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The REAL Story Behind A Sirius XM Stock Buyback and How It Impacts The Liberty ...

It was such a compelling issue that other websites took it upon themselves to immediately attack my article about the impacts of a Sirius XM Satellite Radio stock Buyback and the Liberty Stake . Some sites went so far as to say that I was misleading and lying to investors in the chat room of a radio show I was on, and two sites decided to make comments under my article on Seeking Alpha.

In order to get to the bottom of this issue we must go back to the beginning. Early in May I attended the Sirius XM Annual Shareholder Meeting. I have followed this company for years and am a shareholder in it. I went to the annual meeting not as an investor, but rather as someone who has a website dedicated to satellite radio. My ears were not tuned in to the presentation from an investors standpoint, but rather as someone looking for information to relay to readers on this site.

Prior to attending the shareholder meeting I was like many others invested in this company. I felt that the Liberty stake in Sirius XM was 40% no matter what. That concept was etched into my brain two years ago, and despite reading every filing that came out, I still had that belief because, as it turns out, I was reading into the filings something that was not there. The legalese was such that someone who believed 40% was 40% no matter what would not have an “aha” moment in reading the documents.

At this shareholder meeting CEO Mel Karmazin was asked a question regarding share buybacks. Karmazin has been hinting at this situation for a few quarters now, and the prospect of finally seeing share buybacks is one that passionate investors have waited a long time for. Sirius XM buying back shares would be a concrete indication that the company is on solid footing and would finally be vindication for the investment risks many took over the years.

There is a lot of passion behind this company and sometimes that passion can get in the way of being a good journalist reporting about the company. There are also a lot of opinions out there that can sometimes be clouded. There are several websites that cover satellite radio and this is a healthy dynamic. What I understood long ago was that investors will make their way to all of these sites and form their own opinions about the quality and type of information they get at each one. Even if an investor does not care for a site’s particular style, they will inevitably read everything they can get their hands on. The “competitive” aspect between sites really does not need to exist because of the fact that people simply visit them all. Oft these same investors will engage in debate and discussion on the forums of these sites. Sometimes these discussions can even get heated, and again, this can be a healthy thing. In my opinion however, site owners and representatives have a responsibility to conduct themselves in a manner that rises above what a typical forum poster might do. Sometimes passions get in the way and cloud judgement.

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