MOST READ: XM, Sirius Investors in Limbo

Shareholders in XM Satellite Radio(XMSR Quote - Cramer on XMSR - Stock Picks) and Sirius Satellite Radio(SIRI Quote - Cramer on SIRI - Stock Picks) have been punished over the grueling 15-month wait for regulatory approval.

And as the process finally appears to be nearing an end, longtime investors in the stocks are alternately hopeful, desperate, angry and depressed about the future prospects for one or both companies.

"[My Sirius] shares were purchased prior to the merger announcement with anticipation that the merger would actually take place," says John Veenkamp, who owns 6,000 shares at an average cost per share of $4.32. "And the funny thing is, after a year and several months later, we still know nothing more than we did on Day One of the merger announcement."

Sirius shares have tumbled roughly 44% to $1.85 since the deal was announced in March 2007 and have plummeted 69% over the last three years. XM shares have lost more than 40% over the last 15 months to $7.80, and are down more than 75% over the last three years. Both XM and Sirius are currently trading at five-year lows.

The Federal Communications Commission recently has given inclinations it will follow in the footsteps of the Justice Department and approve the pending merger, which both agencies have scrutinized for fear that it is anti-competitive and what that would mean for public interest.

In a statement earlier this month in which he offered his support for the deal's approval, FCC Chairman Kevin Martin said that with the voluntary commitments XM and Sirius have made, on balance, the transaction would be in the public interest. His proposed list of stipulations -- price constraints, smaller packages at lower prices, the sale of interoperable radios, additional public interest programming for noncommercial use -- may ultimately be good for consumers.

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