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This excerpt taken from the SIRI 10-Q filed Nov 1, 2007. U.S. Electronics Arbitration. In May 2006, U.S. Electronics Inc., a licensed distributor and a former licensed manufacturer of SIRIUS radios, commenced
an arbitration proceeding against us. U.S. Electronics alleges that we breached our contract; failed to pay monies owed under the contract; tortiously interfered with U.S. Electronics’ relationships with retailers and manufacturers; withheld
information relating to the FCC’s inquiring into SIRIUS radios that include FM modulators; and otherwise acted in bad faith. U.S. Electronics is seeking at least $48,000 in damages. We believe that a substantial portion of these damages are
barred by the limitation of liability provisions contained in the contract between us and U.S. Electronics. U.S. Electronics contends, and will be permitted to try to prove in the arbitration, that these provisions do not bar its damages because of,
among other reasons, our alleged bad faith and tortious conduct. We are vigorously defending this action. A hearing in this arbitration is scheduled to commence in March 2008.
This excerpt taken from the SIRI 10-Q filed Aug 9, 2007. U.S. Electronics Arbitration.
U.S. Electronics Inc., a licensed distributor and a former licensed manufacturer
of SIRIUS radios, has commenced an arbitration proceeding against us. U.S. Electronics
alleges that we breached our contract; failed to pay monies owed under the contract;
tortiously interfered with U.S. Electronics’ relationships with retailers
and manufacturers; withheld information relating to the FCC’s
inquiring into SIRIUS radios that include FM modulators; and otherwise acted
in bad faith. U.S. Electronics is seeking at least $48,000
in damages. We believe that a substantial portion of these damages are barred
by the limitation of liability provisions contained in the contract between us
and U.S. Electronics. U.S. Electronics contends, and will be permitted to try
to prove in the arbitration, that these provisions do not bar its damages because
of, among other reasons, our alleged bad faith and tortious conduct. We are vigorously
defending this action.
This excerpt taken from the SIRI 10-Q filed May 10, 2007. U.S.
Electronics Arbitration. U.S. Electronics
Inc., a licensed distributor and a former licensed manufacturer of SIRIUS
radios, has commenced an arbitration proceeding against us. U.S. Electronics
alleges that we breached our contract; failed to pay monies owed under the contract;
tortiously interfered with U.S. Electronics’ relationships with retailers
and manufacturers; withheld information relating to the FCC’s inquiring
into SIRIUS radios that include FM modulators; and otherwise acted in bad faith.
U.S. Electronics is seeking at least $48 million in damages. We believe that
a substantial portion of these damages are barred by the limitation of liability
provisions contained in the contract between us and U.S. Electronics. U.S. Electronics
contends, and will be permitted to try to prove in the arbitration, that these
provisions do not bar its damages because of, among other reasons, our alleged
bad faith and tortious conduct. We are vigorously defending this action.
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