Dissident shareholder Michael Hartleib, on behalf of SaveSirius.org, which he founded, has filed a demand to review numerous company books and records. He claims Sirius XM is required by Delaware corporate law to comply with the request.
"It has become clear that the Board of Directors, past and present, is being influenced by General Counsel for the Company, Patrick Donnelly, as well as Chief Executive Officer, Mel Karmazin, for their unjust enrichment and agendas at the expense of their shareholders. Management of this company has lost all objectivity under the leadership of Mr. Karmazin and General Counsel, Patrick Donnelly, and has done nothing to enhance shareholder value," said Hartleib as he announced the demand for books and records.
Here is what he has demanded:
— List of current shareholders
— All documents related to the Shareholder Vote approving the merger between Sirius and XM including documents from the tabulator and proxy firm of said vote
— All documents, including internal memorandums, regarding the companies’ compliance with the FCC Interoperability Mandate
— All documents from Interoperable Technologies LLC regarding the development of interoperable radios and plans to market said devices. These documents are to include the white paper report by Michael Deluca which was held under double protective orders during the FCC merger proceedings and was withheld from the DOJ Anti-Trust Division
— Un-redacted draft of the Joint Development Agreement between Sirius and XM which led to the creation of Interoperable Technologies LLC
— Correspondence between Mr. Karmazin and Mr. Leon Black involving discussions of privatizing Sirius XM, including any related internal memorandums
— All correspondence between Sirius General Counsel, Patrick Donnelly and Simpson Bartlett and Thatcher in regards to the litigation entitled "Gregory Brockwell v Sirius Satellite Radio"
There was no immediate comment from Sirius XM.