From the New York Times: DealBook Column - Sirius XM’s Fate at Stake in a Radio Cliffhanger

From the article: “If the deal doesn’t hit a last-minute snag, Mr. Karmazin will have managed to save his company — and his job (Mr. Ergen wanted to fire him) — by pitting some of the most hard-nosed negotiators in the business against each other, all while he held what no doubt looked to be a losing hand.” If true, this is absolutely amazing…the man who singlehandedly destroyed two companies and an entire industry, not to mention losing stockholders billions of dollars, manages to keep his job and his perks? I will never understand big business…and clearly I am way too honest to ever be rich.

While we wait out the remaining hours in the life-and-death struggle Sirius XM is in (thanks to mismanagement, not circumstances), let’s review a few additional news stories from around the web:

From 247 Wall Street: Sirius (SIRI): Firing The CEO Does Nothing

A quote from the article: “Creditors do not seem to want to accept the inevitable. Sirius is almost surely dead, certainly as a public company and perhaps as a viable entity of any kind.” Ouch.

From MultiChannel News: Can Dish’s Ergen Be Sirius? - Buy Of Satellite-Radio Firm Offers Uncertain Upside

From the article: “How did it come to this? Just nine months ago, Sirius was riding high on its $13.6 billion merger with XM Satellite Radio. But a crushing debt load — $3.3 billion — a faltering economy and dim hopes for the future have put Sirius’ and Karmazin’s back up against the wall.”

From the Philadelphia Inquirer: Jonathan Takiff: Is satellite sunk? What may happen to Howard Stern & others if Sirius XM goes belly-up

From the article: “Worst still - for all you Howard Stern fanatics, music freaks and Major League Baseball game listeners out there - a breakup of the business seems a very real possibility.”

From CNET News: Creditors may oust Sirius XM chief

From the article: “‘Creditors will act quickly and definitively if they perceive that management is acting in their own interest and not in the best interest of the estate,’ Edward Weisfelner, a partner with Brown Rudnick, the law firm representing the creditor group, told the newspaper. ‘The board of directors should carefully consider the ramifications.’”

Things are getting interesting, but I’m going the heck to bed. Wonder who will own the company when I get up? ;)

From Financial Times Alphaville: Sirius XM weighs up offer

FT Alphaville reports Sirius XM is weighing up a financing offer from Liberty Media ahead of a Tuesday deadline to repay $175m in bonds in a potential transaction seen as thwarting EchoStar’s attempt to take over the US satellite radio company. Dunno exactly what they are weighing, since it’s this or floating face-down, but…