MODERATOR: So Mel was here this morning and he told me to ask you this question, a question I asked him. Uhh, you’ve got a 40% stake in umm in Sirius.

MALONE: Um-hm.

MODERATOR: And its obviously worked out very well for you, we calculated like a 12 million % return, um, but in any case if you increase your stake above 50 . . .

MALONE: Well I think the return’s gotta be infinite doesn’t it?

MODERATOR: (laughs)

MALONE: I mean since we got all our money back and we still own it.

MODERATOR: Right, so its been a great investment

MALONE: Um-hm

MODERATOR: However we calculate. And um

MALONE: Thank you Mel (mock shouting)

MODERATOR: And uh, . . . he’s done a great job . . . but if you increase your stake above 50% that would jeopardize their 8 Billion in NOL’s

MALONE: Well we can't contractually . . . at the present time we’re barred from going into hard control of it for some period of time, I don’t remember what it is, but its all been disclosed publicly, um, so for some period of time, ya know, we have to be happy to be less than majority owner of it. Uh, as our ownership stake changes it can impact, uh, the usefulness of their NOL and so that has to, um, be watched.

MODERATOR: Right, well Mel said it was March 2012 so . . . but in any case

MALONE: Well March 2012 I believe is the last point at which we have any restrictions on our behavior.

MODERATOR: Silence

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