Some Top Execs Quickly Selling Their Sirius XM Stock
October 7, 2009 at 4:57 AM (PT)
Five top executives at SIRIUS XM RADIO have disclosed their intention to sell all the stock granted them in MAY, reports THE WALL STREET JOURNAL, which writes "so far, they have sold seven million shares for nearly $3.2 million."
It's been all selling -- and no buying, as the JOURNAL exposes the last time a SIRIUS XM executive purchased more than a few hundred dollars of shares was in AUGUST 2008. The last time an insider at the company made a purchase larger than that was when CEO MEL KARMAZIN bought two million shares shortly after the merger. KARMAZIN, however, wasn't among the recent sellers.
"That's not a bullish evaluation," said INSIDERINSIGHTS.COM Dir./Research JONATHAN MORELAND. "If I were a shareholder, I'd be upset these executives are being given some sort of financial kudo. I don't think these guys deserve any bonuses, given the performance of their stock."
CFO DAVID J. FREAR, Pres./COO SCOTT GREENSTEIN, Pres./Ops-Sales JAMES E. MEYER, General Counsel PATRICK L. DONNELLY and CAO DARA ALTMAN were the execs listed as having sold stock. THE JOURNAL writes that group "collectively received almost 10 million restricted shares of SIRIUS XM on MAY 19th, with the shares to vest gradually over about 40 weeks."
Shares of SIRIUS XM on TUESDAY closed at 58 cents, down two cents.
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