Shareholders File Suit Against Sirius
Posted: November 3, 2008 8:14 pm
Orange County, Calif., realtor and stock investor Michael Hartleib has formed a group of more than 500 Sirius and XM shareholders who bill themselves as "Save Sirius" and say the Sirius XM managers led by Mel Karmazin have unjustly enriched themselves at shareholders' expense.
Hartleib, who months ago warned that a merger between the two satcasters would spell only trouble for the companies' shareholders, is responsible for encouraging the group to file a derivative suit on behalf of shareholders in U.S. District Court in Los Angeles. It was ignited by Sirius XM's SEC filing two weeks ago in which the satcaster said it would ask for shareholder approval to dilute SIRI shares by expanding the outstanding share pool to 8 billion and then have a reverse stock split of up to one share for every 50 owned.
http://www.radioandrecords.com/RRWebSite/
"We are working to gain control of our company by seeking to remove current members of the board as well as top executive Mel Karmazin," said Hartleib, speaking for Save Sirius and its members.
Hartleib, who months ago warned that a merger between the two satcasters would spell only trouble for the companies' shareholders, is responsible for encouraging the group to file a derivative suit on behalf of shareholders in U.S. District Court in Los Angeles. It was ignited by Sirius XM's SEC filing two weeks ago in which the satcaster said it would ask for shareholder approval to dilute SIRI shares by expanding the outstanding share pool to 8 billion and then have a reverse stock split of up to one share for every 50 owned.
http://www.radioandrecords.com/RRWebSite/
"We are working to gain control of our company by seeking to remove current members of the board as well as top executive Mel Karmazin," said Hartleib, speaking for Save Sirius and its members.