Replies to post #21356 on Sirius XM Holdings Inc (SIRI)

[ncj167]

Subscibers were mostly down in 08-09 IMO

they Believe

I have owned SIRI radio since 03 and stock since 08-09 and Never wasted my time listening to Stern and his flunkies he made rich off of us..

However, the suit said, Sirius paid the stock bonuses only in 2006 and 2007.
For 2008 and 2009, no performance-based stock awards were made to the Stern
entities, according to the suit, even though they believe they were entitled to
them.

BELIEVE THIS...STERN IS A POS

[turbodog]

From another board
Posted: Tue Mar 22, 2011 8:21 pm
Having drafted several similar missives in my practice, I took the time to read the entire Complaint. I am not terribly impressed with One Twelve's claim that they are owed anything under the contract. It is important to remember that this is a "breach of contract" claim, not a tort. Therefore, the only thing that is relevant, is what is contained within the four corners of the contract.

While the Complaint filed by Stern’s management is effusive with praise for Stern’s subscriber attracting pedigree, the Complaint also makes it clear that the number of subscribers attributable to Stern is not relevant to determining the amount of the stock incentive payout. While the Complaint goes out of its way to cite company and media sources “unofficially” attributing the significant rise in Sirius subscribers to Stern’s presence, legally, that is all fluff because a subscriber is only attributable to Stern if it falls under the definition of HS Generated Subscribers in the contract.

The Complaint does not allege that they are entitled to the stock incentive payout because of subscribers generated by Stern; rather, the Complaint relies exclusively on the "total number of Sirius subscribers" which exceed the "Siri Internal Estimates" by 2 million. The only relevant question for this lawsuit is what is the definition of "total number of Sirius subscribers"?

Naturally, One Twelve seeks to include the XM subscribers in the total subscriber count:

29. The subscriber targets were set high enough so that i f they were reached, Sirius would not only be able, but happy to pay the performance-based stock awards to One Twelve. No subscribers were excluded from the subscriber count, and there were no restrictions on how subscribers would be counted. Nor were there any restrictions on how subscribers could come to Sirius. They could come because of Stern’s efforts or they could have nothing to do with Stern. They could also come as a result of a merger or an acquisition.