Sirius Issues Petition For Mel Karmazin
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Author:
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Send To:
Mel Karmazin, CEO Sirius/XM
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Sponsored By:
Sirius Issues -
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We have founded Sirius Issues. Sirius Issues is a group who has taken on the mission of protecting Sirius stock holders from the dilution of their stock holdings through business practices that may be interpreted as stock manipulation on the part of management.
CEO, Mel Karmazin, has set Sirius/XM on a course that appears to be leading to the dilution of stock price, in an effort to sell more stock so that their can be an eventual "reverse-split" resulting in the share holdings of individual investors. Further devaluation of the stock from after the split will cause further losses to current owners.
We site various references to justify our position:
1. On Air Personality Howard Stern talking-up Sirius stock as a great investment prior to leaving traditional radio for Sirus. The stock was between $7 and $8 per share at that time. At the time of this writing it is trading at .31.
2. Mel Karmazin has made egregious statements about Sirius shareholders that may hint at his the belief that the current group of shareholders, being listeners of Stern and not institutional investors, are somehow inferior and expendable. CEO Karmazin has never used the words "inferior" or "expendable" to define investors but he has used terms like "unsophisticated" and "boneheads" to define stock holders in an interview in the August 5th addition of the New York Times. His actions since that statement makes the case that Mr. Karmazin does not value the people who have invested in and own his company.
In October, 2008 at the Convergence 2008 conference, hosted by Chrysler LLC., Karmazin stated that the unified satellite radio networks and receivers are still in the distant future and predicted that this final piece to the merger is as far as fifteen years in the future. Those statements caused a further drop in stock price.
Our question to Mr. Karmazin is why he would make such a statement after the stock had seemed to stabilize at the already low price of approximately thirty seven cents a share?
We are demanding the following:
1. A detailed outline to the shareholders with the plan he wishes to follow. If the plan is to flood the market to raise cash, dilute the stock, reverse split and then offer more stock to dilute the price again we need to know.
2. If the plan is to bankrupt so that he can start fresh with coveted institutional investors we need to know.
3. If the plan is to muddle through without a plan. We need to know.
4. If debt funding for February and May is already in the works we would like to know the institution.
Failure to divulge a comprehensive plan to stock holders will result in stockholders selling their holdings and canceling their subscriptions. Of course this will be entirely up to individual share holders. Our belief is that their are enough angry share holders out there to make cause a disruption of any plan Karmazin has for SIRI.
This petition is an open document and will ask for input from signers so that it is comprehensive in the listing of demands.
CEO, Mel Karmazin, has set Sirius/XM on a course that appears to be leading to the dilution of stock price, in an effort to sell more stock so that their can be an eventual "reverse-split" resulting in the share holdings of individual investors. Further devaluation of the stock from after the split will cause further losses to current owners.
We site various references to justify our position:
1. On Air Personality Howard Stern talking-up Sirius stock as a great investment prior to leaving traditional radio for Sirus. The stock was between $7 and $8 per share at that time. At the time of this writing it is trading at .31.
2. Mel Karmazin has made egregious statements about Sirius shareholders that may hint at his the belief that the current group of shareholders, being listeners of Stern and not institutional investors, are somehow inferior and expendable. CEO Karmazin has never used the words "inferior" or "expendable" to define investors but he has used terms like "unsophisticated" and "boneheads" to define stock holders in an interview in the August 5th addition of the New York Times. His actions since that statement makes the case that Mr. Karmazin does not value the people who have invested in and own his company.
In October, 2008 at the Convergence 2008 conference, hosted by Chrysler LLC., Karmazin stated that the unified satellite radio networks and receivers are still in the distant future and predicted that this final piece to the merger is as far as fifteen years in the future. Those statements caused a further drop in stock price.
Our question to Mr. Karmazin is why he would make such a statement after the stock had seemed to stabilize at the already low price of approximately thirty seven cents a share?
We are demanding the following:
1. A detailed outline to the shareholders with the plan he wishes to follow. If the plan is to flood the market to raise cash, dilute the stock, reverse split and then offer more stock to dilute the price again we need to know.
2. If the plan is to bankrupt so that he can start fresh with coveted institutional investors we need to know.
3. If the plan is to muddle through without a plan. We need to know.
4. If debt funding for February and May is already in the works we would like to know the institution.
Failure to divulge a comprehensive plan to stock holders will result in stockholders selling their holdings and canceling their subscriptions. Of course this will be entirely up to individual share holders. Our belief is that their are enough angry share holders out there to make cause a disruption of any plan Karmazin has for SIRI.
This petition is an open document and will ask for input from signers so that it is comprehensive in the listing of demands.
374 Signatures
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Ken Chiarella
- Comments
- Do the righ thing, Mel
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Drew Haney
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Christopher Payne
- Comments
- 14100 Shares
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John Meilink
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John Rendek
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Kevin Tan
- Comments
- Lost 80\% since the purchase PRE XMSR Merger.
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Matt Simpson
- Comments
- Mel has cost us all a great deal and should be fired.
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Victoria Steffens
- Comments
- 26,000 shares
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Lance Jordan
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George Karmelich
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Dean Tannenbaum
- Comments
- we were thrown into a ball of fire????????????????
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Robert Rackard
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Christopher William Kowalewski
- Comments
- not enough room to list my worries.
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David W. Wilson
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Martin Molloy
- Comments
- Do something. ANYTHING
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Chris League
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Paul Crupi
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Dan Jackson
- Comments
- It is time for you to stop this daily destruction of our share value or face the wrath of your shareholders Mel!
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Richard Gonzalez
- Comments
- How about a word or two about the company. You are not defending the stock in any way. Sanyonara!
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Robert Whitmore
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Valencia Aaron
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Ryan Cousins
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paul j. guillen
- Comments
- I am totally digusted with management
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Tyler Schube
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Rip Van Bagholder
- Comments
- I bought my Sirius stock for $7.00, and then I laid down to take a nap. Now I see that it's at 28 cents. There must have been a stock split! I hope that it was a fifty-for-one split!
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Bob Huston
- Comments
- I agree with the statements made in this petition
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Jason Anderson
- Comments
- Reduce your debt and stop the manipulation.
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Ryan Bennett
- Comments
- RESPONSE NEDED BY MEL ASAP!
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Thomas Carter Wynn
- Comments
- Sirius Managment owes its stockholder an explanation for where we currently stand, be it good or bad; Saying nothing only breeds absolute un-certainty! Everyone deserves better than the non-communication that is currently taking place!
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Brian Ott
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Don Bigelow
- Comments
- When are you going to do something to improve our value in your company
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wayne kolcz
- Comments
- I will do what i can to warn people about the CEO. Currently have a marketing data base of 6 million emails... Hope it helps others from being swindled by management
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Daniel James
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Thomas P. Vlasic
- Comments
- It's a damn shame that Mel and company are getting away with this. They lied to all of us and need to be held accountable for their actions.
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Dave Atkinson
- Comments
- I feel that words of law suit should be added direct twords mel him self.
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Brian w Quigley
- Comments
- I have lost what is to me a lot of money, I am not sophisticated as Mel says, I just was gullible to believe that Mel had the shareholders best iinterst in mind. Apparently not
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Dan Herbert
- Comments
- I invested in Mel and his past performances. You have the tools (siri) do the job.
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Teri Atkinson
- Comments
- I feel that words of law suit should be added direct twords mel him self.
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Linda Tweed
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Venkat Mannem
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Ronald Athens
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Jeffrey Rosborough
- Comments
- Mel - why are you destroying this company
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Tania Gomez
- Comments
- I invest all my savings in your company. Please don't let us down. Don't let it go to bankrupcy...
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Brittany Jones
- Comments
- MEL - taking the company private is a bad idea, but this seems to be your plan.
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Bertha Rosborough
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Mark Kranz
- Comments
- Mel-You are killing me!
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Samantha Cook
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Jim Trent
- Comments
- Satellite radio's time has come and gone. Why don't you nitwits just sell and get what's left of your money, stop your whining, and move on?
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Louis Bartolotti
- Comments
- We would have been better off as a stand alone company and let XM go bankrupt
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Howard Stern
- Comments
- &$&$&*$@$&! ^\%#&\%$#&*! _(*^#)(&!
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374
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