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Thread: SIRI Intraday Updates for the Week of 11/03/08

  1. #11
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    http://www.radioink.com/HeadlineEntr...&pt=todaysnews

    Shareholders' Group Sues Sirius XM

    LOS ANGELES -- November 3, 2008: A group of shareholders calling itself "Save Sirius" has filed suit against Sirius XM Radio in U.S. District Court in Los Angeles, accusing Sirius XM management of violating the federal Racketeering-Influenced and Corrupt Organizations act, breach of fiduciary duty, and violation of the Sherman Act.

    The group, which claims more than 500 members, is asking the court to stop Sirius XM from issuing more stock or from implementing an up to one-for-50 reverse stock split. In an SEC filing earlier this month, Sirius XM said it would be seeking shareholders' approval for a stock split of between one-for-10 and one-for-50, as well as permission to issue more stock.

    Save Sirius spokesman Michael Hartlieb said, "We are working to gain control of our company by seeking to remove current members of the board as well as top executive Mel Karmazin."

    The group quotes a September 15 Wall Street Journal article in which Sarah McBride wrote that Sirius XM CEO Karmazin "said he would love to take the company private," and that doing that would "become much more feasible" if Sirius XM were to generate positive cash flow in 2009.

    The Save Sirius Group said, "It is clear that management under Mr. Karmazin's leadership has an agenda to steal this company from its shareholders."

    Save Sirius complains about Sirius XM's "history of locking their shareholders into the longest merger delay in history," as well as its "preventing the corporation from seeking alternatives or potential suitors" and its failure to commercially introduce interoperable radios while it insisted on "going forward with the merger at any and all costs." It also cites the issuance of 300 million shares "to the financiers of XM's debt to be sold short on the open market" as evidence of Karmazin and the Sirius XM board's doing severe" damage" to shareholder value in violation of their fiduciary duties.

    Hartlieb said, "In light of the aforementioned, it is clear that they have lost sight of their obligations to shareholders and have breached and will continue to breach their fiduciary duties in the future. We, as a group, will not stand for this and will use any means possible to prevent and preclude them from stealing this company from its rightful owners -- we the shareholders."

    Radio Ink has contacted Sirius XM Radio for comment.

  2. #12
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    http://www.247wallst.com/2008/11/shareholders-fi.html

    November 03, 2008

    Shareholders Fighting SIRIUS XM To The Core (SIRI)

    If you are one of the hundreds of thousands of investors following penny stocks and low-priced stocks such as SIRIUS XM Radio Inc. (NASDAQ: SIRI), then you will be among the many who are not all surprised that shareholders are going back after this company again. Over 500 shareholders have banded together and are going after SIRIUS XM's management.

    According to the press release, the group is using Racketeering laws under the RICO Act, breach of fiduciary duties, and the Sherman Act.

    The goal is to oust management and to prevent further dilution and possible reverse stock split. It may also prevent Mel Karmazin from being able to take the company private as some reports and speculators have discussed.

    Based upon the horrible share price performance and based upon the questions over whether or not it will be able to keep its stock exchange listing, it is really difficult to think that a large shareholder group that has banded together won't be able to be ignored by the company or by the media to force at least some of the changes.

    Jon C. Ogg
    November 3, 2008

    Below is a copy of the full release which was sent directly to us from the "Save SIRIUS" source.


    SIRIUS Shareholders File Suit Against SIRIUS XM Radio Management

    LOS ANGELES, Nov. 3 /PRNewswire/ -- The following is being issued by
    "Save Sirius":

    A group of incensed shareholders, over 500 strong and growing, have
    banned together and accused SIRIUS XM management of unjustly enriching
    themselves at the expense of shareholders.

    A derivative suit on behalf of shareholders has been filed in the
    United States District Court, Central District of California, Southern
    Division. Case number SACV08-00790CJC

    The case accuses management of violations of the FEDERAL RACKETEER
    INFLUENCED AND CORRUPT ORGANIZATIONS ACT (RICO), BREACH OF THE FIDUCIARY
    DUTY AND THE SHERMAN ACT.

    This suit seeks to prevent management from further damaging its
    shareholders with massive amounts of additional dilution (8 billion shares
    in the fully diluted float) and as much as a 1 for 50 reverse stock split.

    "We are working to gain control of our company by seeking to remove
    current members of the board as well as top executive Mel Karmazin," said
    Michael Hartleib on behalf of Save Sirius and its members. In a September
    15th 2008 Wall Street Journal article written by Sarah McBride, she states,
    "Given Sirius XM's low stock price, Mr. Karmazin said he would love to take
    the company private. But given the state of the credit markets, 'How do you
    find [the money] today?' If the company were generating positive cash flow,
    which he expects it to do for the full year in 2009, privatization would
    become much more feasible, he says."

    It is clear that management under Mr. Karmazin's leadership has an
    agenda to steal this company from its shareholders.

    Given Management's history of:

    -- Locking their shareholders into the longest merger delay in history;
    -- Preventing the Corporation from seeking alternatives or potential
    suitors;
    -- Failing to commercially introduce interoperable radios;
    -- Their insistence on going forward with the merger at any and all costs;
    -- Consummating the merger issuing 300 million shares to the financiers of
    XM's debt to be sold short on the open market

    Mr. Karmazin and the board have severely damaged shareholder value in
    violation of their fiduciary duties. Shareholders have lost over 90% of
    their value under Mr. Karmazin's leadership.

    "In light of the aforementioned, it is clear that they have lost sight
    of their obligations to shareholders and have breached and will continue to
    breach their fiduciary duties in the future. We, as a group, will not stand
    for this and will use any means possible to prevent and preclude them from
    stealing this company from its rightful owners -- we the shareholders,"
    said Michael Hartleib, on behalf of Save Sirius and its members.

    Contact:
    Michael Hartleib
    (949) 795-0580
    savesirius@gmail.com

  3. #13
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    http://biz.yahoo.com/ap/081102/candi...ness.html?.v=1

    AP
    Election to benefit some industries, harm others
    Sunday November 2, 10:39 am ET
    By Christopher S. Rugaber, AP Economics Writer

    "Big telecommunications carriers have forged many deals in the past eight years, such as Verizon Wireless' $28 billion purchase of Alltel Corp., approved with conditions by the Justice Department Thursday.

    Such deals will likely face tougher antitrust scrutiny under either an Obama or McCain administration, analysts say.

    In fact, some of the more contentious industry deals in recent years -- including the merger of Sirius Satellite Radio and XM Satellite Radio, and Google Inc.'s acquisition of DoubleClick -- might not have been approved under either candidate, says Paul Gallant, a telecom analyst at Stanford Washington Research Group."

  4. #14
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    http://www.electronista.com/articles...sue.sirius.xm/

    electronista
    11/03/2008, 8:30am, est
    monday, november 3rd
    Shareholders sue Sirius XM over merger woes

    A group of "incensed shareholders" calling itself Save Sirius today said it was suing Sirius XM over allegedly profiteering at the expense of investors. The lawsuit, filed in a California Central District, Southern Division court, accuses the satellite radio provider of violating RICO anti-racketeering laws and the Sherman antitrust act through decisions relating to the Sirius and XM merger only completed earlier this year.
    Company chief Mel Karmazin and other executives have allegedly damaged the value of Sirius XM stock by not only waiting through the entire FCC approval of the deal, which at 16 months long was the longest in FCC history, but also of maintaining agreements between Sirius and XM that kept either from looking for alternative deals or of canceling altogether. Executives from the two companies were bent on completing the merger at "any and all costs," the plaintiffs claim.

    They also accuse Sirius XM of making shorter-term mistakes that hurt the company's well-being, including no near-term plans for interoperable radios that handle both Sirius and XM networks as well as giving 300 million shares to the financiers of XM's debt that were promptly sold short.

    Save Sirius hopes that it will ultimately remove Karmazin as well as at least some existing board members.

    Sirius XM hasn't yet responded to the charges made in the lawsuit but has previously said the merger was necessary to fend off competition from not just traditional radio but also any digital media, including iPods and other portable media players.

  5. #15
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    Suit accuses Sirius XM CEO of trying to steal the company
    MONDAY, 03 NOVEMBER 2008

    A group of over 500 incensed Sirius shareholders have filed suit against the management of Sirius XM who they say have violated their fiduciary duty to shareholders by driving down the company's stock price before attempting to take it private in a leveraged buyout.

    The case, filed in California, accuses management of violations of the U.S. Federal Racketeer Influenced and Corrupt Organizations Act (RICO).

    The group, calling themselves "Save Sirius", is seeking to prevent management from further damaging its shareholders with massive amounts of additional dilution (8 billion shares in the fully diluted float) and as much as a 1 for 50 reverse stock split.

    "We are working to gain control of our company by seeking to remove current members of the board as well as top executive Mel Karmazin," said Michael Hartleib on behalf of Save Sirius and its members.

    The group points to a September 15th 2008 Wall Street Journal article written by Sarah McBride, in which she states, "Given Sirius XM's low stock price, Mr. Karmazin said he would love to take the company private" as evidence that Sirius XM management is trying to drive the Sirius stock price down and "has an agenda to steal this company from its shareholders".

    In a written statement issued today, Save Sirius points to a series of critical moves by management under Sirius XM CEO Mel Karmazin that have severely damaged shareholder value in violation of their fiduciary duties resulting in shares losing over 90% of their value and now could allow the current management to buy up the company on the cheap.

    The moves include:

    Locking their shareholders into the longest merger delay in history;
    Preventing the Corporation from seeking alternatives or potential suitors;
    Failing to commercially introduce interoperable radios;
    Their insistence on going forward with the merger at any and all costs;
    Consummating the merger issuing 300 million shares to the financiers of XM's debt to be sold short on the open market


    "In light of the aforementioned, it is clear that they have lost sight of their obligations to shareholders and have breached and will continue to breach their fiduciary duties in the future. We, as a group, will not stand for this and will use any means possible to prevent and preclude them from stealing this company from its rightful owners -- we the shareholders," said Michael Hartleib, on behalf of Save Sirius and its members.

  6. #16
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    http://br.sys-con.com/node/732704

    SIRIUS Shareholders File Suit Against SIRIUS XM Radio Management
    By: PR Newswire
    Nov. 3, 2008 06:00 AM

  7. #17
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    Market green - SIRI red.......

    SIRI just dipped below .30......

    Will this BS ever end?

  8. #18
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    SIRI has now fallen below S1 and S2.....

    R2 R1 Pivot S1 S2
    0.36 0.35 0.34 0.33 0.32

  9. #19
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    http://www.adweek.com/aw/content_dis...8705d48e64165b

    GM's Sirius XM Biz to McCann
    Nov 3, 2008
    -By Adweek Staff

    DETROIT General Motors has tapped McCann Erickson's office in Birmingham, Mich., already a client roster shop, to promote the use of Sirius XM Radio to owners of new and certified used GM vehicles, the agency confirmed today.

    Interpublic Group's McCann will tout Sirius XM subscriptions through the GM dealer network and across the marketing divisions for Chevrolet, Buick, Pontiac, GMC, Saturn, Hummer, Saab and Cadillac.

    "We are thrilled to have been chosen to work with GM on this fast growing technology and entertainment platform," said Garry Neel, CMO of McCann Detroit. "Our experience in working with the GM corporate brand and helping driving demand across all GM divisions should prove valuable as we support the many opportunities that lie ahead for GM with Sirius/XM Radio."

    Ad spending was not immediately available. The business moved to McCann following a review.

    Campbell-Ewald in Southfield, Mich., also an IPG shop, was in the incumbent. Ultimately, the competition came down to McCann and Boston-based Digitas, also a roster shop of GM, per sources.

  10. #20
    SiriusHope is offline
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    I just bought 5000 @.30...maybe will go lower too.

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