Michael Hartleib believes that the management of Sirius XM has been unjustly enriching itself at the expense of its shareholders.
This raises the question: "Who is Michael Hartleib?" Other than the fact that he's the subject in the lead sentence above, I can't find that he "is" anybody whose name most of us should recognize.
Still, he has taken two actions worthy of note in this place. He has created a group called SaveSirius with the idea of waging a proxy fight, and he has filed a derivatives lawsuit in a federal court in California.
SaveSirius has sent formal letters of demand to the SIRIUS XM directors. It demands, specifically:
* postponement of the vote that is seeking shareholder approval to further dilute the common stock by increasing the number of shares in the fully diluted float from 4.5 billion to 8 billion.
* postponement of the proposed reverse split, ranging from 1 for 10 to 1 for 50.
* immediate suspension of all stock compensation plans and other bonuses.
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This blog is about struggles for the control of corporations. For the most part, I'll focus on public corporations headquartered in the United States, issuing securities according to the rules stipulated by the SEC in Washington and (typically) governing their affairs by the laws and judicial decisions of the state of Delaware. My own prejudices are ... well, I think I'll let you work them out as we proceed day to day.
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About Me
- Christopher
- Born in 1958, on the western side of the Tappan Zee, vocal at once, literate soon enough, and curious always. Mastodon
1 comment:
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