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Liberty FCC Request to Control Sirius XM Radio Rejected

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By Todd Shields and Alex Sherman - Fri May 04 22:07:08 GMT 2012

The U.S. Federal Communications Commission dismissed an application by John Malones Liberty Media Corp. (LMCA) for permission to control Sirius (SIRI) XM Radio Inc.

The request made March 20 fueled speculation Malone wants to increase his stake in Sirius, the largest U.S. satellite radio company, and spin it off. The application isnt acceptable because Liberty Media couldnt get passwords and other information from Sirius, the agency said today in a letter distributed by e-mail.

The request to the FCC displayed tension between Sirius Chief Executive Officer Mel Karmazin and Liberty, its biggest shareholder, that escalated after Malone, Libertys chairman, saved Sirius from bankruptcy in 2009 with a $530 million loan. Liberty owns preferred stock convertible into about 40 percent of New York-based Siriuss common shares.

After this filing, Liberty probably has to pursue other ways to get what they want, which means buying shares, Amy Yong, an analyst at Macquarie Securities in New York, said in an interview. She called the FCCs rejection positive for Sirius because Liberty buying more shares may drive up their value.

Control of Siriuss licenses to use public airwaves may help Malone gain leverage for favorable terms if he seeks to end the alliance with Karmazin, James Ratcliffe, a New York-based analyst with Barclays Capital Inc., said in an April 3 note.

Sirius fell 2.3 percent to $2.16 at 4 p.m. today on the Nasdaq Stock Market.

Liberty, based in Englewood, Colorado, didnt establish that it intends to convert stock or install a board majority, the FCC said in its letter. The document was signed by Roderick Porter, deputy chief of the FCCs international bureau, and Julius Knapp, chief engineer of the office of engineering and technology.

Heather Oshiro-Lipp, a Liberty spokeswoman, didnt immediately respond to a telephone call and Patrick Reilly, a Sirius spokesman, didnt immediately return a call and e-mail.

To contact the reporters on this story: Todd Shields in Washington at tshields3@bloomberg.net or Alex Sherman in New York at asherman6@bloomberg.net

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Liberty FCC Request to Control Sirius XM Radio Rejected

FCC dismisses Liberty Media request for control of SiriusXM

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Score one for Mel Karmazin, the chief executive of Sirius XM Radio Inc.

The U.S. Federal Communications Commission on Friday dismissed Liberty Media Corp.'s request for the operating licenses that would have given the company control over SiriusXM.

Liberty's request, made in March, argued that because it had 40% of SiriusXM's shares, along with five out of 13 seats on the company's board, Liberty effectively controlled SiriusXM, a New York-based satellite radio service with 22.3 million paying subscribers. Sirius strenuously protested with the FCC, and Karmazin in a recent call with investors mocked Liberty's argument as "40 is the new 50."

The FCC, in a letter to Liberty's lawyers, rejected the application. Here's the relevant rationale:

We find Liberty Medias applications to be unacceptable for filing because they are defective with respect to execution and other matters of a formal character. Specifically, Liberty Media was unable to obtain the passwords, signatures, and other necessary information from Sirius to properly file an electronic transfer of control application. Furthermore, we concludethat a waiver of basic filing requirements is not warranted, as the facts disclosed in the referenced applications are not sufficient to establish that Liberty Media intends to take actions, such as conversion of preferred to common stock and installation of a board majority, that would constitute exercise of de facto or de jure control.

Translation: In order to get its hands on SiriusXM's operating licenses, Liberty Media would have to get the passwords and approval of executives and board members who run SiriusXM.Eddy Hartenstein, publisher of the Los Angeles Times, is a non-executive chairman of the SiriusXM board.

Calls to SiriusXM and Liberty Media were not immediately returned.

John Malone, the chairman of Liberty Media, isn't one to give up easily, however. The FCC option was simplythe least expensive path to gaining control of SiriusXM.

Liberty now has other, albeit costlier, options including accumulating enough shares of SiriusXM to boost its stake above 50%and staging a boardroom coup bycalling a meeting of Sirius stockholders and putting the matter to a vote. But doing so could trigger a big tax bill for Liberty Media if the transaction is deemed to be an acquisition.

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FCC dismisses Liberty Media request for control of SiriusXM

China 9 Liberty 37 – Video

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22-12-2009 12:21 Condemned gunman Clayton is given a last minute reprieve by the railroad on the condition that he murders Matthew who is mining gold on his land. Visiting Matthew's ranch, Clayton is unable to bring himself to kill him and leaves, but Matthew's wife, Catherine, believing she has killed Matthew during an argument, joins him. Matthew survives and sets out to hunt them both down, as the railroad sets out to kill them all as well. Oates plays a retired gunfighter mining gold on land he refuses to sell to the railroad. Testi (the best of a long line of English-challenged pretty-boy European actors who worked in the western genre in the 60's and 70's) is hired by the railroad to kill Oates. But the two gunfighters hit it off and Testi refuses to complete the job. In the meantime Oates' wife Catherine (Jenny Agutter) comes on to Testi. They run off together believing she has killed Matthew, but he survives and begins to hunt them down. To add additional complications to the story, the railroad recruits a squad of gunfighters to kill both Matthew and Clayton.

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China 9 Liberty 37 - Video

Jordan Page "Liberty" (Acoustic Version) – Video

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02-03-2010 19:25 Song available on iTunes Music video for the acoustic version of the song "Liberty" by Jordan Page. Ukulele cameo by Michael Maresco. Support Jordan here Filmed in Washington, DC at the Jefferson Memorial, the US Capitol, the White House, Robert Taft Memorial, etc. Shot entirely on a Canon 5D MKII HDSLR (w/ Redrock Captain Stubling rig) @ 30fps 1920x1080 HD. Converted to 24P. Lenses used: Canon 50mm f/1.4, Tamron 17mm f/3.5, and a Nikkor 80-200mm f/2.8. Shot, edited, and directed by Chris Rye. Lyrics Why do we sit down when all should be standing And why do we back down at the critical moment Like running away from the waves of the ocean We head for the hills with the high tide approaching As sand slips away from the castle When it's time to stand upright why do we falter Like placing our freedom on the sacrificial altar We hold tight to our fears and defend our oppressors As we fight for their lies and become the transgressors As pacifists transform to violent aggressors But I'm only a stranger here I'm a long long way from my home And they say I can't change All the things I find strange For what can one man do alone What can one man do alone When is the right time to stand up for freedom Could it be when you start to feel creating children Who'll inherit the pain and the debt of this nation And be slaves to the banks that cause hyper-inflation Who are masters of commerce, lies, and bad legislation If you looked in the ...

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Jordan Page "Liberty" (Acoustic Version) - Video

Heavy Rain in Liberty City: Episode 1 (Grand Theft Auto IV Machinima) – Video

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09-05-2010 18:07 Click above to watch The Ultimate Soldier: Episode 2 Trailer (Grand Theft Auto IV Machinima) Heavy Rain in Liberty City: Episode 1 (Grand Theft Auto IV Machinima) Niko's complicated life got even more complicated when a killer kidnapped his cousin roman. How far would niko go to save his cousin? Can niko handle and complete the trials the killer would give him in order to save and find his cousin? And who might be this Liberty City killer? DIRECTOR'S CHANNEL : - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Follow Machinima on Twitter! Machinima Inside Gaming Machinima Respawn Machinima Entertainment, Technology, Culture FOR MORE MACHINIMA, GO TO: FOR MORE GAMEPLAY, GO TO: FOR MORE SPORTS GAMEPLAY, GO TO: TAGS: yt:quality=high Heavy Rain in Liberty City Grand Theft Auto IV Machinima Niko Cloe Parker Cousin Roman Trials Killer UPC 093155129696 MPN 12860 Yeardley Diamond yeardlydiamond1 Rockstar Games Quantic Dream David Cage

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Heavy Rain in Liberty City: Episode 1 (Grand Theft Auto IV Machinima) - Video

Review: The "Liberty I" Ultra Compact Compound Bow vs. "Razor Edge" and "Slingbow" – Video

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14-11-2010 12:03 The slingbow is a very popular weapon as it is compact, lightweight, easy to make and can shoot hunting arrows. But it competes with small bows, such as the "Liberty I" by Howard Winthers from http://www.libertyarchery.com. This video presents the Liberty I bow and compares it to the "Diamond Razor Edge" compound bow and the homemade slingbow (see the How-To on The Slingshot Channel). The results are quite impressive, the small Liberty I shoots a 400 gr arrow at more than 310 km/h. It outperforms the larger Razor Edge and of course also the slingbow (made with materials for under 10 dollars). Slow Motion scenes recorded at 1200 frames per second show the behaviour of the bow when shot, it stays amazingly calm.

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Review: The "Liberty I" Ultra Compact Compound Bow vs. "Razor Edge" and "Slingbow" - Video

Liberty ship sinking remembered

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25 April 2012 Last updated at 02:00 ET

A man who witnessed efforts to save sailors on a US liberty ship that sank in a storm off Wester Ross in World War II is to help commemorate the event.

John Murdo Mackenzie was 12 when the SS William H Welch went down off Foura and Black Bay on 26 February 1944.

Seventy-four American sailors died and 12 were saved by local crofters who walked over bogs in a snow storm to bring aid to the survivors.

Mr Mackenzie and his grandson John, three, will carry a wreath on 7 May.

They will hand it to the crew of a Maritime and Coastguard Agency helicopter crew to be dropped over the wreck site.

Loch Ewe, in Wester Ross, was a gathering point during the war for Allied cargo vessels delivering supplies to Russia.

During a week of events marking the Russian Arctic Convoys, Steve Chadwick, who wrote a book at about the SS William H Welch disaster, will lead a guided walk along the coast near the wreck site.

Mr Mackenzie and his wife Chrissie were interview by Mr Chadwick for the book.

The couple and their grandson John are expected to join the walk. The wreath will be delivered to the coastguard helicopter crew during the event.

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Liberty ship sinking remembered

Liberty Bowl Announces Date and Time

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Memphis, TN - The 2012 AutoZone Liberty Bowl will be played Monday, December 31 at 2:30 p.m. CST and will be televised on ESPN. Over the Bowl's 54-year history, more games have been played on New Year's Eve afternoon than any other date. 2012 marks the 13th AutoZone Liberty Bowl played on December 31st and the 11th in the last 16 years.

"The AutoZone Liberty Bowl has become a huge part of the New Year's Eve celebration in Memphis," said Steve Ehrhart, Executive Director of the AutoZone Liberty Bowl. "With the long four-day holiday weekend, we expect a tremendous number of out of town visitors will enjoy ringing in the New Year with the Bowl, some great Memphis barbecue and a massive party on Beale Street!"

The AutoZone Liberty Bowl is one of ESPN/ABC's longest running bowl partners. ABC televised the Bowl beginning in 1964 and continued from 1966 to 1980. The Bowl has been televised every year by ESPN/ABC since 1990. Over its long history, the AutoZone Liberty Bowl has a consistent record of delivering outstanding and compelling games.

The AutoZone Liberty Bowl is proud to be included in ESPN's New Year's Eve Day lineup of games. The December 31st date provides the AutoZone Liberty Bowl a terrific opportunity to showcase two excellent universities, the Memphis community and St. Jude Children's Research Hospital to a national audience watching on ESPN.

- The AutoZone Liberty Bowl was founded in 1959, making it the seventh oldest bowl game in America

- 58 different universities have participated in the AutoZone Liberty Bowl

- The Bowl's 54-year history has featured many of college football's greatest coaches and players: Bear Bryant, Tom Osborne, Steve Spurrier, Urban Meyer, and Heisman Trophy winners Ernie Davis, Terry Baker, Doug Flutie and Bo Jackson

- The AutoZone Liberty Bowl has a history of thrilling, competitive games. The last eight games have been decided in the final minutes with a 5-point average margin of victory Just three years after the AutoZone Liberty Bowl began, entertainer Danny Thomas arrived in Memphis and opened the doors of St. Jude Children's Research Hospital. This year, the AutoZone Liberty Bowl is helping St. Jude celebrate its 50th Anniversary. Over the past five decades, the hospital has played a pivotal role in pushing U.S. pediatric cancer survival rates from 20 percent to 80 percent.

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Liberty Bowl Announces Date and Time

Liberty Tire Recycling, Keep Atlanta Beautiful and City of Atlanta Tire Commission Join Forces for Large-Scale Tire …

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PITTSBURGH, April 23, 2012 /PRNewswire/ -- Liberty Tire Recycling, the premier provider of tire recycling services in North America, is pleased to partner with Keep Atlanta Beautiful and the City of Atlanta Tire Commission, an initiative of the Atlanta City Council, to hold the 2012 City of Atlanta Tire Round Up event from 9 a.m. to 5 p.m. Saturday, April 28, 2012. During this time, tires will be collected and recycled throughout seven of Atlanta's districts as part of an ongoing effort to control and minimize illegal tire dumping throughout the city. Tire collections will take place at a host of locations across the city, beginning at 9 a.m. at 365 Cleveland Rd., Atlanta, GA, 30354.

(Logo: http://photos.prnewswire.com/prnh/20091210/NE24642LOGO )

"Illegal tire dumping continues to be a widespread concern for residents and businesses across Atlanta's neighborhoods," said Dewey Grantham, Jr., regional manager for Liberty Tire Recycling. "We are excited to team up with Keep Atlanta Beautiful and the City of Atlanta Tire Commission to hold this large-scale round up event, and through our efforts we hope to collect and reclaim these tires to improve the quality of life in our communities. Last month, Liberty Tire Recycling held a tire round up event and collected more than 3,500 tires. This latest event encompasses even more collection sites across the city, so we look forward to substantially surpassing the number of tires collected last time."

Once the tires are collected on Saturday, they will be taken to Liberty Tire Recycling's Atlanta facility for processing. The rubber from these tires will be utilized to create eco-friendly products such as alternative fuels and rubber mulch for landscaping and playgrounds.

For more information on Liberty Tire Recycling, visit http://www.libertytire.com.

About Liberty Tire Recycling

Liberty Tire Recycling is the premier provider of tire recycling services in North America. By recycling more than 140 million tires annually, Liberty Tire reclaims about 1.5 billion pounds of rubber for innovative, eco-friendly products. The recycled rubber produced by Liberty Tire is used as crumb rubber and industrial feedstock for molded products; as tire-derived fuel for industrial kilns, mills and power plants; and as rubber mulch for landscaping and playgrounds. The company maintains a nationwide network of processing plants, and comprehensive door-to-door collection services. Liberty Tire Recycling is headquartered in Pittsburgh, PA. For more information, please visit http://www.libertytire.com.

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Liberty Tire Recycling, Keep Atlanta Beautiful and City of Atlanta Tire Commission Join Forces for Large-Scale Tire ...

Liberty Energy Announces Creation of Advisory Board and Appointment of Its First Member

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HOUSTON, April 24, 2012 (GLOBE NEWSWIRE) -- Liberty Energy Corp. (LBYE.OB - News) ("Liberty" or "the Company") announces the appointment of Mr. Pete Gawith to the Company's newly created Advisory Board.

Mr. Gawith has worked as a financial analyst and auditor for over 7 years. During this time he has held positions at Barclays Capital (BARC-30B Market Cap) working as an financial analyst within the equity derivatives and fixed Income finance teams and at KPMG. At KMPG he worked as an Assistant Manager where he was given the responsibility of 'in-charging' the audit of HBOS (HBoS) (LLOY-24B Market Cap) Retail during the Lloyds Banking Group takeover and performing the fair value work surrounding the takeover.

His responsibilities have included calculating, analyzing and reporting P&L across a wide range of financial instruments, including management information and account preparation in addition to drafting commentary build outs, P&L platform integration and liaising with sales and traders over trade bookings and cash-flow generation balance sheet and competitor analysis commentary for strategic planning & financial compliance reports.

Mr. Gawith is a qualified accountant and a member of the Institute of Chartered Accountants of England and Wales. His significant exposure to senior management, financial models, valuations and development of technical knowledge coupled with strong mathematics will no doubt prove to be an invaluable resource to the Company.

The Company is currently reviewing additional candidates for positions on the Advisory Board.

"Mr. Gawith's experience in the financial services industry and transaction advisory sector will no doubt prove to be an invaluable resource to the company as we evaluate and develop our current assets whilst appraise potential new oil and gas projects," commented Ian Spowart, CEO of Liberty Energy Corp.

ABOUT LIBERTY: Liberty Energy Corp (LBYE.OB - News) is an Independent Oil and Gas Exploration and Production Company dedicated to the sourcing and production of fuel supplies in the United States and Europe. Headquartered in Houston, Texas, the company has leases and royalties in both Texas and Bulgaria, covering several wells with extensive potential for future development. In Texas, Liberty owns twelve leases based around numerous geological pay zones. In North-West Bulgaria, Liberty has royalty rights to a 1,000,000+ acre natural gas property (the A-Lovech exploration block), an area of high quality, low-sulphur natural gas condensate. Through this combined international reach and domestic focus, Liberty Energy is committed to the development of US fuel reserves while seeking out further opportunities for the global energy markets.

Certain statements in this press release are forward-looking and involve a number of risks and uncertainties. Liberty Energy Corp. bases these forward-looking statements on current expectations and projections about future events, based on information currently available. The forward-looking statements contained in this press release may also include statements relating to Liberty Energy Corp.'s anticipated financial performance, business prospects, new developments, strategies and similar matters. Liberty Energy Corp. disclaims any obligation to update any of its forward-looking statements, except as may be required by law.

ON BEHALF OF THE BOARD OF DIRECTORS,

Liberty Energy Corp

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Liberty Energy Announces Creation of Advisory Board and Appointment of Its First Member

Liberty Property Trust Announces First Quarter 2012 Results

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MALVERN, Pa., April 24, 2012 /PRNewswire/ -- Liberty Property Trust (NYSE: LRY - News) reported that funds from operations available to common shareholders (diluted) ("FFO") for the first quarter of 2012 was $0.68 per share, compared to $0.65 per share for the first quarter of 2011. Funds from operations for the first quarter of 2012 include termination fees of $2.2 million, a $3.7 million net discount realized on the redemption of certain preferred units, and $3.2 million of additional compensation expense due to the accelerated vesting of long-term incentive compensation due to the years of service and ages of certain employees.

Net income per common share (diluted) was $0.32 per share for the quarter ended March 31, 2012, compared to $0.25 per share (diluted) for the quarter ended March 31, 2011.

"Liberty has done very well so far in 2012," commented Bill Hankowsky, chief executive officer. "We had strong first quarter, leasing 4.3 million square feet and redeeming high-dividend preferred securities, and we have subsequently advanced our repositioning strategy with the execution of a significant sale of suburban office and high-finish flex properties. All of this was accomplished in an environment of slow recovery in the real estate markets."

Portfolio Performance

Leasing: At March 31, 2012, Liberty's in-service portfolio of 79.3 million square feet was 90.5% occupied, compared to 91.3% at the end of the fourth quarter, an anticipated decrease. During the quarter, Liberty completed lease transactions totaling 4.3 million square feet of space.

Same Store Performance: Property level operating income for same store properties increased by 0.5% on a cash basis and decreased by 0.4% on a straight line basis for the first quarter of 2012 compared to the same quarter in 2011.

Capital Activities and Balance Sheet Management

Preferred Unit Redemptions: During the first quarter, Liberty redeemed $32.5 million of its outstanding 6.65% Series F Cumulative Redeemable Preferred Units for $26.0 million, and redeemed the entire $95.0 million of 7.45% Series B Cumulative Redeemable Preferred Units at par. The $6.5 million discount net of the write off of $2.8 million of origination costs is included in FFO.

Property Sales: During the first quarter, Liberty sold two operating properties, which contained 105,000 square feet of leasable space for $6.5 million. The properties were 76.6% leased at the time of the sale.

Real Estate Investments

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Liberty Property Trust Announces First Quarter 2012 Results


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