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Friday, April 12, 2013

Howard Stern Loses Sirius Appeal ? 300 Million in stock ?

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Sirius XM Radio (NASDAQ:SIRI): Current price $3.16

Bloomberg is reporting that Howard Stern lost a bid to revive his pay lawsuit against Sirius XM Radio, following a ruling by a New York state appeals court that he was not entitled to additional compensation. Stern’s production company, One Twelve, along with his agent, Don Buchwald, brought a lawsuit against Sirius XM Radio in 2011, saying that the company refused to pay $300 million in stock awards owed under an agreement that brought the radio personality to it. Justice Barbara Kapnick of state Supreme Court threw out the suit last April, turning aside arguments that subscribers to XM Satellite Radio, which merged with Sirius in 2008, should be counted when calculating the compensation.
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