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Satellite

Mel’s All Heart…

Sorry been busy, way behind, but this from OrbitCast has been bouncing around my brain for the past couple weeks…

Mel Karmazin forfeits 30 million in stock options

Lets see Mel had 30 Million options valued at $4.72 a share, SIRI is now trading at 34 Cents a share. As I understand it (from past option transactions) Mel has given up the right to purchase more  stock, for $4.38 more then its current value, how generous can you get…

Is this some lame ass PR move to make it look like Mel cares…. The official story from the 8-K filing “Mr. Karmazin’s choice to forfeit these options will allow us to more efficiently use the shares authorized under the Plan to meet the Plan’s purpose to attract, motivate and retain key employees.”  Maybe Mel is one of those “Key” employees that Sirius wants to retain, now if he gets a bunch of these options back at 40 cents after any waiting period required by the I am going to be pissed….

Yes I own SIRI, it is pain full…

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