Attachment Liberty Media 6-21-1

Liberty Media 6-21-1

REPLY TO OPPOSITION submitted by Liberty Media Corporation

Liberty Media Reply to Opposition

2012-06-21

This document pretains to SES-STA-20120320-00280 for Special Temporal Authority on a Satellite Earth Station filing.

IBFS_SESSTA2012032000280_959046

                                                                         RECEIVED — FCC

                                       Before the                              JUN 21 2012
                    FEDERAL COMMUNICATIONS COMMISSION                   rederal Communice;n&r};gommiséiofl
                                                                                   Bureau
                             Washington, DC 20554


                                             IBFS File Nos. SES—STA—20120320—00280
                                             SES—STA—20120320—00281
Application of                               SES—STA—20120320—00282
                                             SAT—STA—20120320—00053
Liberty Media Corporation                    SAT—STA—20120320—00054
                                             SAT—STA—20120320—00055
For Consent to Transfer of De Facto          SAT—STA—20120320—00056
Control of Sirius XM Radio Inc.
                                             ULS File Nos. 0005137812 and
                                             0005137854

                                             Experimental License File Nos. 0007—EX—TC—
                                             2012, 0008—EX—TC—2012, 0009—EX—TC—2012


To:    International Bureau
      Office of Engineering and Technology
       Wireless Telecommunications Bureau

  REPLY TO OPPOSITION TO PETITION FOR RECONSIDERATION OF DISMISSAL
   OF APPLICATIONS FOR CONSENT TO TRANSFER OF DE FACTO CONTROL




                                               Robert L. Hoegle
                                               Timothy J. Fitzgibbon
                                               Thomas F. Bardo
                                               Nelson Mullins Riley & Scarborough LLP
                                                101 Constitution Avenue, NW, Suite 900
                                               Washington, D.C. 20001
                                               (202) 712—2800

                                               Counsel for Liberty Media Corporation


                                                     TABLE OF CONTENTS

I.     Liberty Media‘s Petition Provides New and Material Information..............................1
II.    Liberty Media Is Not Required to State Precisely How and When It Will Exercise
       De Facto Control OVE SiMUS..........2.....202206622r¥rrrerer e 6t es e e e en e e e r e e e e e k e ePrikvirrraakksks 4
III. The Modified Short—Form Proxy Contest Procedures Are Inapplicable........................ 8
IV. Sirius‘ Original Petition to Dismiss Was Procedurally Defective and Its
    Interpretation of Section 310(d) Would Deny Administrative Due Process to
    Liberty ME@QIQ ..............22.222226222266¥6rkv se es t¥ iss r es e k e e e e i se ies eb es e ie e t a 66 es e e e e en e e e e e e e e e es 9
CONCIUSIONM ...........22.22222.02rrkrrerrrrrkrersesrerereeretetesreseter ts ies se seerereeer ie e e es rerereer es e se ie es 10


                                    Before the
                     FEDERAL COMMUNICATIONS COMMISSION
                              Washington, DC 20554

                                                IBFS File Nos. SES—STA—20120320—00280
                                                SES—STA—20120320—00281
                                                SES—STA—20120320—00282
Application of                                  SAT—STA—20120320—00053
                                                SAT—STA—20120320—00054
Liberty Media Corporation                       SAT—STA—20120320—00055
                                                SAT—STA—20120320—00056
For Consent to Transfer of De Facto
Control of Sirius XM Radio Inc.                 ULS File Nos. 0005137812 and
                                                0005137854

                                                Experimental License File Nos. 0007—EX—TC—
                                                2012, 0008—EX—TC—2012, 0009—EX—TC—2012


To:     International Bureau
        Office of Engineering and Technology
        Wireless Telecommunications Bureau

     REPLY TO OPPOSITION TO PETITION FOR RECONSIDERATION OF DISMISSAL
      OF APPLICATIONS FOR CONSENT TO TRANSFER OF DE FACTO CONTROL

        Liberty Media Corporation ("Liberty Media") hereby replies to the Oppoéition to its

Petition for Reconsideration filed by Sirius XM Radio Inc. ("Sirius").    Sirius‘ assertion that

Liberty Media "offers no new material facts or arguments" (Opp. at 2) simply ignores new and

specific factual information responding directly to the Bureau Decision and WTB Dismissal

Notices and further demonstrating Liberty Media‘s ability and intent to exert de facto control

over Sirius.

L.      Liberty Media‘s Petition Provides New and Material Information.

        The International Bureau and Office of Engineering and Technology denied Liberty

Media‘s waiver requests and dismissed its applications, concluding that "the facts disclosed in

the referenced applications are not sufficient to establish that Liberty Media intends to take


actions, such as conversion of preferred to common stock and installation of a board majority,

that would constitute exercise of de facto or de jure control" over Sirius. Bureau Decision at 3;

see WTB Dismissal Notices at 1.                 Libérty Media has provided new factual information

regarding ‘its forward purchase agreement for additional Sirius common stock,‘ additional

purchases ofSirius common stock," and its intent to convert approximately half of its Preferred

Shares and to assert control over Sirius.©                  Sirius argues that none of this information

    "constitutes new material facts warranting reconsideration." Opp. at 3.

           First, Sirius argues that Liberty Media‘s forward purchase agreement is not new

information because the contract was executed on December 30, 2011 and suggests that

Liberty Media has "wasted precious Commission resources" by withholding this information.

Opp. at 4—5, nn.9—11.         However, as Liberty Media stated in the Schedule 13D referenced by

Sirius in its Opposition at 4, the number of Sirius shares to be acquired pursuant to the forward

contract could not be fixed until the counterparty completed its initial hedge, which occurred

on May 7, 2012.         Liberty Media then filed an amended Schedule 13D on May 9, 2012 and

disclosed the final number of shares that are the subject of the contract (302,198,700). Sirius

contends that this represents "an additional 4% equity interest in Sirius" (Opp. at 4.), but those


‘    Liberty Media has committed to "a forward purchase contract for 302,198,700 additional common shares of
Sirius at an aggregate cost of approximately $649 million, the settlement date of which is July 11, 2012." Petition
at 14; Declaration of Craig Troyer, dated May 30, 2012 ("Troyer Dec. 2"), at €4.

*‘ ‘Liberty Media "purchased 60,350,000 additional shares of Sirius common stock in open market purchases on
May 8 and 9, 2012 at an aggregate cost of approximately $120 million" and intends to continue purchasing
additional common shares of Sirius. Petition at 14; Troyer Dec. 2 at ‘,{3».

‘ "Liberty Media currently intends to convert approximately one—half (49.9%) of its Preferred Shares, which
together with the additional common shares of Sirius that it has purchased and may continue to purchase will
constitute more than 32% of the total outstanding common shares of Sirius, making Liberty Media by far the
single largest common shareholder of Sirius.... Following the conversion of such Preferred Shares, Liberty
Media intends to take action as soon as practicable to cause the nomination and election of persons to Sirius‘
Board of Directors such that a majority of the persons serving on the Sirius Board of Directors will be persons
nominated by Liberty Media. Liberty Media intends to vote all of its shares of common stock in favor of its
nominees and to solicit proxies from other Sirius shareholders in support of the election of those nominees."
Petition at 15; Troyer Dec. 2 at (%6—8.


shares represent a substantially greater percentage of its outstanding shares.* The number of

Sirius shares to be acquired through the forward purchase is new and material information.

         Second, Sirius argues that "Liberty Media‘s recent open—market purchase of Sirius XM

common shares may be new, but is not material" because the 60 million shares that Liberty

Media purchased represent "only 1.6% of the current outstanding common stock" of Sirius.

Opp. at 5. However, these and the forward purchase shares constitute 9.57% of the currently

outstanding common shares of Sirius, making Liberty Media the largest single holder of Sirius

common shares even before it converts any of its Preferred Shares.                         Moreover, Liberty

Media‘s commitment to spend over $750 million to acquire these additional common shares of

Sirtus is directly relevant to the issue raised in the Bureau Decision regarding whether Liberty

Media intends "to take actions" to exert de facto or de jure control ovér Sirius."

        Finally, Sirius argues that "Liberty Media‘s declaration that it intends ‘to assert control

over‘ Sirius XM cannot justify reconsideration because it is not new." dpp. at 5. However,

Sirius had argued repeatedly that the Liberty Media applications do not evidence "any plans by

Liberty Media to take the actions necessary to acquire control of Sirius XM" and that Liberty

Media "does not have any'present intention of exercising control" over Sirius.                        See, e.g.,

Sirius Petition to Deny at 9; Reply of Sirius XM Radio, Inc., April 12, 2012, at 5—6.

Moreover, the new information provided in the Petition responds «directly to the erroneous

* In its Opposition at 5, n.12, Sirius states that there are 3,788,436,591 outstanding shares of Sirius XM common
stock. Thus, the 302,198,700 forward purchase shares comprises 7.97% of Sirius‘ outstanding common shares ——
not the unexplained "4% equity interest in Sirius XM" claimed by Sirius in its Opposition at 4. Upon the
conversion of 49.9% of Liberty Media‘s Preferred Shares, the forward purchase shares will comprise 5.95% of
Sirius‘ then outstanding common shares.
* Sirius acknowledged in its Petition to Dismiss or Deny the Liberty Media applications that the expiration of the
contractual restrictions in the 2009 Investment Agreement enables Liberty Media to take further "actions to
acquire control of Sirius XM, should it eventually decide to do so — such as purchasing additional shares." Sirius
Petition to Dismiss or Deny, filed March 30, 2012 ("Sirius Petition to Deny") at 2 (emphasis added). Sirius
cannot now reasonably argue that Liberty Media‘s purchase of additional shares is not "material" to its intent to
assert control over Sirius.


conclusion in the Bureau Decision that Liberty Media had not demonstrated that it "intends to

take actions, such as conversion of preferred to common stock and installation of a board

majority, that would constitute exercise of de facto or de jure control over Sirius." Bureau

Decision at 3. Although Liberty Media believed that its intent to assert de facto control was

evident from (and as Sirius now concedes in its Opposition at 6 "was the impetus for") its

applications, Sirius had argued that Liberty Media‘s intent was not sufficiently clear to warrant

a waiver of the application filing rules and acceptance of the Liberty Media applications.

Consequently, Liberty Media has provided new and material information making clear its

ability and intent to control Sirius.

IL.     Liberty Media Is Not Required to State Precisély How and When It Will
        Exercise De Facto Control Over Sirius.

        Faced with these specific and compelling additional facts and clear statement of intent,

Sirius seeks to impose new requirements upon Liberty Media, claiming that it must disclose a

specific time table and methodology for exercising de facto control and identify its proposed

slate of directors. Thus, Sirius argues that Liberty Media "still has not stated definitively that

it will convert its shares of Sirius XM preferred stock, initiate a proxy contest, or conduct open

market purchases" and has not "provided a firm indication of when it might pursue any such

actions."   Opp. at 2 (emphasis added).      Sirius contends that Liberty Media‘s applications

"relied on the fact that Liberty Media‘s preferred stock, once converted, would constitute a 40

percent share of Sirius XM‘s common stock and, thus, would give it effective control" over

Sirius, and that "[the Bureaus correctly rejected this ‘40 is the new 50‘ argument."        Opp.

at 10. Sirius admits that Liberty Media has stated that it intends to convert approximately one—

half of its Preferred Shares and as a result, together with the common shares that it already


owns and has committed to purchase, "Liberty Media will have a 32% unrestricted stake" in

Sirius. Opp. at 9—10. Sirius contends that the Bureau Decision previously rejected the "40 is

the new 50" argument and must now reject the "32 is the new 50" argument. Id. at 10.

          The Commission has determined that a substantial minority shareholder has the ability

to exert de facto control over a publicly traded licensee whose common stock otherwise is

widely held.     Prior to consummating an agreement by which it would obtain a 34% equity

interest in DIRECTV, News Corporation ("News Corp.") was required to obtain Commission

consent to the transfer of de facto control.‘ The Commission specifically stated that, as a result

of the proposed transaction, News Corp. would hold "the single largest block of shares in

Hugheé, thus providing News Corp. with a de facto controlling interest over Hughes and its

subsidiaries, including DIRECTV Holdings, LLC."                    News Corp. Order at 2 (emphasis

added).    Likewise, the Commission stated that its approval of applications for transfer of de

facto control was "necessary to permit consummation of the Share Exchange Agreement

between Liberty Media and News Corp." pursuant to which "Liberty Media will have a

40.36% interest in DIRECTV, making it the largest stockholder by far."* In that case, the

Commission again expressly stated that "[bly virtue of this interest, Liberty Media will have

de facto control over DIRECTV." Liberty Media—DIRECTV Order at 2 (emphasis added). In

each case, the transaction at issue was the acquisition of a minority equity interest large enough

to confer upon its holder the ability to exercise de facto control over the licensee because the


° Contrary to Sirius‘ contention, the Bureau Decision did not conclude that Liberty Media‘s ownership interest
was insufficient to confer de facto control, but rather that Liberty Media had not sufficiently demonstrated its
intent to use that interest to assert control over Sirius. Bureau Decision at 3.

‘ General Motors Corp. and Hughes Electronics Corp., Transferors, and the News Corporation Limited,
Transferee, 19 FCC Red. 473 (2004) ("News Corp. Order").

5 News Corp. and The DIRECTV Group, Inc., Transferors, and Liberty Media Corp., Transferee, for Authority
to Transfer Control, 23 FCC Red. 3265 (2008) ("Liberty Media—DIRECTV Order"), at 2.

                                                       5


remainder of the outstanding common stock was widely held. In arguing that "those cases did

not involve an independent analysis of de facto control and are distinguishable from the present

circumstances," Sirius simply ignores these clear statements to the contrary. Opp. at 8, n.27.

        The Bureau Decision plainly did not adopt Sirius‘ argument, but rather distinguished

the New& Corp. and Liberty Media—DIRECTV Orders on the grounds that those cases "do not

involve, as here, unconverted rights with respect to voting for directors."               Bureau Decision

at 3, n.8.    Consequently, Sirius also argues that because Liberty Media currently "has only

unconverted rights to vote" for directors elected by the common shareholders, it is not

currently "in a position to assert de facto control" over Sirius and its applications should not be

considered.    Opp. at 8, n.27:       In the News Corp. and Liberty Media—DIRECTV cases, the

proposed transferee had no equity interest in the li;:ensee and no right to vote for directors at

the time it filed its applications seeking Commission consent to the transfer of de facto control.

        Moreover, in neither case was the proposed transferee required to provide a detailed

plan of how it intended to assert its control over the licensee, or to demonstrate whether or

how it intended to obtain a controlling number of seats on the Board of Directors of the

licensee or its parent company," once the Commission granted the applications for consent to

transfer of control and the proposed transaction was consummated. Yet Sirius argues that, in

addition to stating its intent to convert Preferred Shares giving it an equity interest in Sirius

commensurate with those found to constitute de facto control in the News Corp. and Liberty

Media—DIRECTV Orders, Liberty Media also must spell out exactly what it intends to do once



° In fact, in the News Corp. Order, the Commission specifically noted that the post—transaction DIRECTV Board
would be comprised of 11 members, 6 of whom are independent, and that "there is no corporate governance
mechanism that ensures that News Corp. will continue to have four representatives on the board, or that Mr.
Murdoch and Mr. Carey will continue to hold the position of Chairman and CEO, respectively."     News Corp.
Order at ©14 and n.45.


it converts its Preferred Shares and when it intends to do it. Opp. at 9—12.

         Although Liberty Media believes that it clearly has stated its plan to assert de facto

control over Sirius,        Liberty Media further states that it currently plans to convert

approximatély 49.9% of its Preferred Shares Within 20 days after the Commission grants its

applications.     See Supplemental Declaration of Craig Troyer at 2.                   Thereafter, "Liberty

Media intends to take action as soon as practicable to cause the nomination and election of

persons to Sirius‘ Board of Directors such that a majority of the persons serving on the Sirius

Board of Directors will be persons nominated by Liberty Media." Troyer Dec. 2 at °8. When

and how Liberty Media will replace and/or expand the Sirius Board of Directors will depend

upon when the Commission approves Liberty Media‘s applications."

        Thus, Liberty Media already has: (a) Preferred Shares equal to 40% of the outstanding

common stock of Sirius and it has acquired or has committed to acqfifre édditionél cfrfimén

shares equal to 9.57% of the outstanding common shares (6.2% after conversion of all

Preferred Shares); (b) the right to vote all of its Preferred Shares on all matters voted upon by

the common shareholders, except the election of directors; (c) the right to convert its Preferred

Shares in its discretion at any time; and (d) five of 13 seats on the Sirius board of directors.

Further, upon conversion of 49.9% of its Preferred Shares, with its additional purchased

shares, Liberty Media will have nearly 200,000,000 more votes than the total number of

common shares voted (both for and against) any Sirius director in each of the past three annual

elections. See Petition at 12—15.



" For example, for elections of directors at Sirius‘ annual meeting, the Sirius‘ Bylaws require that notice to
nominate persons for election to the Sirius Board of Directors be given no more than 90 days and no less than 70
days before the anniversary of the prior year‘s annual meeting if occurring at or about the same time of year.
Sirius‘ latest annual meeting occurred on May 22, 2012. Other procedures would apply depending upon whether
Liberty Media sought to assert control through shareholder consent or a special meeting of shareholders.


                                                       7


         Because conversion of even half of its Preferred Shares, coupled with the restrictions

on Sirius‘ activities in the Certificates of Designation, ‘‘ would place Liberty Media in a more

dominant position vis—a—vis Sirius than News Corp. and Liberty Media were vis—a—vis

DIRECTV (again, by far the largest single common shareholder), Liberty Media filed

applications seeking Commission consent to the transfer of de facto control prior to converting

afiy of its Preferred Shares and asserting de facto control over Sirius. If Sirius is correct and

the conversion of Liberty Media‘s Preferred Shares does not implicate Section 310(d), the

Commission should state that Liberty Media is free to convert any and all of its Preferred

Shares without further approval of the Commission, and Liberty Media will proceed

accordingly."

III.     The Modified Short—Form Proxy Contest Procedures Are Inapplicable.

         Sirius argues that Liberty Media‘s intent to "conduct an unspecified proxy contest at

some future time" is not "enough to warrant FCC réview,” and that Liberty Media has not

complied with the Commission‘s Policy Statement on Tender Offers and Proxy Contests, 59


‘‘   By converting approximately half of its Preferred Shares, Liberty Media will be by far the single largest
shareholder of Sirius while maintaining all of the protections and restrictions on Sirius‘ activities under the
Certificate of Designations governing the Preferred Shares. See Certificate of Designations regarding the
Series B—1 Preferred Shares issued to Liberty Media, a copy of which is attached as Exhibit 2 to Declaration of
Craig Troyer, dated April 12, 2012, at Section 12.
"     Sirius also argues that "Liberty Media appears to have told the press more about its plans than the
Commission," citing a CNBC interview with Liberty Media‘s CEO, Greg Maffei. Opposition at 2—3, 12.
However, Sirius failed to include in its Opposition the portion of the interview in which Mr. Maffei was asked
directly about the purpose of Liberty Media‘s petition for reconsideration at the Commission. Mr. Maffei
explained that Liberty Media was seeking Commission consent to the transfer of de facto control of Sirius in order
to get the ability "to exercise the rights that we have" by virtue of its ownership of Preferred Shares that are no
longer subject to voting and other conduct restrictions. Subsequently, Mr. Maffei was asked about Liberty
Media‘s longer term interest in Sirius, and he stated that Liberty Media was "not in a rush to make any decisions"
on that issue, but might "go into hard control" of Sirius by acquiring more than 50% of the outstanding common
shares. Contrary to Sirius‘ characterization in its Opposition, Liberty Media has informed the Commission that it
might purchase additional common shares of Sirius such that it would hold more than 50% of the outstanding
common shares upon conversion, and would amend the applications to seek consent to the transfer of de jure
control in that event. See, e.g., Petition at 16; Troyer Dec. 2 at ©9. Mr. Maffei also stated that ultimately
Liberty Media might pursue a transaction to facilitate a tax—free distribution of the interest in Sirius to Liberty
Media‘s shareholders, but there was "no set timetable" for that decision.

                                                         8


RR 2d 1536 (1986) ("Tender Offer Policy Statement"). Opp. ét 8, 10—11, nn.26, 38. Liberty

Media has demonstrated that, after conversion of only one—half of its Preferred Shares, it will

have nearly 200,000,000 more votes than were cast (for and against) any Sirius director in

each of the past three elections, effectively determining the outcome of any "proxy contest."

In any event, the Tender Offer Policy Statement provides for modified short—form application

procedures for proxy contests that do not involve "changes in ownership and voting rights."

Tender Offer Policy Statement, 59 RR2d 1536 at n.64, citing Storer Comm., Inc. v., FCC, 763

F.2d 436, 441 (D.C. Cir. 1985) ("In its affirmance, the court expressly approved our

determination that the existence of changes in ownership and voting rights ‘is a major factor in

determining whether a substantial change has occurred‘" requiring long—form application

procedures).

       Here, elimination of the contractual restrictions on Liberty Media‘s exercise of its

ownership and voting rights, combined with the conversion of Preferred Shares to common

shares, appears to render the modified short—form application procedures set forth in the

Tender Offer Policy Statement inapplicable to Liberty Media‘s applications. However, if the

Commission confirmed that the expiration of the Investment Agreement restrictions and

conversion of Liberty Media‘s shares is not such a “change in ownership and voting rights,"

Liberty Media would pursue a proxy contest, if necessary, under the procedures in the Tender

Offer Policy Statement.

IV.    Sirius‘ Original Petition to Dismiss Was Procedurally Defective and Its
       Interpretation of Section 310(d) Would Deny Administrative Due Process to
       Liberty Media.             |

       Sirius seeks to avoid the procedural defects         in its   Petition by arguing that

Section 25.154 permits consideration of its Petition as "an informal objection" and that no


affidavit was necessary because the facts "are not in dispute."                    Opp. at 7.        However,

Section 25.154 has no application to the Office of Engineering and Technology or Wireless

Telecommunications Bureau transfer applications filed by Liberty Media."® In addition, Sirius

included in its Petition numerous factual statements that are neither undisputed nor supported

by affidavit. See, e.g., Sirius Petition to Deny at 9 (Liberty Media "lacks the ability to direct

the Company‘s management or operations" and "the Investment Agreement was carefully

negotiated to ensure that Liberty Media would not be in control of Sirius XM and would not

gain control upon expiration of the Investment Agreement Provisions"); Id. at 15 ("Liberty

Media...lacks any ability to dominate Sirius XM’s corporate affairs").

        In response to Liberty Media‘s claim that Sirius‘ interpretation of the( Section 310(d)

filing requirements would deny administrative due process to Liberty Media, Sirius contends

that Section 310(d) is inapplicable here because "a showing of de facto control must rely on

facts and events that have occurred" already, not on "speculation as to what might occur in the

future." Opp. at 7—8. The Commission clearly cannot enforce a statutory obligation to obtain

prior approval of transfers of control by requiring thé applicant to first unlawfully exercise

such control in order to file the required applications.

                                                 Conclusion

        Because Liberty Media"s Petition for Reconsideration provides new and material

informatiofi demonstrating that it has the ability and intent to assert control over Sirius, the

Petition should be granted and the Liberty Media applications should be accepted for filing and

placed on public notice.




5 Sirius "cannot evade the procedural requirements" of the FCC‘s Rules by concurrently requesting relief under
the FCC‘s informal procedures. See, e.g., Paging Systems, Inc., 21 FCC Red. 7225 (WTB 2006), at 8.

                                                      10


                      Respectfully submitted,

                      LIBERTY MEDIA CORPORATION




                By:     Elt 2. ;!m?,zu
                      Robert L. Hoegle
                      Timothy J. Fitzgibbon
                      Thomas F. Bardo

                      Nelson Mullins Riley & Scarborough LLP
                      101 Constitution Avenue, N.W., Suite 900
                      Washington, D.C. 20001
                      (202) 712—2816
June 21, 2012




                        11


                               CERTIFICATE OF SERVICE

I, Robert L. Hoegle, do hereby certify that copies of the foregoing Reply to Opposition to
Petition for Reconsideration of Dismissal of Applications for Consent to Transfer of De Facto
Control and Supplemental Declaration of Craig Troyer in Support of Petition for
Reconsideration of Dismissal of Applications for Consent to Transfer of De Facto Control
were served by first class U.S. mail, postage prepaid, this 21st day of June, 2012 on the
following:

Richard E. Wiley
Jennifer Hinden
Joshua S. Turner
Wiley Rein LLP
1776 K Street, NW
Washington, D.C. 20006




                                                              Robert L. Hoegle


                                      Before the
                       FEDERAL COMMUNICATIONS COMMISSION
                                Washington, DC 20554



Application of                                 IBFS File Nos. SES—STA—20120320—00280
                                               SES—STA—20120320—00281
Liberty Media Corporation                      SES—STA—20120320—00282
                                               SAT—STA—20120320—00053
For Consent to Transfer of De Facto            SAT—STA—20120320—00054
Control of Sirius XM Radio Inc.                SAT—STA—20120320—00055
                                               SAT—STA—20120320—00056

                                               ULS File Nos. 0005137812 and
                                               0005137854

                                               Experimental License File Nos. (TBD)




         SUPPLEMENTAL DECLARATION OF CRAIG TROYER IN SUPPORT OF
               PETITION FOR RECONSIDERATION OF DISMISSAL OF
        APPLICATIONS FOR CONSENT TO TRANSFER OF DE FACTO CONTROL

Craig Troyer hereby declares, upon knowledge and information, that:

        1.       I am the Deputy General Counsel of Liberty Media Corporation ("Liberty

Media") and am submitting this supplemental Declaration to the Federal Communications

Commission in support of Liberty Media‘s Petition for Reconsideration of the dismissal of

Liberty Media‘s applications seeking Commission consent to the transfer of de facto control of

Sirius XM Radio Inc. ("Sirius") to Liberty Media.

        2.       Liberty Media presently plans on converting 49.9% of its Preferred Shares

within 20 days after the Commission approves its applications for transfer of de facto control

of Sirius.


       3.       I certify under penalty of perjury that the foregoing is true and correct.




                                                            [
                                                            \Qr_gig/froyer

June 21, 2012



Document Created: 2012-07-10 15:52:39
Document Modified: 2012-07-10 15:52:39

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