Joined: Mar 2008
Mr. Karmazin REG.Sho SOS!
Many things have changed such as my faith in management, but some have not! Management has not done anything to protect their shares and or shareholders. Sirius back on REG. Sho list and share price is now 60% lower than when this letter was provided to management. I still wonder why?
P.O. Box 7078
Laguna Niguel, CA 92677
May 8, 2007
Sirius Satellite Radio, Inc.
1221 Avenue of the Americas
New York, NY 10020
Dear Mr. Karmazin:
As a long time shareholder of, and an advocate for Sirius Satellite Radio, I would like to start by saying I believe in the Company, its model, the potential of the sector, and your leadership.
After nearly eighteen months of research and with great consideration for the chain of command, I now find it necessary to direct my concerns to you and respectfully ask for your involvement. That being said, my desire is not to do anything that would jeopardize the prospects of the merger and/or the Company in general.
I have obtained information through the Freedom of Information Act issued by the S.E.C. and other sources, that strongly suggests manipulation in Sirius shares and violations of Federal Securities Law. In speaking with Investor Relations VP, I have been told it is not the Company’s responsibility to monitor the trading of the Company shares but instead, is the responsibility of the regulators. I disagree and believe the Company has a fiduciary responsibility to protect the interest of its shareholders. I cite the pending Overstock.com, Inc. et al v Morgan Stanley & Co, Incorporated et al litigation filed on behalf of Overstock and its shareholders (Superior Court of the State of California – Case #CGC-07-460147). I believe this case sets a precedent for companies such as Overstock to protect their shareholders and preserve the integrity of their shares. Overstock and its shareholders have seen nearly a forty percent increase in share price since the Complaint was filed.
May 8, 2007
After the alignment of XM and Sirius enterprise values and the announcement of the merger agreement, I expected the companies would trade on their merits and the constant borage of factually incorrect and/or misleading commentary would end.
With the stock at these levels, I am fearful of an unsolicited bid or private equity acquiring the Company for a nominal premium at the shareholders’ expense.
I have had conversations with Wesley Christian, the lead counsel for the Overstock suit, and other counsel who are interested in filing a similar suit on behalf of Sirius shareholders against the financial institutions that facilitated these illicit trades. Before proceeding, I am requesting a face-to-face meeting with you to ensure that the shareholders’ interest and the Company’s interest are aligned.
Very truly yours,
Joined: Jun 2007
Location: Dallas Texas
You forgot to add the part about "I believe in your leadership, even though I filed suit against you in court as well as filed for a motion for declatory ruling in the closing days/weeks of your precious merger proceedings."
Originally Posted by Hartlieb
Michael, I appreciate what you are doing for stockholders, because I am a part of that group, but I feel that you are going about it the wrong way. To be completely honest, do you think Mel Karmazin would want to sit down with you face to face after you filed suit against him? Not only would/should he be insulted, but it is probably not going to be very advisable from his council, especially if you still have open litigation pending.
Joined: Jul 2008
Reg SHO List
Hartlieb has issues. This is true. While he neglected to mention his other actions, the gist of his post is good. We should keep our focus on the topic of naked shorting that is killing SIRI SP. Let's not make this about Michael Hartlieb. Lets keep this post alive. Nobody invested in SIRI (especially those of us who got our asses kicked with XMSR also) enjoys seeing the stock price manipulated by naked shorting or other nefarious acts. Many millions are traded daily. Forward momentum gets reversed by massive sell offs. It isn't us little guys dumping millions of shares and repurchasing them after hours to start all over again.
Something is supposed to happen on Thursday WRT naked shorting. Can anyone explain how the SEC is going to stop it?
If Mel can say or do anything to help he should. Though Mel said he could not control the SP, he did call out GS and Winky and linked them to Hedge Fund shorts. What else can Mel do?
Joined: Mar 2008
Many things have changed such as my faith in management
Newman, as I stated above some things have changed,faith in management,
Mel's leadership, is part of that. Please note the date of the letter! I lot has happened since like trying to screw the shareholders via Brockwell vs Sirius. I had to file to protect my interest after all of the lies.