Sirius Annual Meeting - Post Meeting Update
May 23, 2006
Satellite Standard Group makes every effort to keep you informed. The decision by Sirius Satellite Radio to not carry the annual meeting via webcast, telephone, or on a Sirius channel was very frustrating both as an investor, and as someone who is trying to report on the event.
investors in this equity have become used to and conditioned to being able to listen to events such as this, and the sudden decision to change that caused many investors angst over the past 24 hours. Personally, I received many telephone calls asking questions that I simply did not have the answer for. Each time these people expressed their frustration at not knowing what was going on with the annual meeting.
In our opinion, the decision by Sirius was not properly conveyed to the investors, and that left a lot of questions and speculation. In our opinion, we wish that Sirius had made the call available by some sort of medium other than personal attendance. At a minimum Sirius should have had some sort of Bulletin on the investor relations page of their website.
That being said, SSG would like to bring out a couple of points from the meeting:
1. The meeting covered basically items that were covered in the past few investor conferences such as CBC and Lehman Brothers. Nothing new or "earth shattering" seems to have been discussed.
2. Mel Karmazin did point out that he has himself invested about $15,000,000 into Sirius, and that he feels that Sirius is undervalued. It has been reported that Mel Karmazin went on to say that as an insider, he is restricted as to when he can buy stock, but that he plans on buying more when he is allowed to do so. Typically such restrictions center around pending information that the insider is aware of, and the public is not. Does this mean that Sirius will have some positive news pending? Perhaps, but that would be speculation at this point. What we know is that Mel Karmazin has publicly expressed an interest in buying shares of Sirius, but at this time he can not do so.
We here at SSG will update further when more information becomes available. We would like to thank our readers for their patience as we await further information.
5/23/2006 11:44:00 AM
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