I am just as unhappy as anyone about the failure of the price of this stock, but CEOs should be compensated based on how the COMPANY is doing, not the stock price.

If you look at how the COMPANY has done since Mel signed on, I think Mel has deserved every penny he has made. Mel has done a wanderful job of getting the merger done, cutting costs, and growing subscribers and revenues at a remarkable pace with the state of the current economy.
With the exception of a few questionable deals (not having financing ready when the merger was approved and some questionable comments during a conference), Mel has treaded some very thin ice very successfully.

That said, I think it would do his investors and the rest of Wall Street a world of service if he and the rest of the board gave up their bonuses in order to help pay down the 2009 debt. It would show true leadership, and might even help get the stock price back up to where they could take some financing from Loral. Mel also has a large number of shares, so it would help him out as well.