Insider Buying: Mel Karmazin of SIRIUS (SIRI)

Mel Karmazin, CEO of Sirius Satellite Radio Inc. (NASDAQ: SIRI), has added to his position of company stock.  In a show of force to show that he doesn’t want further share erosion or that he believes shares are undervalued, Mel Karmazin made direct market stock purchases today.

According to an SEC Filing, Karmazin acquired 2,000,000 shares on theopen market in what was likely a VWAP trade with an average price of$1.3732 per share.  This also notes that he now holds some 8.5 millionshares of direct stock ownership.

This stock closed down almost 5% more to $1.39 today which was actually another 52-week low closing price.  Shares have regained about 2% back to $1.42 in after-hours trading.

Jon C. Ogg
August 4, 2008