'Save Sirius' May Be Going Too Far 14 comments
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In the midst of a judge's ruling that dismissed their case with leave to amend, the Save Sirius (SIRI) website went down. Thursday, a new Save Sirius website took the place of the old one. While the new site has a clean look, it does not yet have all of the functionality of the old ones. Forums and the ability to search the site are not aspects that are available at the time of this writing.
'Save Sirius', founded by Michael Hartlieb faces many challenges. Organizing people is a monumental effort. Getting all of those people to focus in one given direction is a task at which not many are successful.
Save Sirius has both supporters as well as detractors. One issue that is a potential hardship on the organization is that some people feel the efforts of the organization are going too far. Wanting to stop a reverse split and the addition of new shares to the authorized count is one thing. Unwinding the merger, and sending people to jail is quite another. For this reason, the activities of Save Sirius will always be polarizing.
One common theme I have seen is that shareholders feel that the company can wait and hold off on a reverse split decision. This is true, but there are many potential reasons the company may want to have this ability in their pocket. In contrast, a person could reasonably ask why Save Sirius is not holding off to see what happens with the Q4 and financing due in February prior to moving forward.
What is happening here is that there is no happy middle ground. With regard to Save Sirius, shareholders are either for or against an “all-in” situation. If Hartleib is correct in his allegations, the company will not survive, at least not in the manner that satellite radio consumers would expect. If he is wrong, then everyone stressed themselves out for a cause that bears no fruit either. Like any issue that is being dealt with in court, it is typically the attorneys that gain wealth, and that could well be the case here as well. The latest dismissal means another filing, more responses, and more money for attorneys on all sides of the issue.
Save Sirius in my opinion raises some valid issues that may be of concern to shareholders. They also raise issues that, at least up to this point, are circumstantial in nature. Shareholders should consider all sides of the issue, whether good, bad, or ugly. Shareholders should hold as strict a yardstick to Save Sirius as they do to Sirius XM Radio.
My opinion… most people fall into an opinion that is between the stance of the company and Save Sirius; the attorneys will make money.
Position - Long Sirius XM
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This article has 14 comments:
Hell - after the FCC dragging there asses in taking over a year to approve this - it's pretty much there fault they can not find a way to gain any ground or profits.
After my many hours of review, IMO, the Save Sirius case is the root case for all recovery lawsuits that probably will hit “Mel Karmacrook” in his Belize, Camin, & Swiss Bank Accounts. However, I would rather this case be the pressure against Mel’s master plan that we stock holders need to save our investment without a lawsuit. What ever the end result, I am glad Mike H has provided us with a massive audit trail of Mel’s absolute corruption.
Tyler you’re just another stinking New World Order Sell Out. Your small time corruption is the root of all of America’s problems!
Tyler your article stinks. Tyler your opinion a bad influence on everyone who reads your crap!
I need to add how the Save Sirius case has not yet once been appealed. The judge has compassionately dismissed with “leave to amend”. I believe this shows the judge feeling that the case contains very important merit and “red meat”.
However, most of these cases hit the appeals court on several issues and levels. Most of these cases get sent to appeal 3 times before the establishment gets to work. This is a process of slowly hammering on the issues to be fair to all parties and in review of many peers. Sometimes it is corrupted, especially when big money is involved. But, this is the only system we have and usually it works in the end.
The Save Sirius case has just started the years that will be required.
Many of us Long Stock Holders may need the evidence produce in this case. It was worth every minute of my review…
I disagree with the statement that Tyle made:
"most people fall into an opinion that is between the stance of the company and Save Sirius; the attorneys will make money."
I believe it should read:
Most people fall into is three categories, the stance of the company, Save Sirius, And the Attorneys. The Attorneys, whether they argree with their client, will argue the point they are paid for. Either way it is the Attorneys for BOTH sides that make money!
The recent Madoff scam has exemplified the lack of control the SEC has on it community. It is apparent that this is the only course of action that Stockholders have to change THEIR company. YES, I said THEIR Company. The lack of disclosure is sending a message to stockholders that they do not own the company. That is an unfortunate message that management is sending. The optimist would say that Management is playing Poker with the Financeers. The Pessimist would say that this whole merger is an ego thing for Mel. The Pragmatist would have to say: "You're damned if you do , You're damned if you Don't!" .
I agree with your comment: "Wanting to stop a reverse split and the addition of new shares to the authorized count is one thing. Unwinding the merger, and sending people to jail is quite another." That is where I couldn't agree with the M.H. lawsuit and opted to drop out. I didn't like a lot of the activities of the company prior to the merger (like the last minute financing that has torpoedoed the stock). And I am opposed to the reverse split and issuance of new stock, but I certainly don't think that it would be wise to unwind the company at this point. We can't go back and redo that decision without irreparable harm to the company.
As to Mel's actions in all of this, I don't trust him anymore. He says he is not going to use the RS/issuance of new stock unless he has to. I would like to believe that, but I don't. He burned us (shareholders) on the last minute financing. He had to know what the debt load of XM was. He had plenty of time to make other arrangements (thanks to the FCC). As a result, he has lost his credibility with me and I am sure with many in the investment community.
Time for Mel to leave.
He shure sounds like a crook always talking up Sirius lies...
This artical truly sucks as do the Sirius goons who continue to sell us Sirius... All a bunch of crooks....
On Dec 15 02:44 PM goku wrote:
> Must respond to #271917, who said he's happy to hear about the Madoff
> scandel since he ripped off "the cocky rich who thought they were
> untouchable". Hmm...do you really hate anyone who has money so much
> that you're OK with the non-profit charities he served being ripped
> off as well, along with all those (some even poor) who gave those
> charities their hard earned money and the obviously not rich who
> benefit (or now won't) from those charities, or the tons of middle
> class people who had their indirectly invested retirement money stolen
> by that scumbag through misuse of pension funds, just because somewhere
> some rich who did get their money corruptly also went down? If yes,
> then you are as twisted and amoral as Madoff.
Now that the Feds have lowered the interest rate to practically nil yesterday, won't it be a perfect time for Sirius to "refinance" its debt with a new loan with no or almost no interest?! That would certainly give Sirius some breathing room to build up its cash reserves, and you get the idea as to what this "refi" will do for its stock as well.