Sirius XM is Playing a Dangerous Game
The New York Times is reporting that Sirius XM is preparing to file bankruptcy under chapter 11 and my initial reaction was one of absolute and total deflation and disbelief. I find it sickening that a company with such a growing stream of revenue could just decide to ignore its obligations and in one fell swoop destroy investors in its common stock and bonds as well. Even with sufficient cash on hand, the company it would seem, would be willing to sell out its investors for the sake of getting a free ride on the backs of those who saved and invested in its future.
The New York Times article goes on to speculate that the filing itself may be nothing more than a ploy to force Echostar CEO Charles Ergen into a potential partnership deal. I find it no less despicable that Sirius XM management would risk the savings of thousands of its investors, even if such considerations are in fact the company’s motives.
I have to concede, having followed Sirius since 2003, that the potential motive of forcing Mr. Ergen to make an offer seems reasonable. For as long as I can recall, Sirius has never leaked so much as a subscriber figure. They just do not offer any guidance in advance. The only exception I can recall was the merger rumor with XM, which I attributed to a leak on XM’s part to increase the pending offer.
In this case, Sirius provided the New York Times with a substantial news leak. In doing this, it has rendered its bonds including those acquired by Mr. Ergen worthless. Mr. Ergen now stands to lose hundreds of millions of dollars if he does not act. Sirius XM is playing a dangerous game of chess with a grandmaster of the game, and doing so at the risk of its private investors.
and, I am preparing to consult with a class action attorney (I have used in the past) to file a breach of fiduciary duty lawsuit against mel and the other exec’s and board of directors should they follow through with this threat. opps, I just leaked that fact to siriusbuzz.
Shark,
Ergans offer was to wipe you out. Mel did the right thing.
I heard there was an offer late last year to buy all the shares of the company…at least that is what one report said.
It might be noted Brandon that the offer from Ergan was to take control of Sirius and wipe out the current shareholders. As I would have to, Mel found this “Unacceptable”. Mel did the right thing and since the offer was to wipe the common out, this game of chicken would not only wipe the common out but wipe Ergan out too. Im pissed now after reading his plan, so screw him… If he wants to wipe us out… we will wipe him out!
and exactly how would Ergan take control and “wipe out the common”? You’re not making any sense
http://online.wsj.com/article/.....8;ru=yahoo
Did you even read the article? If so, you apparently didnt understand it.
there were some news articles that said that, but I never understood how you could wipe out common buy a buy-out…you could dilute to the “n”th degree, or make utterly worthless, but you can’t wipe out.
Exactly. Ergan will inject fresh capital not a buy-out BUT neither wipes out the current shareholders. Shareholders will be wiped out if BK is filed.
Brandon –
They possibly leaked that they were preparing for the possibility of BK. All else is rumour and speculation causing panic.
Maybe it’s a ploy and it could work. Maybe Mel could get us something for our shares.
I hope we here something by Friday, but moreso hope shares can get back to .12 at least as we wait for CC.
good article…maybe someone can answer me this: with 360 m. in cash& equiv. at the end of sep ’08, if sirius has the money on hand to pay the remaining feb. debt, could they really opt to file for bankruptcy instead???
Clayton got Ergen’s ear and was behind this. He is snake and a traitor to Mel, who he hired after overpaying for NFL and Howard Stern, then used him to get merger approved and get the company in line operationally.
He also sold about a gagillion shares all the way down from 9 to 2 on his way out.
He set Mel up in my opinion, that Fat Bastard !
You are absolutely right, Clayton is behind this, but that doesn’t excuse the Mel and company from recognizing early what might happen and taking preventative measures….
Let’em File!! I will cancel my sat rad subs and switch to Direct TV. Count me in for the class action lawsuit BABY!!
maybe a dumb question… do we have to be in it to the end for any of us to possibly get anything back from a class action lawsuit?
I don’t think so. I day traded a stock in 2003, held it for 3 hours, made a $500 profit, and received a letter inviting me to participate in a class action lawsuit. They settled and I received a check in the mail for $1.38!!!
I meant to answer YES to your question but usually the lawyers see most of that money.
I am going to bed. I am not making any sense. I am too tired and angry!!! I will let my shares go to zero! “F” it!
Yes you can participate!!
I’m a lawyer, and when I was a class plaintiff I received more than that; however, my lawyers did receive more than me, and that pissed me off…personally, I never charge the client more than they receive.
Well i’m down about $200k, I would hope that I might get back a little more than $1.38
Troubled Asset Relief Program funds PLEASE!!! Maybe Mel could open the SIRIUS Bank it seems to be working for GOLDMAN SLACKS!!
Let’s start a rumour “According to sources close to the company, Ergen is prepared to offer .50 cents/share to stop Mel from filing and losing his 400M”
Go Mel – screw Ergen and his bloated elephant sidekick Clayton the traitor !
I am down a couple hundred K so what’s another 10k at risk. There isn’t a choice becaue Ergen wantsthe shareholders wiped out with his offer, so Phuck him !
I don’t have as much skin in the game as you do but I share your pain brother!!!
OOPs! I meant The Sirius Echostar Bank!!
As of 1:15 the bid is down to .01 . Ask is still .13 I`m down 50k, don`t know if I`ll eat breakfast tomarrow
I set my bid for 1,000,000 shares @ .0001!! Hope I don’t get screwed over on the commish!!!
Another good point of view Brandon!!!
Thanks for your insight brother!!
Disclosure: Going down with the ship!!!
Disclosure of the week award goes to dread.
I won the helper monkey!!! (Mojo)
So will the helper monkey be shipped to my door? Or do I have to pick it up at the airport? lol
Disgust around all of this will become more apparent by shareholders and subscribers alike, when and if BK is filed. I Spit on you …… with any BK attempt…..
agree
Mel Karmazin, Super Genius! LOL!
Rumor has it that Ergen’s offer late last year was for $1.38 a share and Mel rejected it.
My break even rate is $1.50 and I am PISSED if this is true, because at this point, I would have taken the offer in a friggin HEARTBEAT. I am so sick of this equity and management team. What a cluster f uck.
Mel is playing a dangerous game indeed with ALOT of peoples hard earned money, and in THIS economy and after what we Sirius shareholders have been put thru the last couple of years….he is either a genius or worse than that douche bag Madoff.
This stock has kept us on the edge non stop for years now. It’s maddening. I guess it’s fitting that it’d be no different in it’s final hours.
I can’t wait to get out of this stock….be it a buyout or bk. It’s pointless for me to sell at this point….I’m going down with the ship.
Where did you hear 1.38/share was offered ?
What about a competitor bid for the company i.e. Direct tv, Google, Verizon, microsoft?
We may get a bidding war yet!
I would take 1.50 – 2.00 if I could get it!
I’d love to believe that RMAN….but wishful thinking is why I am stuck in this stock. I have never been in an equity that has repeatedly dashed my hopes like this.
At least this time, there REALLY does seem to be a ring of “finality” to it all. This ain’t going to be no 18 month string us along kind of deal like the merger fiasco was. Things are going to happen fast and furious now.
If I had sold yesterday for a huge loss and bought back today at 6 cents or lower, I could have quadrupled my share count. Who knew.
I still may throw my last $500 bucks in should the price go even lower on a massive panic sell off before we hear from Mel.
Then if a miracle happens and a buyout or bidding war rumor begins and BK is clearly not going to happen….my price per share will be significantly lowered on a measly add of $500 and I’d hopefully be able to get out on the ensuing pop.
LOL. I know. I know. Pathetic for me to still have hope. LOL. Jesus H Christ. Lets just end this already huh???
Enough pain.
Good luck all. The end is Nigh.
Couldn’t Ergen convert the debt to equity then buy shares on the open market cheap to have control of the company!!!!
If I sell, Sirius gets an offer or pays down Feb Convertibles. If I hold, they file.
Ha! You are sooo right sxminvestor. That has been my luck with this stock too. I have never ever experienced anything like it. It’s as if the stock is cursed. I feel like George Costanza from Seinfeld. IF EVERY instinct I’ve had about this stock has been WRONG…maybe i should do the OPPOSITE! Lol.
Good luck all.
I has to be all my fault. When i bought this stock everyone was saying it was going to be a 5 dollar stock or it would take off. Once i bought it,It went to 10 cents!
I have cursed the siriusXm stock. Dont blame Mel. Its my fault.
One question i have is if they have enough cash on hand to pay the debt for Feb and we all know they should have why dont they just pay it and continue to either work a deal or keep on trying to get a refinance. Mel himself stands to lose 2.7 million dollars from a BK. Is this mans foolish pride so great that he would rather lose 3 million than to see someone else take control? This is insane!! Never in my life have i seen a stock with so much drama to go along with it.
Rman, R u kidding? I would take a $1 or $1.50! Yea, I would take 200k or 250k for my bicycle if I were offered it also? You should be greatful to get 25 cents for this dog, jackass!
Ther’s an article saying Ergen’s offer is still on the table. Anyone?
If his offer is still on the table the board will not allow bankruptcy. This is not Mel’s call at this point. The board is charged with acting in the best interests of shareholders and they will take a deal, any deal, if it offers shareholders a better option than a total loss.
collusion : secret agreement or cooperation especially for an illegal or deceitful purpose
Mel and Ergen. (bandwidth)
Mel could get out of this, but they will make it seem like they “had” to do it…
i have wondered the same. Is this one big Wrestlemania for public consumption while mel and charlie choke down a 3 martini lunch at some 19th hole?
With all that’s going on with the share price as of late I felt the need to visit the site and see what people were writing about our beloved company.
For all of those that warned of this early on in this process were right on. Thanks to the guys that were “keeping it real” like socal, roadkill, sxmi, friggin and others. I hate to say I told you so because I was hoping for the best. But once the RS and extra dilution were announced we all knew where we were headed.
And friggin – to see you are buying more confuses me a little. I understand your passion but you knew as well. We all did. I still hope it works out for all but it’s not looking good. It never was after the merger. We were given clues, one by one, of Mel’s leadership abilities in running this company. He bit off more than he could chew.
So far ,glad I went back to bed. I was up at 5 am and almost sold all my shares at .05, now it’s at .08 – some hope.
Here is my hope:
Mel has the $175M & ready to plop it down, but wants to see what Ergen is going to do or how he will react to the news they are ready to File BK in order to stave off his hostile takeover.
Why not see if he will offer up something and show his cards ?
Then if Ergen doesn’t bite or blink, you put the cash on the table.
That’s my hope too. It is really risky, to let your shareholders believe a BK is coming when you have the money to cover the debt. There will be an uproar either way.
Could be, any hint there is a deal to save shareholders and the stock will skyrocket.
I say Google comes in and buys them outright for $1
That’s something else I haven’t thought of. What if putting out the BK rumors is meant to generate more offers from parties with cash who might see this as a deal (Google, Apple, etc.). Or maybe I’m just really reaching…
IF a deal can be worked out to prevent bankruptcy, Mel has to be kicked to the curbed anyway.
His management has been a direct cause of the current situation.
If bankruptcy happens, he will be dumped without question.
I wonder if part of the reason this BK “news” was leaked was to get us all ready to take a deal. If Echo made a deal a few days ago to buy the company for $0.20 a share, we would have all revolted. Most of us were still believing this stock is headed for high heaven in a few weeks/months. But with all this doom and gloom, now we would be thrilled to sell for $0.20 a share.
Any thoughts?
Chris – I appreciate the thought you are presenting however we can all hope to get an offer for $20 a share. The fact remains however that the fundamentals of the company and it’s financials are what they are.
Why is SiriusXM and different that any other company out there when it comes to potential. Don’t get me wrong, I love the technology and am a big fan but any company can go out and say they have awesome potential and awesome technology. What does this mean?
I can go to the bank and apply for a $10 million house loan. I believe I have a great future. Heck, I’ve been successful in the past, why would the future be any different, right? Well, the fact of the matter is that I’m under water on a bunch of my real estate holdings purchased near the peak of the market and my debt to equity ratios are way out of wack. Is the bank going to loan me the money? Probably not.
So do I BK? Do I take an offer that will get me out and save face?
No difference here with SIRI. Let’s just hope Mel doesn’t screw all his loyal shareholders. Dick.
This is honestly good news about the February debt. For better or for worse, we will either get shut down and lose everything (good news) or make it through the February debt only to bite our nails and wonder how may will fare for us….I’m only in about 10K, but I’m willing to throw that away just to know one way or the other at this point…oh its easy when your 10K is worth about $295.
Brandon – you have always been the king of pumpers. If this company BK’s you need to be investigated. You said on countless occasions that SIRI WOULDN’T BK. You better be right.
I’ll trade .25 cents a share to get my life back. To think it was just there last Thursday, but I wanted more.
sxminvestor. I think we are all in the same boat. Remember your parents telling you, “if it’s too good to be true, it probably is”. Think back about your time in Siri. Although the company was mired with debt, it had a promising future.
We all went for the easy money, knowing, just knowing that profit was around the corner. How many times did we talk ourselves out of selling because…we’ve reached the bottom. Like an idiot who has failed to learn thier lesson, I refuse to sell. Like I’ve told myself many times before…I’ll ride this to zero.
I’ve never actually thought riding this to zero was a posibility. Now that it is…I find myself contemplating buying thousand of more shares…I guess its like gambling, we all wonder how Sirius can possible LOSE so many times in a row. Eventually it has to win, Right?….
jdare77 – Is this your first penny stock investment? If so, prepare to get wiped out. I’ve had a few hit but the majority fizzle out.
YES! It is. The good news for me is that I treat it like gambling. The first rule of gambling is never bet mroe than you can afford to lose. This is a hobby for me…not how I make money. Having said that…I just want to become a millionaire off this stock or have it go out of buisness…is that too much to ask? 🙂
Mel had Sirius put out a press release today about Tom Petty – he doesn’t seem too worried.
He doesn’t seem too caring either !!
That appears aloof, or unrealistic, sort of like Nero playing his fiddle while Rome burned around him !!
Give Us Some Hope Man !!
To top it off, Howard will have Mel on today to talk about Bubba’s contract renewal with no mention of situation…
I think there was a Mel sighting leaving Citibank with a large briefcase with some type of green papers sticking out the side.
No wonder our country is in the condition it is in. Barney Frank barely has the handle on the English language and sounds like he has balls in his mouth – what a phuckin moronic dope.
At least we agree on something.
Yeah – that guy is half retarded.
Amen. I can’t believe “Barney” is ever taken seriously. Further, I can’t believe he gets re-elected…
I am still fuzzy on what is occurring…
Ok, so Ergen controls the Feb. debt of about $175 Mil. He wants a controlling stake in the company. Can’t the debt he owns just get settled? I don’t understand how it is that with his controlling the debt that grants him the power to force Mel to play this game of chicken…
It seems as tho when the first news hit last week of Ergen acquiring the debt, that nobody really knew what was going on, and then all of a sudden he is forcing the co. BK. SIRIUSly, what is happening here?
Are we really only limited to either BK or giving Ergen what he wants?
You are correct. That is it so far.
Ergen wants to control the mangement of SiriusXM, is willing to invest millions, Mel would rather wipe out all the stockholders to keep control?
Is that in the stockholders best interest?
imho
vaporgold
Ergen can drive the company into bankruptcy by refusing to accept any settlement for his debts and then as the major creditor, pick up all of the equipment (which is what he really wants) for virtually nothing. For him to accept a settlement on the debt would be foolish financially on his part.
If this is a ploy it is a dangerous one. At the moment, Sirius is trying to raise cash by getting subscribers with multiple subscriptions to extend/renew their subscriptions and lock in the current rates. Why would anyone want to send Sirius cash to renew these subscriptions, with the threat of bankruptcy looming?
Mel needs to address the newswire articles, if they are not true, immediately. I sent a similiar message to Sirius investor relations yesterday, but of course have not and probably will not receive a response.
He could sell assets, not go into BK, and save Sirius (and it’s shareholders)
That’s why I believe… If, as reported, Mel is being forced into a deal, then there is only one thing that is happening here:
Collusion.
:: secret agreement or cooperation especially for an illegal or deceitful purpose ::
Ergen and Mel (bandwidth)
Mel(SiriusXM) had known that an offer was on the table and that the debt was NOT taken care of for 2009.
During this time they could have sold off assets to protect shareholders. They could sell off a satellite, or the XM building in DC, however they will keep the assets for the good of another party involved (ECHO).
If they sell, or go into bankruptcy, then they are doing it ONLY for the benefit of Ergen.
Collusion.
If Sirius announced a press conference after hours, would everyone shit and sell or would stock go up on anticipation of some good news ?
SXM, @.06 I wouldn’t sell, no way. But I would still probably shit myself.
If Ergen did take on the upcoming debt then he’s in deeper. The more he has invested the more he’s self obliged to keep the ball rolling. I don’t even he would want to see BK. With so many subs as shareholders I think Bk would sour a hugh percentage of us.
From reading the articles, it seems as Ergen has taken on much of the upcoming debt already. So, all he’s risking now is whatever he offers to pay for Sirius. If he does not make another offer, or it isn’t accepted, he will be out whatever he spent buying up Sirius debt (minus anything he gets in BK).
RELAX!!!! No worries here. Cash on hand can take care of this need be (about 400 Mil+ min). 4th qtr life time incentives, addition of “best of” all cash incoming. Where is Goldy in all this?? Gonna let echo take it from them??? Bull. Or is echo in with Goldy??? Tutes have mulit MILLIONS of shares. They will lose nothing and refi to avoid BK. Mel is a genius!
Also who do you think let the cat out of the bag about BK lawyers working on papers?? SIRIXM. Hummmm…… Then the papers release perfectly after hours, hummmmm. Howard talks about it on the air AND has ba ba booie call Ergen and leave a msg. PLLLLLLLease!! Tim S program director said on air “never never bet against Mel”. This was all staged! I bought more today and feel good!! I am going by my gut, period!
Good luck to all and hang on!!
Pawi
A new twist in the plot is Mr Kraft. He was on stern today. Havent read through all of these post to see if anyone has brought up his name but he is a billion dollar man and met with Mel K today. He has the power and cash to help siriusXm if he has to.
Not alot has been said about Kraft – I read alot into this too. Kraft even said on the air that many companies were approaching the Kraft family for assistance with credit lines – obviously that was the topic of their meeting today…
He didn’t say anything worthwhile.
He said it’s a sad time when good companies like SIRI can’t get the financing they need.
Wasn’t encouraging…
…I’d rather hear “Welcome to Kraft Bank, how may I help you?”
I love reading optimism. I feel good for a minute and then, Bam!, reality sets in – a history of self-serving, greedy men. I really hope Sheri and Synister are right because I’m in deep.
Im sure siriusXm is in trouble. It could be a high stakes game or it could be just cold hard reality. I know siriusXm has the cash on hand to pay the 175 million dollars. Thats not in question. Why they are saying they dont is beyond me.
The Kraft post is just something to think about. While he didnt say anything on the air (not like he is going to anyways) Its what he said to Mel behind closed doors that matters.
Im looking at losing money in this stock just like most people. I think the service is good but the media,fcc and the current economy has killed the stock. Mel might have cards left to play. For all we know he could pay the debt himself. He is said to be worth nearly a billion dollars. Just wish something good would come out of this. If mel just files BK when he could have let ergen take control he is just pissing on the shareholders.
Wow. That’d be a first. If Mel wants to make a name for himself, be the first CEO to give personal riches to save the fortunes of the many investors who supported him and SIRI.
It would show that he believes in Sirius as much as we all do, which I’m sure he does.
ok I just read a reuters article – “MFC Global, Barclays among big Sirius XM debtholders” and one line stood out…
“We have material insider information and cannot comment on the deal,” said one John Hancock portfolio manager who declined to be named.
does this mean, in fact, there is a deal? or maybe I’m just reading too much into this…
Wow…awesome find zipfly…I’m gonna do a little of my own research and see if there is anything out there that suggests a deal might have been made. I am pesemistic to say the least…but maybe there is a hint somewhere..I just can’t figure out why Mel wouldn’t have announced a deal, unless he is out to screw some people that messed with him over…
Charles are you out there?
What is your take?
Me or Ergen? I think that if we were in a normal credit market situation this would be a non issue. I also think that proper management and direction of this company could have avoided all of this. I really don’t want to elaborate much more then that… I would wind up writing a 5 paragraph essay.
agree whole heartedly Charles . .would you care to speculate in 5 paragraphs or less “why” management has not performed (not a detailed list of failures – we already know all of those and you have already documented quite well the failures of innovation);
is it arrogance, incompetence or perhaps worse?
Bank of NY purchases additional 7.2M shares of SIRI – what dows this mean to us??
Link at: http://www.ceoreportcards.com
Malone served as Independent Director of The Bank of New York Mellon Corporation from 1986 to April 10, 2007…I’m sure he’s still got friends there? They probably knew Liberty was trying to work out a deal with SIRI
wow. good find Joe. Don’t know what this means exactly, but BNY must see something besides bk in sirius’ future…
Did not MEL say that “it would be bad to bail out the company with my money?” Where are the facts in his presentation to shareholders meeting in Dec 2008.
Ironic, TWO years exactly on Presidents day Feb 16, he announced the merger of both companies and taking on the massive debt of XM.
PALM went down end of November fro SP $6.50 to $1.20 and risk of bankrupcy. They get bailed with only $ 150 millions. Now trading SP $ 8.20
It sad that simple folks with foreclosures CAN NOT file bankrubcy and wipe out their debt.
But, F**** corporations can file chapter 11 in a New york second and wipe out shareholders and come clean with no debt.
Where is OBAMA’s change and middle class protection, New SEC and treasury sec. I guess they are busy handing down our tax money to their Friends and ex-co workers in big banks and corporations.
I do NOT understand, why COURTS would allow them to wipe shareholders and start selling new shares to new investors, if the company continues bisness and does not liquidate???
You mention Palm.
I know a good bit about this as I’m part of the Palm Developer Network.
HUGE difference between the two companies.
Palm actually worked on developing a completely new OS and device that is somewhat innovative.
They recruited the best designers with a proven track record and ACTIVELY sought out investors.
Sirius has done NOTHING on the device development front and hasn’t exactly been friendly to investment offers because Mel would have to give up control.
It is one of the reasons they are in the position they are in.
I completely agree. It’s ridiculously unjust to hose “regular” people everytime a bankruptcy occurs. Put us higher on the priority lists and I bet things would change…pay us FIRST. We take risks and suffer consequences. Companies take risks and are rewarded.
There is another possibility that I haven’t seen mentioned. What if Mel is playing true hardball with Ergen? If it were me I would say to Ergen “If you convert the debt to shares I will file the BK and you will be wiped out of your position. Furthermore, if you don’t agree to settle the $175 million in bonds for a discount I will likewise file the BK and your position as creditor is fairly small relative to the other bondholders and you will go to the back of the line as far as having a say in the creditors group in the BK court.” Ergen got himself into this by trying to corner this deal on the cheap (relative to the total outstanding bond debt) and he may not have figured on this “scorched earth” position being played against him. You can be sure that people like Ergen have been behind massive shorting of the stock all the way down. You can also be sure that he has been a major player in badmouthing/telling lies about the company to help his short positions hold. If you look (SEC won’t because they like to pretend there’s no problem with massive shorting) at the action around good news announcements like the merger or big pops in subscribers you will find massive shorting rather than the nice positive pops that logically should come. This stock is the number one shorted stock by a huge margin over the next closest stock. It has been this way for a long time. Find the shorts, chain them to the back of a NYC garbage truck and drag them till they die. I have zero use for short-selling.
“Karmazin is particularly bothered by the deal to air Major League Baseball games, a deal that costs his company $60 million a year, according to a radio industry source. As recently as last week, Karmazin met with top league officials in New York, including league COO Tim Brosnan, who negotiates television and radio deals. Talks apparently didn’t go Karmazin’s way. Brosnan declined to comment, other than to say “we have a binding agreement that we intend to honor.” Karmazin inherited the baseball deal from XM, which merged with Sirius last year. The 11-year deal doesn’t expire until 2015.”
Quoted from: http://www.businessweek.com/te.....B+analysis
Now I’m wondering if the BK rumor was more for helping in negotiations with the MLB and others, from the days where Sirius and XM were competeting with eachother to get talent, and had plenty of credit available. The MLB surely doesn’t want a BK judge to slash their contract. I imagine they would be much more willing to “play ball” now.
Hey cos1000, who’s this chick “Gina” you got sumthin goin with over at “SA” (u dirty dog) . . . all I can think of is “Sideways” (perhaps my all-time favorite) and Virginia Madsen . . just a little tension breaker here while we wait for good news!
I sure hope we don’t end up pouring expensive wine into a paper cup at a cheap burger joint . .
I am not finance whiz, but I remember when the majority of analysts predicted that Apple Computer was going out of business.
It is clear that Sirius XM is still a young company and it will take a long time for it to mature. 10 years from now Sirius XM will be as big as Google, Apple. and AT&T.
That’s my personal opinion.
Would it help if every one writes to Andrew Comeu DA of NY state as he could open legal investigation in any foul play
Should we write to our Senators and Congressmen about how over 6 billions of investors money disappeared by Mel K.? When he said in justifying Merger exactly 2 years ago that merger would save over 10 billion dollars in synergies !!
Do Share holders have any say in stopping BK or Mel decision in refusing any offers?