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Thursday, January 15, 2009

Sirius completes share sale to reduce debt – then shareholders demand to see the books

Just as Sirius XM was announcing they were issuing 100,000,000 shares of stock to pay off a $13 million debt note coming due, the group called “Save Sirius” was filing papers in a Delaware court, demanding documents pertaining to memos regarding the companies' compliance with the FCC Interoperability Mandate, certain correspondence from CEO Mel Karmazin and the Sirius legal counsel, along with other company papers. Michael Hartleib, on behalf of SaveSirius.org says, “It has become clear that the Board of Directors, past and present, are being influenced by General Counsel for the Company, Patrick Donnelly, as well as Chief Executive Officer, Mel Karmazin, for their unjust enrichment and agendas at the expense of their shareholders.“ Sirius shares, which traded above $63 in 2000, closed on Wednesday at just 12 cents. Click here to see the latest Sirius XM stock price.

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