Howard Stern, Against the Odds, Files an Appeal
Disc jockey Howard Stern has appealed a lawsuit against employer Sirius XM(SIRI) , which was previously dismissed and ruled "with prejudice," by New York State Supreme Court Judge Barbara Kapnick, meaning neither Stern nor his manager, Don Buchwald, could refile a suit with similar claims.
In her ruling earlier this month, Kapnick noted that Stern's contract had "clear, unambiguous language" and, as such, was not entitled to any further compensation.
Under the terms of his contract, Stern believed he was owed an additional $300 million for lost stock awards, when he signed his initial deal in 2005. If Stern surpassed subscriber thresholds as a result of joining the company, he would have been granted these options.
In the contract, the shock jock was supposed to receive five stock awards worth $75 million each, in addition to a $25 million bonus he received when the merger happened. Stern only received the initial grant, but not the other four.
Buchwald and Stern argued that he had surpassed the expectations because of the merger with XM Satellite Radio in 2008. Stern resigned with Sirius in December 2010.
The New York Supreme Court may not accept Stern's appeal from the appellate court, given Kapnick's decision, but it's noteworthy that Stern's lawyers believe there is a chance the case could be heard.
The Sirius blog Siriusbuzz first broke the story.
Sirius could not be immediately reached for comment for this story. The name of the lawsuit is One Twelve Inc. vs. Sirius XM Radio Inc., index number 650762/2011.
Shares of Sirius are falling 1.4% to $2.17 today.
Interested in more on Sirius? See TheStreet Ratings' report card for this stock.