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Stocks S / Sirius XM Radio


Subject:  Re: Additional Funding Requirements Date:  8/23/2002  10:39 AM
Author:  MHolt100 Number:  1692 of 10889


I have read the disclosures in Sirius SEC filings and noted that Apollo owns 1,000,000 shares of common stock and 2,524,060 shares of convertible preferred stock that has voting rights equivalent to 8,413,533 shares of common stock. This means that Apollo beneficially owns about 11.1% of all Sirius shares owned. This is far less than a controlling stake in Sirius, so I think that your concerns regarding Leon Black's ability to convert his preferred stock into common stock in a manner that will result in all remaining common stock held by other existing shareholders becoming worthless may be overblown.

Some of the other existing shareholders, by the way, include company management, whose are entitled to exercise most of their stock options at a price of $7.50 per share, i.e, at a price almost 5 and 3/4 times higher than the current share price. Do you think that these individuals are also being unknowingly duped by the diabolical scheme that you are anticipating?
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