Karmazin Dodges A Bullet, For Now…

Friday, December, 12, 2008 by Mel Phillips.

(Weekend Edition)

When Michael Hartlieb got wind of a Sirius/XM merger he formed a group called “Save Sirius”, then he filed a lawsuit.  Hartlieb, a Sirius shareholder alleged that Sirius management violated the RICO statute and breached shareholders’ trust by going through with the merger with XM.  A motion to dismiss the case was filed last month but a hearing on the case scheduled for this week was canceled.  This is a temporary win for the Mel-Man but the suit may not be over.  The presiding judge is granting Hartlieb 20 days to amend his case.  The judge also said Sirius, which seated their new board in August, did not have adequate time to respond to the lawsuit.  Hartlieb says “the case is not over at all.  We have 20 days to submit and we shall.” …

Mel Karmazin, at least temporarily, can now move on to his next problem - his image.  Earlier this month, the Mel-Man received the ignoble honor of making the ‘Ten CEOs Who Need To Go”‘ list for 2009.  The list is compiled by 24/7 Wall St.  They explain their criteria as “not naming a CEO with the title of one who needs to leave just on share price alone.  This call is also not just because the growth ahead will be less than many have hoped and less than what Karmazin had predicted.  The call isn’t even based upon the great possibility that even that lowered growth target may have to be reduced again.  This is also not personal because we have had no dealings with the company nor with Mr. Karmazin.  But there has been serious destruction of investor wealth here which cannot be ignored.  The only recent investors who have made money are those who sold shares short.”  Sirius XM stock is about 20 cents per share…

24/7 Wall St. rates the odds that the Mel-Man will leave on his own accord at less than 50%.  I would take that bet.  Mel Karmazin has always had the ability to be one step ahead of everyone else.  He’s the perfect example of a man who “gets them” before they “get him”…     

10 Timeline Memories:

1. 1799] “Happy Trails“: George Washington dies from a throat infection at his home in Mount Vernon (VA) at 67 (12/14)…1963] Dinah Washington dies from a drug overdose at 39 (12/14)…1999] “Catch 22″ author Joseph Heller passes away from a heart attack at 76 (12/12)…2002] Former Lovin’ Spoonful guitarist Zal Yanovsky is the victim of a heart attack at 57 (12/13)…2006] Atlantic Records co-founder Ahmet Ertegun, injured in a fall at a Rolling Stones concert in October, slips into a coma and dies at 83 (12/14)…2006] Actor Peter Boyle passes away from multiple myeloma and heart disease at 71 (12/12)…2007] Ike Turner overdoses on cocaine at 76 (12/12)…
2. 1843] Scrooge sighting: Charles Dickens publishes the classic, “A Christmas Carol” (12/13)…
3. 1896] The roots of Radio: Guglielmo Marconi gives the public the first demonstration of radio at London’s Toynbee Hall. The following year he establishes the Wireless Telegraph and Signal Company Ltd. in Chelmsford, England (12/12)…
4. 1915] Debuted on this date: Francis Albert Sinatra is born in Hoboken (NJ) which would have made ‘Old Blue Eyes’ 93 today (12/12)…1925] The first motel, the “Motel Inn” opens in San Luis Obispo (CA) (12/12)…1946] Tide detergent is introduced (12/12).  Dakota Fanning makes her debut in a more recent Tide commercial…1955] The Tappan Zee Bridge opens to traffic (12/14)…1977] “Saturday Night Fever” starring John Travolta has its world premiere (12/14)…
5. 1930] Ground rule double: Baseball changes the rule on balls bouncing into the stands in fair territory, from a home run to a double. One rule not changed is a ball hitting the head of an outfielder and going into the stands in fair territory. That’s still a home run. Ask Jose Canseco (12/12)…
6. 1975] Guilty as charged: Sara Jane Moore pleads guilty to an assassination attempt on the life of President Gerald R. Ford (12/12)…1989] Leona (”Queen of Mean”) Helmsley is fined $7 million and sentenced to 4 years in prison for tax evasion (12/12).  Letterman paid tribute to Leona after her death…2004] A jury in Redwood (CA) recommends the death penalty for Scott Peterson for the murders of his wife and unborn child (12/13). Peterson remains on death row at San Quentin…
7. 1982] John Deere to the rescue: Mark Henderson uses a John Deere tractor to clear a spot in the snow for John Smith’s 33-yard field goal, giving the Patriots a 3-0 win over the Miami Dolphins at Schaefer Stadium in Foxborough. This game became known as the “Snow Plow Game” (12/12)…
8. 2000] Dubya wins: George W. Bush claims the presidency 36 days after Election Day when Al Gore concedes defeat (12/13)…
9. 2003] Gotcha: Saddam Hussein is found hiding in a hole (12/13)…
10. 2007] A bad report card: The Mitchell Report lists the names of 89 major league baseball players that presumably used anabolic steroids and human growth hormones. The biggest names mentioned are Roger Clemens and Miguel Tejada (12/13)…

Music Memories:

• 1955] Recorded on this date: “See You Later Alligator” - Bill Haley & Comets (12/12). This was a cover of the original version by Bobby Charles…
• 1961] Signed, sealed, delivered: Brian Epstein signs the Beatles to a management contract (12/13)…
• 1961] Number One on this date: “The Lion Sleeps Tonight” - Tokens (12/13)…1973] “The Most Beautiful Girl” - Charlie Rich (12/13), a much underrated talent who I had the pleasure of knowing…
• 1968] Released on this date: “You’ve Lost That Loving Feeling” - Righteous Brothers (12/12). In 1999, BMI called this song, the number one composition on the performing rights group’s list of “Top 100 Songs Of The Century” (12/14)…1968] “Crimson & Clover” - Tommy James (12/14)…1974] “Lady” - Styx (12/14)…1979] “London Calling” - The Clash (my boys) (12/14)…

“Happy Birthday…happy birthday“:

(12/12) Hank Williams III (XXXVI), Jennifer Connelly (38), Mike Golic (46), Tracy Austin (46), Sheila E (51), Cathy Rigby (56), Dionne Warwick (68), Connie Francis (70), Ed(”Hey how’m I doin?”) Koch (84) and Bob Barker (85)…(12/23) Taylor Swift (19), Jamie Foxx (41), Steve Buscemi (51), Wendie Malick (58), Ted Nugent (60), Jeff “Skunk” Baxter (60), John Davidson (67), Lou Adler (75), Christopher Plummer (81) and Dick Van Dyke (83)…(12/14) Bill (”oops”) Buckner (59), Dee Wallace (60), Joyce Vincent Wilson (62), Patty Duke (62), Abbe Lane (76) and Don Hewitt (86)…

Timeline Countdown: 9 days until winter, 10 nights until Hanukah, 13 shopping days until Christmas, 19 nights until New Year’s Eve and 22 days until the NFL Wild Card Playoffs…

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