HOWARD STERN IS BURNED ON SIRIUS FILING (Link To NY Post)
 

January 12, 2006 -- Shock jock Howard Stern and his agent lost more than $1 million yesterday after disclosing they may dump 34.4 million shares in Sirius Satellite Radio. Sirius, Stern's new home, said in a regulatory filing yesterday that Stern and Don Buchwald, his agent, are now free to sell their stock, which is worth close to $200 million.

The news sent shares in Sirius tumbling nearly 6 percent ? shaving off more than $1 million from the value of Stern and Buchwald's holdings.

Last week Sirius said the pair would receive the stock after Sirius met certain subscriber targets...

http://www.nypost.com/business/60186.htm

DH

Seems like he didn't plan this... Unless it takes another dramatic turn and he ends up with even MORE fucking money..

Dh!!!!!!!!!!!!!!!!!!!!!!!!

It's an SEC regulation, he must disclose when he sells

with a 1/2 billion in the bank

plus 220 mill as a bonus, you really think he misses the 1 mill? :helpme

i'm sure he will be fine

:1orglaugh yeah it's not a great deal compared with what he's worth, but in any case, losing $1 million is still losing $1 million...

It's very early in the game. This is a long term investment for anyone who has purchased. It's fun to buy and sell and play in the action, but I'm holding and will continue to do so. But with the amount of shares he was given, to not become more diverse would be silly. And the funniest part is this is such a high profile deal that the mere thought of Stern and Buckwald having the freedom to sell some shares has an effect on the market. It will all settle down over time. He lost a million yesterday, we'll see where he is sitting in a year or two. That will start to tell the story.

LOL

whats 1m to stern on a 200m stock deal

thats like a dinner out

I am sure the stock will recover fine. The bottom line is you have to file the report just to have the right to sell. No matter when the report is filed its going to have a negative impact on the market.

Matt

Imagine owning $200,000,000 worth of stock in one company? Most people would be shitting bricks, because he loses huge amounts of money with even tiniest fluctuations. He'd be smart to sell it and put a big chunk of that cash into a more diverse portfolio.

Even if Stern were to lose it all in this venture, someone would pick him up and he would become even More wealthy! That dudes a figure head now, he can't lose!

Mel Karmezon (sp?) also just purchased a shitload of shares yesterday and he runs Sirius. I wouldn't read too much into it, maybe howard is investing the money into real estate or something else, you never know.

I might be stupid, but how did he lose $1 mil if he wanted to sell $200 mil worth and the stock fell 6%? Would that not make it more like $12 mil?

I'm kinda confused here... my math might be off though.

Also, NOONE ever said he would SELL the shares. All that was released was that he now _CAN_. I might have missed something there too though.

Please... this is SO not a burn. Its standard practice and its a drop in the bucket. Plus he won't sell right away anyway.

Maybe i am stupid too.. but that's exactly the same thing i noticed in the article :)

Exactly. He hasn't lost jack shit. The stock had a reaction to the fact that he MAY sell his shares. He hasn't actually sold anything. The stock will go back up and continue to grow, as will his profits.