SOURCE ORBITCAST
SaveSirius, a group of shareholders that is accusing Sirius XM Radio Inc. of unjustly enriching themselves, served formal letters of demand to the company's Board of Directors recently.
The group demands that the company:
Postpone the vote to increase the number of shares of common stock (from 4.5 billion to 8 billion)
Delay the proposed reverse split, ranging from 1 for 10, to 1 for 50.
Suspend all stock compensation plans and other bonuses immediately
"Given the NASDAQ's reprieve of delisting securities below a dollar, there is sufficient time for the Board to convene an emergency meeting to consider other options, such as but not limited to, self-funding by shareholders," said Michael Hartleib, founder of SaveSirius.
Read the entire letter sent to the Board after the jump
SaveSirius, a group of shareholders that is accusing Sirius XM Radio Inc. of unjustly enriching themselves, served formal letters of demand to the company's Board of Directors recently.
The group demands that the company:
Postpone the vote to increase the number of shares of common stock (from 4.5 billion to 8 billion)
Delay the proposed reverse split, ranging from 1 for 10, to 1 for 50.
Suspend all stock compensation plans and other bonuses immediately
"Given the NASDAQ's reprieve of delisting securities below a dollar, there is sufficient time for the Board to convene an emergency meeting to consider other options, such as but not limited to, self-funding by shareholders," said Michael Hartleib, founder of SaveSirius.
Read the entire letter sent to the Board after the jump
