http://investor.sirius.com/secfiling...50123-08-13814
More dilution and I guess that brings the FEB balance to 220M now
http://investor.sirius.com/secfiling...50123-08-13814
More dilution and I guess that brings the FEB balance to 220M now
It's not quite as favorable as the last exchange. This time the holders got their shares for .299 - so they can turn around and sell 'em for a quick profit.
Still - the Feb debt is down to $250m.
Ouch. Just under 30 cents per share.
Your correct Winagain , I read it wrong. The 50M in in aggregate and this sale was abot 20M.Quote:
Originally Posted by winagain35
Still 250M left to go - seems like a long way going this route.
True, but I'm assuming they'll pay some of it, maybe half in cash. I suppose it'll depend on how Q4 goes.
I don't know what to make of this. Why are they doing it piecemeal? A little chunk here. A little chunk there.
If there is ONE word that has defined my experience in this stock it's ANTICIPATION.
Excruciatingly long drawn out aaaaaaantiiiiiiciiiiiiiipaaaaaaaaaatiiiiiooooon!
The part that is worrying is that if it's taking this long to get financing for the Feb debt...you almost forget that there is another 400 Million due just 3 months later in May.
I would have felt ALOT better if they just announced that ALL of the Feb debt was refinanced NOW. Because the way they are doing it, just reinforces the impression that money is hard to come by.
With 250 million still left in the Feb debt, you then feel the true weight of the other 400 million due 3 short months later.
It's this heavy feeling that makes me feel all the "wishful" thinking that the recent RS & 4 Billion stock dilution proxy was just a formality ring hallow.
I truly feel Mel not only wants...but NEEDS to do this now...and it kills me as a long to think that my shares will be wiped out after all this time before they ever got a chance to make my money back.
Remember, the $400 Mil due in May is not bond debt - big difference! Mel indicated that he's been in talks with the lender(bank) to extend the terms of that loan. Since it's in the bank's interest to get their money back, they're likely to agree to an extension. The next big issue will be the Dec 09 converts. Hopefully we'll be in a better position by then.Quote:
Originally Posted by frigginsirius
I sure hope so winagain.
Having long since given up on my old dreams of seeing $4 or $5....I was going to "average" down one last time for another 5,000 shares so that if luck turns our way and the refinancing gets done without the MASSIVE dilution or RS in the proxy...that I could FINALLY get out if the stock pops to $1.25
I am sooooo tired of this stock and all the drama. Going on 4 years now. Enough.
Even the lowly LVLT which is also massively in debt and on top of the "most shorted" list...has doubled in the last two days and looks like it'll keep going up.
I just wish Sirius refinances this debt soon without the RS, so that us long suffering longs will have a chance to get some of their money back.
WELL SHAT!! we are paying down short term bonds wich is good but a bit more dillution but with 3 billion shares whats another 100 million!! ..
but after 2 down grades in 2 days we are still .38$ before q3 wich I think will be + and we pop to .55$ going into x-mass..
remember we are poking our head over the 200 day moving ave. so a bullish reversal is ready to roll!!!
WAR// phillies ending the series, my son getting his dam homework done and pepperoni hot pokets..peace:thumbup:
Shareholders are going to be poking their heads out of their ass if the balance of the 250 million is done through stock sales. We're talking about another 750 million shares at about 30 cents/share.Quote:
Originally Posted by APEXSPORTS
What I don't understand is why didn't Mel just sell an additional 150 million shares at 1.50 when he sold the ugly debt to close the merger. At least the the Feb converts would have been paid off for 1/6 of the shares needed being sold at prices of .43 & .29 so far and god knows what the balance will be sold at. It could even be more shares.
I don't think there is any way that these shares don't touch the lows again or worse before it's all over.