There has been no value creation for the shareholders, only for Mel, Frear and the other officers of the company.

FORBES: Ask Not What Karmazin Did For Sirius. Ask Instead What Sirius Did For Mel

Sirius, as the surviving company, almost went bust anyway due to bad decisions by Mel and his sidekick, CFO David Frear.

FORBES: Ask Not What Karmazin Did For Sirius. Ask Instead What Sirius Did For Mel

Frear, have been busy cutting costs wherever they can.

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Karmazin and Frear lavished upon themselves extensive low-priced 50-cent strike options last year even as they were denying or sharply limiting pay raises to employees and not issuing them the same deliciously priced options in such profusion.

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Frear and the others also made millions.

FORBES: Ask Not What Karmazin Did For Sirius. Ask Instead What Sirius Did For Mel