Anyone can run a company better than a CEO who reduces the value in one year by 96%. Bring in the chimpanzes.

The BOD is probably in Melvin’s back pocket, unfortunately… that’s business.

The fact is, as you have stated, you care about nothing more than the stock price, and there is absolutely nothing that anyone can do or say to change your mind.

I get it.

Lets go back to Tyler’s question:

Fire Mel, and replace him with who?

Do you think that if anyone else in the world was put in charge or Sirius XM, it would raise the PPS and you would feel confident that they could run the company successfully? Start naming names… perhaps you could suggest this to the BOD.

Acxtual numbers vs. expectations are part of the equation.

Assets held are another.

Max, you hate Mel. We get it.

You don’t want to acknowledge any metrics. We get it.

You want Mel fired. We get it.

Fire Mel, and replace him with who?

Your solution is not a solution. It is just bringing about another problem.

On December 18, the proxy measures will all pass. If I were you, I would get in tune with that and get your strategy together. Whining and complaining will get you nowhere. If you are that distressed, I would suggest that you reconsider your position in the company now.

Just took a gander at both Merrill and Sirius ONE YEAR Chart.

In 2007, on or around this date, Merrill, a Financial Company acquired by BOA, was trading at $21.50, today $14.91 or 69% of ‘07 value

In 2007, on or around this date, Sirius was trading at $3.50, today, around $.15 (fifteen cents) or a mere 4% of its last year value.

Thain is being thrashed for a 30% drop in his companies performance year over year.

Karmazin, Melvin to those of you who prefer the more personal touch, took his company down 96% during the same timeframe.

Where is the outrage?

Thain is gone, Karmazin is still lurking, and asking for dilution and reverse splits along with a whole host of prerequisites, I would imagine.

The looking glass looking different now?

look at this article on Thains pay.

This guy was critical of it last year saying the targets were not high enough:

“MER will be up $20 and $40, even if Thain has sat in his office twiddling his thumbs (apparently he isn’t a golfer). If things turn even uglier, so will MER. Anyone thinking that Thain’s pending decisions will materially impact whatever transpires in “the great credit market resolution” should email me whatever they are smoking.”

Look at the chart:

http://finance.yahoo.com/echar.....R;range=1y

With all due respevt you do not seem to comprehend Mels package.

His base pay is $1,250,000
His annual bonuses are discressionary

The vast majority of his compensation is in options. Those optins are worthless because of where the price of the stock is.

Look at it this way. If we assume an average bonus of $3,500,000, and an annual salary of $1,250,000. His cash income would be just under $24,000,000 for five years. This is less than $5,000,000 per year for the CEO of a major media company.

His other “compensation” is in options. 30,000,000 of them at a cost of $4.74 each. That is $142,000,000 in whta you want to call compensation, but what is in reality Mel buying those shares.

So, in your understanding of compensation, Mels total compensation would be $166,000,000 over five years. Thus, 85% of his “pay” is based on the stock price. What more are you looking for?

Even if the stock price were to hit $4.74, Mel would only have broken even. He will have paid $4.74 to get stock shares worth $4.74. Thus he would not see profit until the stock went above. Lets assume it went to $5.74. His profit on the shares would be $30,000,000.

Again, I would suggest that you have a better grasp of the compensation package prior to having thyis conversation.

Thains pay at Merrill was a minimum of $70,000,000 in 2007 (the year he started)

“Mr. Thain’s initial pay includes a salary of $750,000 and an unspecified bonus; restricted stock worth $28 million at current market values; and a three-tier grant of 1.8 million stock options worth about $20 million, by conservative valuation assumptions.The big option grant is intended to encourage him to bolster Merrill’s share price, while shielding him from the risk that the job is a bad fit. When he takes over in December, his first allotment — of 600,000 stock options — will vest over two years. The second portion vests only if Merrill’s share price rises $20 from its price on his start date. The third set of options vests if Merrill stock climbs $40 a share.

Though it will be a formidable challenge to realize all three tiers, Mr. Thain could be paid as much as $120 million if he hits all the performance targets.”

Mel has not received a 2008 bonus as yet.

HEADLINES
NY’s Cuomo: Merrill’s $10 mln bonus for Thain ‘unjustified’

SAN FRANCISCO (MarketWatch) — New York Attorney General Andrew Cuomo told the board of Merrill Lynch & Co.on Monday that a reported bonus of $10 million for Chief Executive John Thain “appears unjustified.” Cuomo said in a letter to the board that Merrill Lynch has lost more than $11 billion over the year and that “the performance of Merrill’s top executives throughout Merrill’s abysmal year in no way justifies significant bonuses for its top executives, including the CEO.”

link: http://www.marketwatch.com/new.....E2C2DCC%7D

Seems to be the coming trend. In the UK, I believe that its call “say about pay” legislation whereby shareholders increasingly have a say about the negotiated compensation packages awarded to CEO’s by the company’s B.O.D.

Attaching performance measures to compensation of top executives just may be what the economy is in need of. A slight shift of the Risk from shareholders to CEO’s seems healthy, IMO.

Coming to a Satellite Radio provider near you… 12/18/2008

You seem to think that I am arguing a point regarding the merger and the Wisdom of the decision. I am simply stating an an analysis of that is yet to be performed. What you and I have agreed on in the past, is that it will take at least 2 full quarters to see the merged metrics and probably 4 or 5 quarters to establish the new company’s actual performance post merge. As you know it will take 5 quarters of merged performance to get the first YOY comparison of the metrics and other important data points that Tyler outlined for Max above. When we make it to 2010 (see I can be positive by saying When instead of If), the YOY comps should be favorable.

On the debt, I have recently updated my understanding since our discussions with Homer, to include information in the recently updated prospectus for the Lent Shares and 7% converts, the “ugly deal”. Their is a very good Debt Chart based on guarantor withing this release, breaking down debt secured with Xm holdings asset s vs debt secured by Sirius Xm Radio Parent assets. A read of the Risks Section are now more specific to the merged entities than previously released, especially regarding Xm’s debt.

forgive me for being blunt, but there is far more happening with this equity than the pps. Most stocks have taken a beating and Sirius is not exclusive in that department.

You don’t want to believe Mel, that is fine. Look at the numbers. That is something you need to consider when making your unvestment decision. If you don’t believe in management, you have a chance to vote about it on December 18th. If you do not like the direction of the company, perhaps you should consider not being invested in it.

Thus, once again, you are avoiding answering questions. This is odd behavior. we still do not know whether you have a clear understanding of mels compensation, and now we do not know how you feel about the metrics. all we know is your disdain for Mel.

Am I happy with the PPS? I am actually indifferent to it. I understand that my whole portfolio is taking a hit. With regard to Sirius, I made my play in it long ago. The shares I hold are not going to change my lifestyle no matter what happens. Perhaps that gives me the latitude to be indifferent.

On December 18th, the Board will go in as suggested in the proxy, the additional shares will be approved, and the reverse split autorization will be approved. If you are against those positions, you should prepare yourself for these things happening.

Why do I say all of these measures will pass?

1. The board votes all shares that did not fill out a proxy vote.

2. The company needs latitude in trying to refinance. Getting delisted is not an option. If a reverse split is needed, most shareholders, and the board will approve giving this latitude. This is not a Mel thing. If Mel resigned tomorrow, this measure would still be on the table.

3. Having shares authorized, and adding them to the float are differing matters. No oine like dilution, but if the isswue becomes BK or dilution, dilution will win…..unless they do not have the authorized shares to do it.

max….

Lets look at the metrics and keep on things that matter.

1. Are you happy with the churn rate? If not why?

2. Are you happy with SAC? If not why?

3. Are you happy with revenues? If not why?

4. Are you happy with marketing savings? If not why?

5. Are you happy with marketing efforts? If not why?

6. Are you happy with capex costs? If not why?

7. Are you happy with programming? If not why?

8. Are you happy with debt levels? If not why?

9. Are you happy that the CEO is making 1.25 million in base salary? If not why?

10. Are you happy that a-la-carte is happening? If not why?

11. Are you happy with ad revenue? If not why?

12. Are you happy that the company no longer has to pay Maxim, etc.? if not why?

13. Are you happy that $90 million of the $300 million in Feb debt has been paid down? If not why?

These are the types of things you will want to watch. These are the type of things, going forward, that will get the company to profits.

Tyler: Thanks for the 13 days of WishMas above. Happiness is defined by the PPS, period. All those metrics have done zero to stop the decline of the PPS.

On December 18, 2008 some will get happier, most will not.

Individually, line-item by line-item, I’m going to be Clear, Concise, Correct, Complete and Courteous in my response: I do not believe what Melvin says anymore.

By the way, are you Happy with the PPS?