Was it just a year ago when the FCC finally agreed to let Sirius and XM Satellite merge. While the FCC thought they were preventing a monopoly, perhaps they were simply causing the destruction of an industry. If the FCC had allowed the merger sooner, would there be a different ending than the one being threatened, the bankruptcy of Sirius XM. WIth a debt payment due and Echostar buying up notes as a strategic move to gain the business post bankruptcy, will a white knight emerge. And will that savior be Liberty? And will it really matter?
For Mel Karmazin, either choice may be prove disastrous. "The Sirius XM boss is trying to decide -- as soon as today -- whether he'll take the satellite radio giant into bankruptcy or risk selling a significant stake to Malone and Ergen. Either way, he could end up kicked to the curb." That is, he could be forced out of his job, for essentially driving shareholder value into the ground. The consumer may have stopped embracing satellite radio and if that is so, it is the most difficult challenge to overcome.
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