Two class action lawsuits filed over Sirius-XM merger - Orbitcast

Two class action lawsuits filed over Sirius-XM merger

By Ryan Saghir on September 16, 2007 7:11 AM | 73 Comments

Sirius-XM merger lawsuitTwo class action lawsuits were filed against Sirius and its directors in New York County Supreme Court, according to a recent SEC filing.

The two lawsuits, filed on March 14th and March 20th, allege that Sirius breached their fiduciary duties and engaged in self-dealing by agreeing to merge Sirius with XM at an unfair exchange rate.

Brockwell v. Sirius Satellite Radio, Inc. (Index No. 60019/07) and Johnson v. Sirius Satellite Radio, Inc. (Index No. 600899/07) more specifically allege that in agreeing to merge with XM, the directors failed to adequately account for and consider:

  1. The true value of Sirius and XM
  2. Certain XM litigation and regulatory liabilities
  3. and the impact of concessions that Sirius and XM would need to make in order to obtain antitrust approval for the merger.

Brockwell and Johnson seek an order to prohibit Sirius from consummating the merger with XM and an award of attorneys’ fees.

Shortly after filing the original complaints, Brockwell and Johnson advised Sirius that they intend to file an amended and/or consolidated class action complaint. As a result, on June 11th, Sirius entered into a stipulation requiring plaintiffs to move to consolidate their actions within 30 days, and to file an amended and/or consolidated complaint within 30 days from the date the court enters a consolidation order.

So far, the plaintiffs have not moved to consolidate or amend their actions.

[via Orbitcast Forums]

73 Comments

xm user | September 16, 2007 9:26 AM | Reply

Was supposedly filed 6 months ago . On June 11, 2007, SIRIUS entered into a stipulation requiring plaintiffs to move to consolidate their actions within 30 days, and to file an amended and/or consolidated complaint within 30 days from the date the court enters a consolidation order. So far, the plaintiffs have not moved to consolidate or amend their actions. You are doing nothing but starting more rumors Ryan. As if we didn't already know. Im beginning to hate this site, and get much better news and analysis on Sirius Buzz from Tyler.

xm user | September 16, 2007 9:27 AM | Reply

Was supposedly filed 6 months ago . On June 11, 2007, SIRIUS entered into a stipulation requiring plaintiffs to move to consolidate their actions within 30 days, and to file an amended and/or consolidated complaint within 30 days from the date the court enters a consolidation order. So far, the plaintiffs have not moved to consolidate or amend their actions. You are doing nothing but starting more rumors Ryan. As if we didn't already know. Im beginning to hate this site, and get much better news and analysis on Sirius Buzz from Tyler.

Gary | September 16, 2007 9:46 AM | Reply

That "rumor" that you mention XM user was actually received by me too directly from Sirius in a filing on Friday(i signed up for any news/filings from siriusand xm)---I dont think its a big deal since these things are filed for anything, trying too get some cash, but it is news nevertheless---If you hate the site, why bother to post--Think theres more to this then you mention

tim wallick | September 16, 2007 10:14 AM | Reply

the courts must first act on the sirius filing

StackPointer | September 16, 2007 10:57 AM | Reply

>>> Im beginning to hate this site, and get much better news and analysis on Sirius Buzz from Tyler.

ROTFLMAO.

It is at least as newsworthy as the tens of bogus shareholder suits that were filed against XM, which "Tyler" (Doberman) was overjoyed to write about.

Obviously, these suits have no merit; still, it is litigation and it WILL be a distraction, just as the bogus suits against XM were a distraction.

tim wallick | September 16, 2007 11:30 AM | Reply

hate the facts, not the site lmao, but looks like sirius had something on the fourth also

which looks like it may relate to the uselectronic matter


Tuesday, September 04, 2007
APPELLATE DIVISION
FIRST JUDICIAL DEPARTMENT
2:00 p.m.
2007 - 1292 ADVANCED GLOBAL V SIRIUS SATELLITE 10 10

Monster XMer | September 16, 2007 11:48 AM | Reply

Well I see the rumors have started at Orbitcast again. Digging up opld news seems to be Ryans best thing to do since sirius buzz is kicking his ass. Let me remind you that these suits have still not been ruled class and its long past the 30 days the courts gave the scum that are complaining. Here are two more scum bags that Sirius kicked ass in court:
http://decisions.courts.state.ny.us/fcas/FCAS_docs/2007APR/30060227720061SCIV.pdf
http://decisions.courts.state.ny.us/fcas/FCAS_docs/2007MAR/30060368020061SCIV.pdf
Ryan....Get a life dude AND ADMIT DEFEAT

xoxo | September 16, 2007 3:11 PM | Reply

how is this a rumor if this is on SIRIUS's own SEC filing? And "xm user" is quoting almost exactly what Ryan wrote about the colidation.... so where the f*ck is the "rumor"? I don't get it.

I'd bet that these "Monster XMer" and "xm user" jerks are the same person shilling for Buzz. Ryan, can you see their IP addresses?

MUSCLE13 | September 16, 2007 4:09 PM | Reply

Exactly why are you guys taking shots at Ryan? I don't agree with him on media issues but the guy runs a great blog. And he is willing to say when he wrong which most bloggers never dream of doing. Ryan's blog is a fountain of information. Absolutely invaluable.

In my opinion Ryan's uncovering of the 10K reports, where all the terrestrial radio companies revealed who they compete with, was the single biggest news story in the proposed merger this year.

dan | September 16, 2007 11:45 PM | Reply

You dumbasses, siriusbuzz.com and orbitcast.com are run by the same people.

Ryan Saghir | September 17, 2007 4:19 AM | Reply

@Stackpoint, @MUSCLE13, @xoxo: No worries, it's only one person using multiple display names who's taking the shots. Whatever, it's no big deal.

What Monster XMer/XM User doesn't understand is that there's no "defeat" to accept, because SiriusBuzz and Orbitcast aren't in "competition" with each other. I know the guys over there, and we link to each other's articles fairly consistently. The battle between blogs, as well as the "rumors" he consistently has accused me of spreading - are nonexistent.

@dan: For the record, we are completely separately run websites.

jim | September 17, 2007 2:11 PM | Reply

the first lawuit menitoned by Monster XMer, at least the court's ruling, related to an obviously weak
breach of contract claim. Not a shareholder deverivative action that would concern all shareholders.
All I want to know is buying both companies stock a smart move? I have been purchasing small increments, beleiving a merger would benefit both companies share value.

Charles | November 16, 2007 10:03 PM | Reply

Jeez...I just ran into these comments while doing some digging on Google for our domain name and I must say for the record I have no idea who is posting that stuff NOR do I have an issues at all with Ryan.

Don't worry we get people who love Orbitcast bashing us as well! I don't get it and I don't think I ever will, its like people who love XM and hate Sirius or love O&A and hate Howard...some people just have too much free time on their hands to devote to hating shit!

Keep up the good work Ryan.

PS: I am from Boston so I have had the chance to listen to both Howard and O&A over the years and guess what...I think they are both good! Let the hate mail begin :-)

John | March 20, 2008 7:19 PM | Reply

O WOW!! IS WHAT PEOPLE ARE GOING TO BE SAYING. Everybody take your heads out of the sand and learn what is going on,

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