Your report card is your stock price.”

– Sirius XM CEO Mel Karmazin, August 2007

In November of 2007, shares in Sirius XM (SIRI) were trading at $3.94. Today they’re at $.13. Suffice to say, the company’s shareholder meeting tomorrow will be a critical one for the struggling satellite radio outfit and for CEO Mel Karmazin, who’s presided over its more than 85 percent decline in–some might say destruction of–shareholder value. And now, with $1 billion in debt coming due in 2009, and Sirius in serious danger of being delisted, Karmazin faces the uniquely difficult task of convincing ornery shareholders to back a reverse stock-split measure. If they do, the company will be able to put off that Nasdaq delisting notice that’s clearly been in the offing for some time now.

But it’s going to be a tough sell. Already, a number of investors are vehemently opposing the idea, among them, the Save Sirius coalition, which is pursuing legal action against the satellite broadcaster and its leadership for alleged violation of fiduciary duties.

Your report card is your stock price.”

– Sirius XM CEO Mel Karmazin, August 2007

In November of 2007, shares in Sirius XM (SIRI) were trading at $3.94. Today they’re at $.13. Suffice to say, the company’s shareholder meeting tomorrow will be a critical one for the struggling satellite radio outfit and for CEO Mel Karmazin, who’s presided over its more than 85 percent decline in–some might say destruction of–shareholder value. And now, with $1 billion in debt coming due in 2009, and Sirius in serious danger of being delisted, Karmazin faces the uniquely difficult task of convincing ornery shareholders to back a reverse stock-split measure. If they do, the company will be able to put off that Nasdaq delisting notice that’s clearly been in the offing for some time now.

But it’s going to be a tough sell. Already, a number of investors are vehemently opposing the idea, among them, the Save Sirius coalition, which is pursuing legal action against the satellite broadcaster and its leadership for alleged violation of fiduciary duties.

Searing claims. Unfortunately for Save Sirius and its founder Michael Hartleib, they’re far too lacking in specificity for a court to take them seriously. “The majority of Mr. Hartleib’s arguments to show the futility of making a demand on the current Sirius board are based on generalized, not specific allegations,” Judge Cormac J. Carney wrote in an order dismissing the suit. “Although the complaint identifies alleged fraud and wrongdoing committed by Defendants, it does not state how each specific Sirius director was responsible for those actions.”

Hartleib, for his part, was unfazed by the dismissal. “The case is not over at all,” he said. “We have twenty days to resubmit, and we shall.”

As of this writing SIRI was trading at $.15, about double its 52-week low.