Friday, May 25, 2007

Sirius Annual Shareholder's Meeting

I attended the Sirius Annual Shareholder's Meeting yesterday, and due to prior commitments (I have a day job), I did not get the opportunity to post my summary until now; however, if I had written it yesterday, it certainly would have been a completely different story.

Sirius hosted a great meeting, 2 hours long, comprehensive content, no spin. Despite the stock price performance, there were no angry shareholders there just to vent. Mel was terrific in his presentation, and the Q&A. He did not miss a beat, had an amazing command of the facts, was articulate in conveying them, and left no stones unturned. I can say that I was inspired.

So now I am sitting here starting to write, and I see the headline takeaways from the meeting: "We Suck Less Than XM", "The Merger Is An Uphill Battle", "Karmazin Doubts Merger". Were these journalists at the same meeting?

In the spirit of open communication, Mel read his audience, and felt like he could infuse a bit of New York humor, thus, the "we suck less" comment. He was candid and honest, and did say, "the merger is an uphill battle", but the sentence included "I am very positive on the prospects". Comments must be put in context.

I am going to try to get a transcript of the meeting to highlight some of the key points (and misinterpretations), and you can decide for yourselves. It is clear that the press has a negative bias, and therein lies the opportunity.

5/25/2007 06:25:00 AM

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  • "We suck less than they do"?

    I don't care if he was trying to be funny, it was a horrible remark for SIRI's leader to have made.

    Maybe you were inspired by it, but remarks like that do not help the industry and probably aren't all that inspiring to the employees.

    SIRI lost nearly twice what XM did last year -- I'm not sure that informed shareholders would agree that SIRI "sucks less than XM" anyway.

    How many people attended the meeting?

    By Anonymous Anonymous, at May 25, 2007 12:29 PM  

  • I comprehensive review and transcript would be much appreciated. Since many of us couldn't attend or listen online due to work. Thanks!

    By Anonymous MUSCLE13, at May 25, 2007 2:09 PM  

  • It is true, we do suck less than XM. It is what it is, and I am glad Mel stopped his cheerleading act. This company will turn around and Mel will be able to say anything he wants. Give it 24-36 months and most Sirius supporters will be quite pleased.

    By Anonymous Anonymous, at May 25, 2007 3:31 PM  

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