Talkers legal editor Steven J.J. Weisman says the crux of the issue is simple: His first contract with Sirius provided for substantial bonuses based upon the number of subscribers to Sirius. If after its merger with XM, the former XM subscribers are to be considered Sirius subscribers, Stern will be owed huge stock bonuses.
But the story doesn't end there. This case has the potential to be the basis for a possible class action against Sirius by its stockholders for the company's possible failure to disclose this issue.
The entire future of Sirius as a viable company is in jeopardy due to this lawsuit and a big loser could be Howard Stern, who owns much Sirius stock.
Read Steven J.J. Weisman’s entire piece here.
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