Parts Catalog Accessories Catalog How To Articles Tech Forums
Call Pelican Parts at 888-280-7799
Shopping Cart Cart | Project List | Order Status | Help

Go Back   PeachParts Mercedes-Benz Forum > General Discussions > Off-Topic Discussion

LinkBack Thread Tools Display Modes
Old 02-28-2006, 09:35 PM
Botnst's Avatar
Join Date: Jun 2003
Location: There castle.
Posts: 44,601
CBS getting Stern and Serius

BS Radio Inc. Files Suit Against Howard Stern and Related Parties for Multiple Breaches of Contract, Misappropriation and Unjust Enrichment
Tuesday February 28, 5:00 pm ET

NEW YORK, Feb. 28 /PRNewswire/ -- CBS Radio today announced that it has filed suit against Howard Stern, his company One Twelve, Inc., his agent Don Buchwald, his agent's firm Don Buchwald & Associates, Inc. and Sirius Satellite Radio, Inc.
The lawsuit is for compensatory and punitive damages for multiple breaches of contract, fraud, unjust enrichment, and misappropriation of CBS Radio's broadcast time. It further seeks damages from Sirius Satellite Radio, Inc. for unfair competition and tortious interference with Stern's CBS contract.

The 43-page complaint charges:

* Howard Stern repeatedly and willfully breached his written contract
with CBS Radio over the last 22 months of that contract,
misappropriated millions of dollars worth of CBS Radio airtime for his
own financial benefit, and fraudulently concealed his interest in
hundreds of millions of dollars of Sirius stock while promoting it on
the air.

* That on or about January 9, 2006, Sirius paid over 34 million shares of
stock, valued at approximately $220 million, to Stern and his agent
because Sirius exceeded by the end of 2005 certain subscriber targets
that were set in the Sirius-Stern contract. The complaint alleges that
the Sirius-Stern contract provided that Stern was to receive this stock
payment in 2010, but it had an acceleration provision that allowed
Stern to receive the compensation as early as January 2006 if these
subscriber targets were met. All of Stern's actions for which he
received this expedited compensation occurred during the time that
Stern was under exclusive contract with CBS Radio, when the Sirius
payment terms to Stern were kept secret.

* This contract thus provided a compelling incentive for Stern to do all
that he could to help Sirius reach the subscriber targets by the end of
2005 so that he could receive his Sirius stock payment as soon as
possible while Sirius's stock was extremely valuable. Without the
accelerated payment, Stern would risk the decline of the Sirius stock
value. By taking action on CBS Radio's airtime in 2004 and 2005, Stern
assured himself of immediate access to $200 million in assets that
could be readily converted to cash.

* By engaging in continuous promotion of Sirius on CBS Radio airtime
without any payment by Sirius to CBS for these advertisements and by
pocketing over $200 million dollars for his personal benefit, Stern
misappropriated millions of dollars worth of CBS Radio airtime for his
own financial benefit and the financial benefit of Don Buchwald, his
agent, and Sirius in contravention of repeated directives by CBS Radio.

* That Stern also breached his contractual obligation to inform CBS Radio
of plans that might have a bearing on his future. Under the Agreement,
Stern had the obligation to give CBS Radio the first opportunity to
discuss participation in radio projects that are conceived during the
term of the Agreement, even if the concept or project was launched or
implemented after the term. Stern ignored that responsibility, and
negotiated and concluded his agreement with Sirius in secret.

* To this day, Stern continues to breach his contract by refusing to
return property that belongs to CBS Radio -- the recordings of his CBS
radio program that, under his Agreement with CBS Radio, belong to the


Reply With Quote
Old 02-28-2006, 09:59 PM
sfloriII's Avatar
Still pedaling...
Join Date: Aug 2003
Location: Northern VA
Posts: 1,614
Pretty interesting. It wouldn't surprise me one bit if Stern is found guilty on all counts either.

2014 VW Tiguan SEL 4Motion 43,000 miles.

2016 Hyundai Santa Fe Sport (wife's).

2006 Jetta TDI 135,970 miles. Sold Nov. '13.
1995 E-320 Special Edition. 220,200 miles. Sold Sept. '07.
1987 190-E 16 valve. 153,000 miles. Sold Feb. '06.
1980 300-D 225,000 miles. Donated to the National Kidney Foundation.
1980 240-D manual, 297,500 miles. Totaled by inattentive driver.
Reply With Quote
Old 02-28-2006, 11:15 PM
GottaDiesel's Avatar
Join Date: Sep 2003
Location: New Jersey
Posts: 1,564
Originally Posted by sfloriII
Pretty interesting. It wouldn't surprise me one bit if Stern is found guilty on all counts either.
I agree. But in the end, they'll settle and Stern will continue his downward spiral. I read recently that when there was a movie or something to promote Stern was in the top 5 of places you wanted to be. Now he isn't even on the list.

That speaks loud and clear to me.

I also think this may be a gentle screw for Sirius. This and HD... I just don't see the biz. model. Now I'm reading that lots of HD is ad-free too? (? NOT sure about this...)


Reply With Quote


Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are On
Pingbacks are On
Refbacks are On

All times are GMT -4. The time now is 12:51 AM.

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2021, vBulletin Solutions, Inc.
Search Engine Optimization by vBSEO 3.6.0
Copyright 2018 Pelican Parts, LLC - Posts may be archived for display on the Peach Parts or Pelican Parts Website -    DMCA Registered Agent Contact Page