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In a SEC filing yesterday, JohnMalone'sLiberty Media laid out its plan to eventually take control of SiriusXM as the satcaster's majority shareholder. According to Bloomberg, Liberty said in its documents that it plans to convert almosthalf of its preferred shares of SiriusXM into common stock and nominate a number of its own candidates to the company's Board of Directors. Liberty says that following this stock conversion, it will have a total of a46 percent stake in SiriusXM. It plans to then continue to buy shares of the satcaster on the open market, which could eventually lead to the ability to replace the current Board and take over.

Liberty also said in itsSEC documentsthat it has re-filed a petition with the FCC asking the Commission to reconsider its request to be awarded "de facto control" of SiriusXM within 30 days. The FCC dismissed this request in May.

Some feel that this may eventually lead to Malone spinning off his share of the satcaster. "Liberty will probably execute a so-called Reverse Morris Trust, which involves splitting off its Sirius stake as a separate entity and giving its stockholders the option to hold or sell their Sirius shares," Barclays Capital Analyst James Ratcliffe told Bloomberg. Of course, Liberty would need the approval of the SiriusXM Board for such a maneuver.

Just last week, SiriusXM CEO Mel Karmazin told the company's stockholders he did not want to have to report to Malone, saying, "I want to be held accountable. I don't want to be responsible for someone else making a decision."

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Liberty Media Lays Out Plan To Take Control Of SiriusXM