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Summary:

The Wall Street Journal reported this morning that Echostar Chairman and CEO Charlie Ergen made a move to take control of Sirius (NSDQ: SIRI…

imageThe Wall Street Journal reported this morning that Echostar Chairman and CEO Charlie Ergen made a move to take control of Sirius (NSDQ: SIRI) Satellite Radio starting several months ago. The Satellite TV mogul apparently approached Sirius CEO Mel Karmazin late last year offering to inject capital into the ailing Sirius to pay off its debt and help it avoid bankruptcy. Echostar would then take control of Sirius.

According to the Wall Street Journal, Karmazin rejected the offer, hoping to come to terms with the company

  1. Too much leverage + too many shares = no value per share.

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