One Twelve Inc. and the agent, Don Buchwald, sued Sirius XM Radio last year, claiming the company refused to pay $300 million in stock awards owed under an agreement that brought the radio personality to Sirius.
Justice Barbara Kapnick of state Supreme Court dismissed the suit April 16, rejecting arguments that subscribers to XM Satellite Radio, which merged with Sirius in 2008, should be counted when calculating compensation.
The court “misinterpreted the parties’ contract and granted summary judgment before there was any discovery taken in the action,” lawyers for One Twelve and Buchwald said in court documents filed yesterday. “Reversal is warranted because, among other things, the parties’ contract is clear on its face that plaintiffs are entitled to the relief they seek or is, at a minimum, ambiguous.”
The case is One Twelve Inc. v. Sirius XM Radio Inc. (SIRI), 650762-2011, New York State Supreme Court, New York County (Manhattan).
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