Trade You 77 shares of SIRI for 1 Month of “Sirius Everything”
by John Paczkowski
Posted on December 3, 2008 at 12:41 PM PT
Given Sirius XM’s low stock price, Mr. Karmazin said he would love to take the company private. But given the state of the credit markets, ‘How do you find [the money] today?’ If the company were generating positive cash flow, which he expects it to do for the full year in 2009, privatization would become much more feasible, he says.”
Looks like Sirius XM (SIRI) CEO Mel Karmazin won’t be taking the company private anytime soon, although given its current stock price there’s no reason he couldn’t. At its current value, you’d have to sell off more than 70 shares of SIRI to purchase a one-month subscription to Sirius Satellite Radio.
Speaking at the Reuters Media Summit in New York Wednesday, Karmazin said he’s optimistic about the troubled satellite radio provider’s fourth-quarter revenues. Karmazin sees double-digit growth in 2009, despite the current economic environment, which he bemoaned on an earnings call last month with a very blunt, but entirely apt: “This environment sucks.” And though he was happy to discuss privatization with The Journal just a few months ago, that option seems to be off the table. “We don’t feel that we need to be acquired,” he said. “You should assume the company is not for sale.”
For now, anyway.
Comments
siri is for sale and mel would take anything above $1/share
Posted by Sam Harrison at December 3rd, 2008 at 12:59 pmHay Mel,
Posted by TRAVIS RIGG at December 3rd, 2008 at 1:09 pmGo private, do a rev. split and you will see your two mil. along with mine and others go down the drain. Rev. splitt and I will be selling..
Along with cancelling all Sirius Xm services
take private?
Posted by TRAVIS RIGG at December 3rd, 2008 at 1:16 pmHow about you just work on making the company profitable(as you stated it would be already).
Maybe Howard, Martha and Oprah will give back some of their fees to Mel can scrape together the funds.
Posted by Stan Lepeak at December 3rd, 2008 at 1:34 pmi agree with sam, SIRI is for sale. i tell you what, i got my butt kicked on this stock, but maybe there’s still hope. lol, anyway, i’m just about to cancel my service plan also since pandora.com is free while at home or in the office. as for the car, MP3 plug in baby. this company has a lot of changes that must be made. they are falling behind with public demand. there will never be a profit until they can really provide for demands of the consumer.
Posted by glenn ehrlich at December 3rd, 2008 at 1:40 pmEver sit there on the highway listening to the smooth jazz (substitute your own favorite) loop for the 20th time and change around the channels looking for something new?
Then you realize that carrying your own CDs or MP3s is a better way to get exactly what you like, while tuning old style radio stations is a better way to experiment with something new.
That makes satellite radio a niche market for 24-hour sports news, loops of old 40’s detective programs or other specialty content not carried by most terrestrial stations. While I was a subscriber they actually were cutting down on the specialty content (which I liked) making me question whether it was worth the same amount (ballpark) I pay for phone service.
I’m not sure that Oprah and Howard were ever the key to making this thing go.
Posted by Mac Beach at December 3rd, 2008 at 3:26 pmi must be the minority, as i love the service..I am more than a few thousand shares in the red. but still enjoy their offerings,,,who cares if my kids are losing their college fund anyway..
Posted by jon sable at December 3rd, 2008 at 5:49 pmI wish Sirius would make a channel that has a little bit of the 60’s 70’s 80’s 90’s 00’s and throw in some comedy cuts. That would be a great channel.
Posted by Doug Horwat at December 3rd, 2008 at 6:09 pmAlso get rid of the DJ’s we don’t need no stinking DJ’s!
Just play music and shut up! Listening to the DJ’s is as bad as having commercials and you wouldn’t have to pay DJ’s if there weren’t any.
That will save a few $$!
If Mr. Karmazin continues to treat his customers as expendable it won’t be around to be for sale.
http://www.SiriuslyScrewed.com
Posted by kelly krimson at December 4th, 2008 at 6:37 amGreat point Kelly.
Posted by TRAVIS RIGG at December 4th, 2008 at 11:08 amThat is what I was tring to let Mel know as well. Hope enough people can take the time to travel to N.Y. 12/8/08 to let him know we do not want this rev. splitting, or his new shares. Mel, run your company through managing it. Don’t screw all of us, by tring to manipulate your share price and numbers.
I am sorry,
Posted by TRAVIS RIGG at December 4th, 2008 at 3:31 pmthe shareholder meeting is Dec. 18th. Just days before Christmas(wonder if that was to make it even harder for the majority of shareholder to make it to this very critical meeting?).
Didn’t all of you shareholders vote? I did a few weeks ago. There was an email sent to all shreholders asking them to vote.
Posted by Doug Horwat at December 5th, 2008 at 12:09 pmDOUG,
Posted by TRAVIS RIGG at December 5th, 2008 at 12:31 pmThat statement is completely fast. In order to vote on the Rev. split, and Sirius Xm issuing new shares you would have to show up to Dec. 18th shareholder meeting. The only thing you received in the mail was a vote for the sirius/xm merger..
Let me try this again.
completely FALSE.
Posted by TRAVIS RIGG at December 5th, 2008 at 12:32 pmSorry to disagree with you Travis but I did vote and it was done through Proxyvote.com.
I guess you missed it in your email.
Here’s what the votes were (I am copy and pasting it in hope it’s not to hard to read)
The Directors’ Recommendations:
Choose this if you would like to vote your shares following the Directors’ Recommendations.
See below or refer to the proxy statement for the detailed recommendations. Please read them carefully.
Otherwise, mark your selections then select the vote option below.
Vote my shares following the Directors’ Recommendations
01. DIRECTOR(S):
Directors Recommend a vote FOR election of the following nominee(s):
1) JOAN L. AMBLE 2) LEON D. BLACK 3) LAWRENCE F. GILBERTI
JOHN W. MENDEL 9) JAMES F. MOONEY
4) EDDY W. HARTENSTEIN 5) JAMES P. HOLDEN 6) CHESTER A. HUBER, JR.
7) MEL KARMAZIN
10) GARY M. PARSONS 11) JACK SHAW 12) JEFFREY D. ZIENTS
For all nominees Withhold all nominees For all EXCEPT those selected below
JOAN L. AMBLE
LEON D. BLACK
LAWRENCE F. GILBERTI
EDDY W. HARTENSTEIN
JAMES P. HOLDEN
CHESTER A. HUBER, JR.
MEL KARMAZIN
JOHN W. MENDEL
JAMES F. MOONEY
GARY M. PARSONS
JACK SHAW
JEFFREY D. ZIENTS
02. TO APPROVE AN AMENDMENT TO OUR CERTIFICATE OF INCORPORATION TO INCREASE THE NUMBER OF AUTHORIZED SHARES OF OUR COMMON STOCK FROM 4,500,000,000 TO 8,000,000,000 SHARES.
Directors Recommend: FOR
For Against Abstain
03. APPROVE AN AMENDMENT TO OUR CERTIFICATE OF INCORPORATION TO (I) EFFECT A REVERSE STOCK SPLIT OF OUR COMMON STOCK BY A RATIO OF NOT LESS THAN ONE-FOR-TEN AND NOT MORE THAN ONE-FOR-FIFTY, AND (II) REDUCE THE NUMBER OF AUTHORIZED SHARES OF OUR COMMON STOCK AS SET FORTH IN OUR PROXY STATEMENT.
Directors Recommend: FOR
For Against Abstain
04. TO RATIFY THE APPOINTMENT OF KPMG LLP AS OUR COMPANY’S REGISTERED PUBLIC ACCOUNTANTS FOR 2008
Posted by Doug Horwat at December 6th, 2008 at 7:20 amDirectors Recommend: FOR
For Against Abstain
I forgot to say I voted to me on November 7th 2008.
If you didn’t get this opportunity to vote i suggest you contact the trading company that you bought you shares of Sirius from and find out how to vote online for the meeting that is coming up on the 18th.
Posted by Doug Horwat at December 6th, 2008 at 7:24 am6 people with for differant accounts did not get anything(brother, 4 cohorts, and the boss). Nice paisting job above, but it means nothing to the Dec. 18th meeting to me. If you received some special proxy number to vote that no-one else got, lucky you!!!
No-one I know has received this email you are saying you received. Also, why no snall mail when Sirius Xm was fast to send out balitts on the merger that was going to be so great for us shareholders?
Posted by TRAVIS RIGG at December 6th, 2008 at 9:45 amI bought my shares through TD Ameritrade. Thats who sent me the email for the proxy vote.
Here’s what the email said:
(I *** my info)
PROXYVOTE.COM
You elected to receive shareholder communications and submit voting
instructions via the Internet. This e-mail notification contains
information specific to your holding in the security identified below.
Please read the instructions carefully before proceeding.
Important Notice Regarding the Availability of Proxy Materials
for the Shareholder Meeting
2008 SIRIUS XM RADIO INC Annual Meeting of Stockholders
MEETING DATE: December 18, 2008
For Holders as of: October 20, 2008
CUSIP NUMBER: *********
ACCOUNT NUMBER: *********
CONTROL NUMBER: ***********
You can enter your voting instructions and view the shareholder material
at the following Internet site:
http://www.proxyvote.com/***********
Posted by Doug Horwat at December 6th, 2008 at 12:30 pmAnd these are the questions I had to vote on:(Also posted above)
01. DIRECTOR(S):
Directors Recommend a vote FOR election of the following nominee(s):
1) JOAN L. AMBLE 2) LEON D. BLACK 3) LAWRENCE F. GILBERTI
JOHN W. MENDEL 9) JAMES F. MOONEY
4) EDDY W. HARTENSTEIN 5) JAMES P. HOLDEN 6) CHESTER A. HUBER, JR.
7) MEL KARMAZIN
10) GARY M. PARSONS 11) JACK SHAW 12) JEFFREY D. ZIENTS
For all nominees Withhold all nominees For all EXCEPT those selected below
JOAN L. AMBLE
LEON D. BLACK
LAWRENCE F. GILBERTI
EDDY W. HARTENSTEIN
JAMES P. HOLDEN
CHESTER A. HUBER, JR.
MEL KARMAZIN
JOHN W. MENDEL
JAMES F. MOONEY
GARY M. PARSONS
JACK SHAW
JEFFREY D. ZIENTS
02. TO APPROVE AN AMENDMENT TO OUR CERTIFICATE OF INCORPORATION TO INCREASE THE NUMBER OF AUTHORIZED SHARES OF OUR COMMON STOCK FROM 4,500,000,000 TO 8,000,000,000 SHARES.
Directors Recommend: FOR
For Against Abstain
03. APPROVE AN AMENDMENT TO OUR CERTIFICATE OF INCORPORATION TO (I) EFFECT A REVERSE STOCK SPLIT OF OUR COMMON STOCK BY A RATIO OF NOT LESS THAN ONE-FOR-TEN AND NOT MORE THAN ONE-FOR-FIFTY, AND (II) REDUCE THE NUMBER OF AUTHORIZED SHARES OF OUR COMMON STOCK AS SET FORTH IN OUR PROXY STATEMENT.
Directors Recommend: FOR
For Against Abstain
04. TO RATIFY THE APPOINTMENT OF KPMG LLP AS OUR COMPANY’S REGISTERED PUBLIC ACCOUNTANTS FOR 2008
Posted by Doug Horwat at December 6th, 2008 at 12:34 pmDirectors Recommend: FOR
For Against Abstain
Number 2 and 3 I think were the most important.
Why you or anybody else you know got instructions on how to vote your shares is not something I would know. You should contact the trading company you bought your shares through and ask them.
Posted by Doug Horwat at December 6th, 2008 at 12:37 pmLike I said TD Ameritrade sent me the email.
Sorry I meant to say:
Posted by Doug Horwat at December 6th, 2008 at 12:38 pmWhy you or anybody else you know DIDN’T GET instructions on how to vote your shares is not something I WOULDN’T know.
Sorry, been a long day, anyway you should call your stock broker or trading company and find out why you didn’t get to vote via the internet. There is still time, Proxyvote.com said voting is accepted until midnight the night before the Dec. 18th meeting.
Posted by Doug Horwat at December 6th, 2008 at 12:41 pmi just joined this site to post that Doug is correct i also have TD Ameritrade and i got the same proxyvote thing a while ago. maybe you should change firms.
Posted by Umair Usman at December 9th, 2008 at 11:18 am