Sirius XM Creditors "Angry," Warn Mel Karmazin Against Chapter 11

As if being stuck between John Malone and Charlie Ergen wasn't enough, Mel Karmazin now has angry creditors on his tail.

The Sirius XM boss is trying to decide -- as soon as today -- whether he'll take the satellite radio giant into bankruptcy or risk selling a significant stake to Malone and Ergen. Either way, he could end up kicked to the curb.

The Wall Street Journal is reporting that Karmazin is in the crosshairs of a group of creditors which is threatening to dump him and his team if they put the company into Chapter 11 instead of hammering out a rescue deal.

Read the whole story here.

Comments

[TeeLolly]

The merged entity seems to be on the same track as the banks--top execs rake in all the money, while the company hires unqualified non-Englis­h-speakers to handle customer service, undoubtedly for subsistence-level wages, making the service not worth the money, and the customers and shareholders all get hosed.

[mjeffn]

It's embarrassing to have to call these people Americans!

[nogimmicks]

It looks that Mel Karmazin and Howard Stern tricked a bunch of losers into buying Sirius stock, cashed out a large portion of their stock and are about to disappear with suitcases filled with cash. Is it about right?

[shotgunblast]

I see Bernie Madoff is blogging on Huffpo.

[westreal]

Mel should just give it up and go with Echostar. I don't see the holdup on this.