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  1. Demian is offline
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    10-21-2008, 01:48 PM #1

    Is SIRI trying to destroy the shareholders or not?

    Ok, I listened to the radio show with Michael Hartleib and have heard the theory that management has a plan to take the company private and/or go bankrupt. It's hard for me to be open to this theory without understanding the motive? Without understanding a motive, it seems too conspiracy theory to me. Mel has a bunch of shares and "skin in the game" so to speak. Another board member (Leon) has over 90 million shares. Why would they want their investments to go down? Why would Mel want to screw all the shareholders over? He would want to end his career with this on his record?

    Either he is purposefully trying to screw the shareholders over or he is not - I can't see any middle ground there.

    The stock performance has not matched the company performance. Look at the revenue and sub growth since Mel showed up! He has been cutting costs and growing the company....

    I need some evidence of what the motive would be - before I believe that Mel and the board are trying to tank the stock. What proof is there that he has purposefully tried to tank the stock?

    I already feel like I'm in the Twilight Zone with this stock already......
    Last edited by Demian; 10-21-2008 at 02:06 PM.

  2. Demian is offline
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    10-21-2008, 02:10 PM #2
    This is a post I copied off of another message board........user donedealdevildtails posted a recap of Hartleib's comments and concerns. I'm still having a hard time understanding the motive...

    HARTLIEB
    Subscriber, avid listener
    Due diligence, over 3,000 hours of research
    Shareholder, built position over time
    Lost in excess of $1 million; bought between $1.89 to $7+
    Requested full disclosure to shareholders for fully informed vote
    Personal meetings with FCC were insanity, no answers
    Fielding phone calls from livid shareholders

    CONCERNS
    Interoperability mandate more important than realized
    Sirius had better content than XM
    Sirius should have burried XM
    There was no need for merger
    Sought answers from company but was stonewalled
    Concerned about company position that doable and viable are not one in the same
    Company said they were fully funded
    Company said no need for a reverse split
    Concerned with settlement stipulation from prior class action will completely indemnify past deeds (Rockwell vs. Sirius)
    Karmazin's ego
    Toxic refinancing terms
    Sarah McBride's interview revealed Karmazin would love to take company private at these levels if he could secure financing
    Leon Black of Apollo reached out to Karmazin and brought him out of retirement for the sole purpose of consolidating spectrum with complete disdain and no regard for shareholder value
    Shareholders were lied to
    Took 80 to 90% of the value out of the stock since consummation
    Violated license requirements
    Multi year goal was to consolidate spectrum
    Shareholders are being screwed by management
    Company seeks dilution with authorization for 8 billion share float; simply irresponsible
    Worse case scenario WILL happen
    Taking care of nobody except deep pockets behind them who have facilitated this consolidation of spectrum
    Genesis? needs to be investigated
    Criminal and rackateering laws have been violated
    It's irresponsible and unconscionable that Karmazin didn't have a plan A, plan B AND plan C
    Management is corrupt
    Executives need to be held responsible
    Management lied through their teeth
    This was all about the merger at any and all costs
    They are going to use this economy as excuses
    There is no excuse for justifying what they have done
    They are going to 'F' us, the shareholders
    Last edited by Demian; 10-21-2008 at 02:24 PM.

  3. Jay Wilson is offline
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    10-21-2008, 02:53 PM #3

    The crazy uncle...

    I had a crazy uncle that was a narcissist.

    He was always in a lawsuit against someone. He'd sue this company or that company. It made him feel important. People were forced to listen to him, lawyers, judges, executives, etc. etc. etc. It didn't matter so much that he won, he just loved the attention, the drama, and the fight.

    I listened to the special radio broadcast. Towards the end of it, I realized I don't miss my uncle so much.

  4. winagain35 is offline
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    10-21-2008, 03:26 PM #4
    Were your uncle's initials M.H.?

    I had similar thoughts - he sounded a little off kilter. His anger, which may well be justified, has clouded his judgment and now he's concocted a conspiracy theory to explain everything. We're ALL disappointed... nobody likes to lose money. But there are plenty of explanations for the current stock price that DON'T involve some secret, underhanded, criminal, evil master plan by our CEO. Who, by the way, has a pretty distinguished record up to this point.

  5. J56D is offline
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    10-21-2008, 03:48 PM #5
    Maybe because I don't see anything to suggest anything else. Just look at what has happened to shareholder value since Mel joined Sirius in 2004. The float has increased dramatically and it looks like this trend is going to continue.

    Wouldn't it be nice to read about something with positive results................

  6. john is offline
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    10-21-2008, 04:30 PM #6
    J56D, If you dont include the shares for the XMSR buyout, then most of the delution was there way before Mel came to SIRI.

  7. Demian is offline
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    10-21-2008, 04:32 PM #7
    Quote Originally Posted by J56D View Post
    Maybe because I don't see anything to suggest anything else. Just look at what has happened to shareholder value since Mel joined Sirius in 2004. The float has increased dramatically and it looks like this trend is going to continue.

    Wouldn't it be nice to read about something with positive results................
    Look at the revenue and sub growth in contrast to the stock price.....

    How could Mel have grown the subs and revenue so much, while also cutting costs, and the stock price suffer so much?
    Last edited by Demian; 10-21-2008 at 04:34 PM.

  8. homer985 is offline
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    10-21-2008, 05:38 PM #8
    John is correct... other than the 50% dilution for the merger, the bulk of the new dilution hit Sirius before Karmazin was there. As did most of the expenses.

    Other than signing NASCAR and reworking the DCX deal -- Karmazin has mostly spent his time on this merger. The dilution and huge expenses were tallied up by his predecessor.


    -----

  9. demonotaku is offline
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    10-21-2008, 05:48 PM #9
    And we would like to say good bye old CEO and Good luck to him screwing Echostar

  10. deewcom is offline
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    10-21-2008, 06:53 PM #10
    Hartleib makes a reasoned argument. He may be right, he may be wrong, but his theory that Mel and Apollo wanted to get the spectrum, take it private and screw the shareholders makes a lot of sense. He revealed in the interview that his primary concern is to recover his million dollars. So much for his contrived benevolence. Unless I missed it, he did not mention the half million dollar settlement that he alleged was offered to him.

    The more shareholders that raise hell, the better it suits his purposes. That being said, he may be right.

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