We do it with javascript currently. Once the video is initialized, we look for #time in the url or a cookie (if you have one) and use a js call to seek to the position. We do it this way because then we only need one method of doing so and we can use it for both the silverlight and html5 player. I think there is an initparam you can add if you're using the Silverlight embed code called starttime but you'd have to convert 06m24s into seconds to do it.

<param name="initParams" value="...,starttime=60"/>

I can make it work for you with our iframe embed code though. There was a little check in there that was preventing it from working but once we push up this code change (should be sometime this week), you'll be able to add the #time= to the iframe embed url.

<iframe src=".../player?w=512&h=288#time=06m34s" frameBorder="0" scrolling="no" ></iframe>