NEW YORK (TheStreet) -- One of my favorite quotes of all time comes from Sir Patrick Henry, who during a speech in 1775 said "Give me liberty or give me death." He said this in protest to what he felt was suppression or oppression of his beloved statesmen, and if Henry were a Wall Street analyst today, I suppose one can say he would be bullish on Liberty. I wonder how he would feel about the war being fought through the press between Liberty Media (LMCA) and Sirius XM (SIRI - Get Report)?The good news for Sirius investors is that they won't need to choose death; it looks as if they are about to get a whole lot of Liberty. But Liberty is only going to further suppress the advancement of shareholders.
- Convert almost one-half of the shares of B-1 preferred stock, which, together with the shares of common stock owned or acquired by the reporting person will constitute more than 32% of the total outstanding shares of common stock.
- As soon as practicable, nominate for election people to serve on the issuer's board of directors such that, if elected, persons nominated by the reporting person will constitute a majority of such directors.
- Vote all of the reporting person's shares of common stock in favor of such nominees.
- Solicit proxies from other shareholders of the issuer in support of the election of such nominees.
Current Sirius shareholders are really in a tough situation in deciding what to do with their positions, but I don't see a scenario in which the small guy wins in this situation. In a few weeks many will look at the stock price -- now around $1.90 -- and kick themselves for not getting out when they could have, just as they are now wishing they would have gotten out at $2 or $2.15. In the meantime, Liberty continues to capitalize on this great timing by benefiting from a bearish market, insider sales and feeble resolve of shareholders, some of whom are simply unable to withstand further disappointment. The smart thing to do here would be to sell the stock before it succumbs to more bearish pressure in a market poised to punish anything with questionable fundamentals. For that matter, it seems $1.65 is likely the next target. I keep looking back, though, and seeing how investors once considered Liberty such a great partner and a catalyst for Sirius to head to $3 -- many even suggested Liberty was not going to "take their shares to less than $2.50." All the while Liberty has been saying silently, "We'll see about that." In light of these events, I wonder if Sir Patrick Henry would have remained bullish on Liberty. This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.