Monday, November 17, 2008

Sirius XM

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.

1 comment:

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