves the $3.3 million. He said he signed a new contract in 2008 from what he was reading. Howard said he'd like to know how many listeners that guy brought in. Howard said he didn't even know they had a CFO. Howard said Mel does it all anyway so he's probably just a puppet there. Howard said Mel pulls all of the strings there. He said you can't spend 10 cents without it ending up on Mel's desk.
Then, totally out of the blue, this yenta crackpot Joan Lappin, CFA, comes out with an article which, at its heart has no other apparent purpose than to trash David Frear.
So why the sudden assault on David Frear? This is the first I have ever seen an accusation of "very bad advice from CFO David Frear." Where is this coming from and why now? If Mel thought Frear had given him "very bad advice" do you think David Frear would still be in the employ of the company? What is Joan Lappin's source for this accusation?
Joan Lappin, CFA
March 25, 2011
Poor decisions by Mel Karmazin CEO based on very bad advice from CFO David Frear left the company with insufficient cash and cash flow to pay the interest on its debt.
With the stock at $0.50 after the Liberty bounce, huge option grants were given to Karmazin and Frear and others in top management.
Keep your eye on David Frear’s stock transactions and S4 filings. He seems to know exactly when the shares are about to peak out and sell a bunch as he did recently when he sold 375,000 shares at $1.78 on 2/18/11 for a total value of $667,538.
Who is it exactly that is in this "long line" of people that Stern is referring to that have compensation issues with the company?
Stern's lawsuit probably would have been filed with or without the remarks of David Frear, but it looks to me like Stern is also out to get a pound-of-flesh.