11.  WorldSpace is the only outside shareholder in American Radio, and has options to acquire additional shares if the company wins a license, Levin said.

12.  And over time, they shift ownership and voting power toward company insiders and away from outside shareholders.

13.  Executives of both companies said the agreement will benefit both companies and outside shareholders.

14.  Employees currently have a majority holding, and are worried, however remote the risk, of seeing it fall into the hands of outside shareholders.