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NEW YORK (AP) - Sirius Satellite Radio Inc. CEO Mel Karmazin sought to allay shareholder concerns at the company's annual meeting Thursday, saying he was just as disappointed as other investors in Sirius' lagging stock price. Compared to rival XM, however, he said: "We suck less."
Karmazin, addressing shareholders at an auditorium in midtown Manhattan, acknowledged that he was "real unhappy" with the company's stock price, but he stressed that he has not sold a single share of the roughly $20 million of his own money he has invested.
Sirius stock has fallen consistently since early 2006, when it opened the year trading at $6.70, and has been below $3 since early May. On Thursday it edged up 4 cents to $2.90.
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