Sirius Shareholders Sue

" Theory and XM radio earnings came out after the market closed yesterday and it was more troubling news for investors in the company reported a loss of nine -- per share from the -- fat I radio rivals merged. It became official argued became the site at this summer the company's stock has plummeted closing yesterday at 27. Cents per share. My next guest is the Syrian accent shareholder and is so. Syria and so concerned about the state of the company post merger he hung out a lawsuit against the management team. Michael Hartley is the founder of fade serious Michael great to have you here so. As I understand -- the week you -- lawsuit against the series is XM satellite charging him with a violation. Of the federal racketeer influenced and corrupt organizations act or -- What -- hoping to accomplish."

" Wow we're hoping to accomplish you know we have saved seriously gmail.com. It's a large group of shareholders 700 strong and growing. We want to hold management accountable. You know we lost to nearly 90% are actually -- and -- 80%. Of our value shareholder value since consummation of this merger. This murder has not been in shareholders' best interest. And you know to consummate the merger with a kind of toxic financing terms of mr. Karmazin has alleged publicly stated we're extremely toxic. I we were completely irresponsible. I it will."

" Act in June when you actually wrote to the FCC you said. The petitioner is in favor of the merger provided very minimal or no restrictions on the combined company. Why the change of heart isn't because of the loft of money -- talking about. Or because you don't believe that they held up to the standards of why this deal made sense in the first place."

" No I think you're absolutely correct initially I was not oppose the murders of concept I never felt as though. The merger. Was a merger of equals. And believe that. Shareholders were denied their right to a fully informed votes over the course of many hours over 3000 hours of research. It became clear to me that management did not have shareholders' best interest in mind. And can I believe you know our our breaching their fiduciary duties to their shareholders. And I believe the ultimate goal has been to consolidate the Specter -- me any and all costs. At the detriment of their shareholders so that you would like to see happen. Wildlife management to be accountable and we'd be shareholders are accountable I mean we are all we've seen -- you know -- investment evaporate like this little -- I'm not sent."

" What is count will mean though because you know XM satellite then Mel Karmazin is a big purchasing stocks. I mean would you like into retribution. And do you want your money back coming out -- a look confused."

" Well they'll be dead don't begin views first of all we believe that they're there needs to be change. Mr. Karmazin has publicly stated. That he would love to take the company private at these levels in a Wall Street Journal article I believe it was September 17 with Sarah McBride. And I think it's completely irresponsible. Forest CEO. To suggest that his goal is to take this company private and take it away from its its its rightful owners we -- shareholders. I believe that that in and of itself should be grounds for the board to ask for mr. -- resignation. Because quite frankly under his leadership. We have lost 90%. Of RI RA and the other."

" Thing okay -- reach out to serious sex and to comment and here is what they had to say. They said this is the latest in a string of court filings by this plaintive all of which have been dismissed. We consider the latest filing baseless and we'll challenge it vigorously. What you know when you look at that responds yeah. You know Michael and why I didn't want people out there who understand. That you're speaking up for shareholder rights and a lot of cadres have lost their values this year in tremendous ways. It means when. How do you how you win from this situation Ari are you telling when the executives who run these corporations. You need to pay attention to the best efforts of the shareholders. "

" Well look bad to consummate this deal first of all we were locked into the -- one of the longest merger delays in history. And then to finally consummate this merger mr. Karmazin apparently claims. First of all I'd like to clarify one thing nothing has been dismissed other than a petition for declaratory ruling at the FCC. Which is led to congressional investigation into the FCC. For a future power. Abuse of power accusations against chairman Martin by the energy and commerce committee. But the hell these CE o.s mr. Karmazin needs to be held accountable I mean there have been -- statement after misstatement. You know saying that there is no need you to believe there is a need for reverse split isn't in the shareholders' best interest."

" Cindy and her Cindy is still own the stock and if so why can continue to hold the stock if you block well --"

" Yes unfortunately I still view on the stock but this is much more than sour grapes. This is about a company that I believe is willfully deceive their shareholders. And I believe they need to be held accountable. Everyone loses money in stocks risk you know who who investing in stocks. Is a risky business but when you have management that is in my opinion being less than candid with their shareholders. And subscribers. They need to be held accountable everyone else is accountable to shareholders are accountable. I mean people members of our group of lost hundreds. Tens of millions of dollars in this stock they've had tremendous faith in mr. Karmazin I was one I was one of mr. Karmazin biggest fans write it pains me to take this position against this company. All right well and how the -- the other thing I want to make players that. There has had never been any litigation. On my you know we're that I have initiated against any company so I think it should let everybody out there know how it -- years these violations have been in order for me the file multiple suits. Against this company."

" All right Michael we're -- I'll leave it there thank you for your point of -- we want to talk a bit."