Karmazin Sells Off More Shares Of SiriusXM
May 21, 2012

The saga of SiriusXM's stock continues, as CEO Mel Karmazin has sold off 17 million more shares of the company. According to The Street, Karmazin sold 17 million of his options at $1.97 and $1.98 each, and still has 32 million shares in the satcaster. Karmazin sold off the shares early last week and made a profit of $21.31 million in the process.

The Street's Richard Saintvilus predicts that Karmazin will sell off another 10 million shares in approximately 30 days. Saintvilus predicts the satcaster's stock value will continue to fall in the coming weeks, expecting it "to get worse before it gets better" and reach a low of $1.65/share. As of 11:30 a.m. ET today, SIRI was trading at $1.89/share.

Meanwhile, Seeking Alpha says in a new column that the satcaster's very future "is highly in doubt, and in my opinion, kaput." In a new column, the site's analyst predicts that if the company doesn't go bankrupt, its stock price has been capped, thanks to the ongoing story of Karmazin selling his shares and Liberty Media acquiring more and more, as it seeks a majority shareholder position.

The complete Seeking Alpha analysis of Sirius XM's stocks can be found here.

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Manny Simon
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Republic Records

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