I was called a merger, but technically is *was* an acquisition/buyout. Merger just sounds nicer...Sirius didn't buy out XM. The two sinking ships merged and then got rescued by John Malone from bankruptcy.
I agree. good postRead that whole darned thing. This has been bubbling under the surface for 3 years now. If the original contract language is as 'plain' in counting subscribers not just buying satellite for Stern, but overall, and if the extra provisions under any merger contingency aren't explicitly in Siriusxm's favor, then Stern and Buchwald will be getting a settlement. Sirius had no confidence they could buy out xm back in '04. If they can agree on sub totals for the years in question (07-09) at the very least, the XM haul post-merger will be a large stock payout for him.
Sterns production company will buy Sirius. :rofl2:LOL That's true.....give him their monopoly money.
Seriously.....if Howard does win, or collect a big amount, how will the company recover the money?
They will have to raise sub prices, lay more people off, or both.
Not to mention when something like this happens, the stock price usually goes down. This company can't exactly afford their stock dipping again.
It could be the phone. I have one of the cheapest smartphones on the market and it doesn't download the Sirius XM app.I hope so. Sirius should be put out of its misery. The shitty app Howard has been promoting doesn't even work on 3G networks while the other Internet radio apps work flawlessly.
Stern and Stern alone controls the satellite radio industry.
That doesn't make a difference. The agreement was based on subscribers. According to the agreement Howard is 100% correct; they shorted him. Read the entire lawsuit and you will understand how Sirius screwed them and why the XM subs should count.Another thought. When Sirius acquired the XM subs, it must have also acquired the XM debt. It's like acquiring mortgaged property. I assume Howard doesn't think that makes a difference.
Remember back in the day when AOL and Time Warner merged it was really AOL buying out Time Warner. How does AOL have more than Time Warner I have no idea but that's what happened.So Sirius acquired XM? I don't get it then cause I always thought they merged out of necessity. If anything XM was doing better since they had about 5 million more subscribers than Sirius.
I have been through all the posts again and I keep missing the actual contract. Is it posted? I would withhold judging the merits of Howard's suit until I read the contract and an argumentative memo from the other side. It would not have become a law suit if the other side thought the contract was black and white in Howard's favor. Interesting that Howard is represented by an old time WASP firm (its founder was Gov of NY 100 years ago and a Supreme Court Justice) It's still prominant and its partners are probably all races and religions now.That doesn't make a difference. The agreement was based on subscribers. According to the agreement Howard is 100% correct; they shorted him. Read the entire lawsuit and you will understand how Sirius screwed them and why the XM subs should count.