Sirius-XM Facing Bankruptcy?

" Welcome back to the cannon rotunda here on Capitol Hill where there is a story in the satellite world. That is in the spotlight stayed in New York Times is reporting that series XM satellite is close to filing for bankruptcy. It's a story that's been fraught with controversy from the very start almost two years ago this month series made a thirteen point six billion dollar deal for XM satellite. Now the stock is trading at eleven cents a share. Join me right now is -- it's an shareholder. With Sirius XM satellite with active activist shareholder my current Hartley. Michael thanks so much for joining us this morning. The word is that serious is going to go ahead with this bankruptcy decision. There have been unsolicited offer is appears as though we've not taken offers. What are you hearing."

" While I'm hearing the same thing -- one would have to wonder I'm curious as to why. This information would be leaked why they would have just filed so it's interesting to me that they have leaked this information. So I'm not exactly sure what the purpose of that. Is. And you know -- It's also troubling. -- go ahead."

" I was gonna say I'm assuming. Up -- skeptical here. But -- in -- Charles Ergen who owns a great deal of course who runs dance I enact a star who owns a great deal of this company's debt. Has made unsolicited offers as we understand it in the past. Perhaps those offers are not effectively being responded to an as a resolve. Or or series isn't getting the price they want as a result let -- that we're talking about bankruptcy filings noted -- forced Charles -- To step up to the plate and make -- they should. That's a reasonable but. We can't."

" Capsule he had absolutely that is a possibility I do find it very curious as to why they leaked this information. Black you know even if there is a big name for this company and fortunately it's going to be at very low levels. Which many shareholders and on one will lose you know 708090%. Of their initial investment now is that better than bankruptcy. Absolutely it is the other thing that's troubling is that Joseph Clayton you know under mr. plate -- leadership and mr. Karmazin is leadership. They have facilitated the passes through -- munition and shareholder value in history. I mean we've lost. You know thirteen billion dollars in six months since January 20 ninth. The date of consummation of this merger so I find it to be traveling -- a conflict of interest that mister Clayton is now with the board. You know making an attempt -- mr. -- to pick up this company that they were responsible for destroying. And running into the ground for pennies on the dollar there seems yeah. -- just need to be a major conflict of interest there."

" So would you like to me. Charles -- actually go out and purchase the company rescue it from bankruptcy."

" I think that would be more and shareholders' interest obviously and then filing eventually. That the real question is how is it that this management team has been allowed to put us in this position. I have here a letter from senator Brownback. Dated June 10. That accused mr. Karmazin. Perjuring himself before congressional committees multiple congressional committees. And also in this letter from senator Brownback. To chairman Leahy of the judiciary. He was extremely troubled that our nation's antitrust laws were being violated and demanded that the full Judiciary Committee. Get copies of the un redacted documents they irrefutable proof. These companies colluded in conspired violated our nation's antitrust laws to right facilitate this merger. You know Michael everybody talks about Howard Stern there's rumblings once again that he wants Al what is the future look like. Well I mean for Howard Stern to want to outlook you know I've I've listened to Howard Stern over the years often on. You know Howard Stern made a tremendous amount of money for himself here. And I'm not happy that Howard has been talking about whether or not he we signs eccentric except for a I don't think it's appropriate I don't think -- benefit. To his fans I think it's angering a lot of his -- one of the things that I think people. Misunderstand. Is it meaning shareholders are subscribers themselves viable I don't. For subscriptions and what I'm told by members of State's serious dot org is that if this does happen. We will we will cancel our subscriptions and they will lose there are one million individual shareholders out there. So you know chairman Leahy says that he wants to start a fairness committee to look into past abuses under the Bush Administration the first place they should start. Is with the FCC. And chairman Martin. And figure out what happened here how we got to this particular point in time right because like something is not right."

" Well listen Michael we will be watching this of course closely but you know a lot of critics will say wait a second. Serious that Sam was just to tied to the auto industry is anybody if you look at their stock charts. They look identical. To one another. We'll get into that for another discussion no Michael partly thank you so much for taking the time to join us this morning appreciate it."