Can Mel Be Trusted?
Not only, can Mel be trusted but also why should he be trusted.
Look at what he has done to the share price since he joined Sirius.
Look at what he has done to the float since he joined Sirius.
I don't feel that he was prepared for the merger to be approved as evidenced by the bad financing he took afterword.
The Boy Scout Motto is to BE PREPARED.
Sirius CEO makes $5.27 million in 2007
10/20/2008 9:55:47 AM
By Deborah Yao
The chief executive of Sirius XM Radio Inc. received $5.27 million in compensation for 2007, according to a Friday regulatory filing in which the company asked shareholders to approve a reverse stock split to boost the share price so it won't violate stock listing requirements.
Mel Karmazin, whose 5-year employment contract with the satellite radio company expires next year, received a salary of $1.25 million, a cash bonus of $4 million and retirement benefits worth $18,743.
Sirius, whose merger with rival XM closed in July, also said it plans to enact a reverse stock split before the end of 2009. The company said the split, designed to boost the stock price by reducing the number of outstanding shares, would range from 1-for-10 to 1-for-50.
The stock had hovered around the $3 to $4 range last year, but fell below $1 in September as the credit crisis worsened. Sirius has $1.1 billion in debt due in 2009, and the environment for refinancing is difficult.
Sirius said its shares have to stay at $1 or higher to continue listing on the Nasdaq. Closing below a dollar for 30 consecutive business days would trigger a Nasdaq warning to meet compliance requirements initially for 180 days or face delisting. Sirius, which began trading below $1 on Sept. 19, said it meets all of the Nasdaq's other listing standards.
Sirius said Karmazin's bonus last year was based on his role in adding new subscribers to the company, generating free cash flow in the second half of 2007, increasing revenue by 44.7 percent, introducing 'Sirius Backseat TV' and snagging additional financing at good terms.
The Associated Press calculations of total pay include executives' salary, bonus, incentives, perks, above-market returns or deferred compensation and the estimated value of stock options and awards granted during the year.
New York-based Sirius set its annual shareholders meeting for Dec. 18. It was delayed pending completion of the company's purchase of XM.
Shares of Sirius closed Friday at 37 cents.
"snagging additional financing at good terms?" Does someone know something we do not? When did he ever snag financing at good terms?
I can't believe it !
Watching the football games yesterday and I saw a Sirius commercial ! Well , it was an attempt at the least , coinciding with Ford. Pretty cool commercial and even though this stock is bombing it made me feel just a little bit better :rolleyes:about the downward spiral of the economy. Other than that , they still need to fire the marketing department for this company. People will subscribe if they knew what Sirius Xm has to offer. :annoyed: Still waiting for a simple bumper sticker that reads - Choose what you listen to
GET SIRIUS !
How about this bumper sticker idea - "Buy SIRI Now!"
Originally Posted by Greenland