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Michael Moore's Producer John Malone Caught in Ironic Corruption Twist
In the past few months the media mogul was slapped with a fine by the Justice Department for illegal stock purchases while becoming an owner of Sirius XM. Now he's the financial backer for Michael Moore's anti-capitalism, anti-media movie.
If the idea that Michael Moore has teamed up with a media magnate weren't ironic enough, Malone's company Sirius XM was the subject of the documentary "Stock Shock-the Short Selling of the American Dream," which highlights the company as one of the most corrupted stocks in the market. Investors in Sirius XM lost over 95% of the value of their stock in the company when it nearly went bankrupt earlier this year due to illegal market manipulation, and some contend, internal corporate greed. John Malone turned out to be the satellite company's white knight saving it from ruin at the 11th hour with a loan of several hundred million dollars.
"Stock Shock" interviewed disgruntled investors like Michael Hartleib, founder of SaveSirius.org, who insist that Malone virtually swindled the company away from shareholders when he was awarded a 40% stake in the billion dollar company for the last minute loan.
Hartleib asks, "How was this management team able to steal forty percent of our company without we, the true owners of this company, having a vote or a seat at the table? How was Mr. Malone given forty percent of our company for free?"
"Stock Shock" filmmakers are hosting the first 10 minutes of the movie on youtube.com for a limited time. The movie was released on DVD this summer.
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Mohr Productions, Inc. produces television and film projects for Broadcast TV, Internet, and Theater distribution. Productions include programming for MTV, United Paramount, Universal, Nickelodeon, HBO, and SyFy Channel.