During February, SIRI’s CEO Mel Karmazin announced plans to sell about half of his SIRI holdings. Remember, Mel had high priced options before he and David Frear, the CFO, almost put the company into bankruptcy in 2009 with some horrifically bad decisions on refinancing before Lehman went down for the count. So they gave the useless options back to the company in favor of lavish new ones at $0.43. That was after Liberty Media and John Malone swooped in with $575 million in loans and share purchases that left Liberty with 40% of Sirius XM now.
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