Another XM Director purchases XMSR shares

Following the largest insider purchase ever by XM Director Jeffrey Zients, another XM Director has purchased nearly a half million dollars worth of XM Satellite Radio stock, according to a recent SEC filing.

XM Directer Jack Shaw purchased 40,000 shares XMSR stock for a price ranging between $12.30 and $12.60 a share (with an average price of $12.40) on August 31st, according to the Securities and Exchange Commission filing.

XM Director Jeffrey Zients purchased over $3 million worth of XMSR shares just over a week earlier.

While the purchase likely means nothing for the increased chances of the Sirius-XM merger being approved (though the media will probably spin it that way) it does say something about the level of confidence from the directors. And that's always a good thing.

Thanks Jerry!