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.
Well think about this, if he did that, we would be more in the market around what Worldspace is
No way - they would be in better shape in my opinion.Quote:
Originally Posted by demonotaku
You would not have the Feb convertible overhang and you would not be diluting nearly as many shares as they will by the time this is over with.
Unless I'm missing something ?
Hey folks,
I am not, nor do I claim to be an expert in this matter, so this post is more of a question than a statement.
Isn't this a great sign for SIRI? If not, why? In my admittedly under-educated opinion, the less of this debt that we have to pay off in Feb 2009, ( I say we because we ALL own this company), the better right? If we can show the cash is there, even in bits and pieces, won't it be easier to refinance what debt is left over and with more favorable rates? Also-Isn't this a crystal clear indicator that the we won't be even pondering BK......the only thing that could wipe us all out? After all, a company that is even partially considering BK protection would be out of their minds to fork over this kind of cash at this stage, wouldn't they??
If some of our more tenured or more educated forum members could provide some clarity or guidance, I would sincerely appreciate it.
SIRI LONG AND STRONG!
Whynot
Let me preface my comments by saying that I am no more of an expert than you.Quote:
Originally Posted by Whynot
You could look at it the other way. First, the company is not forking over cash; they are giving shares.
People have asked why would he and the previous bondholder do this. Well, maybe they think the company will go BK. In this case, by taking shares of stock and immediately selling them, they get their investment out. On the other hand, if the company does go BK before Feb., and asks for protection from their creditors, it will be a long time before they get their money.
I repeat. I am not an expert. This is just conjecture off the top of my head. I look forward to being corrected if I am wrong.
Keysmark (very long)
As many of you have noted already there are positives and negatives to this however, in my opinion the positives slightly outweigh the negatives. Now to really determine if this ends up being good for us shareholders in the end is dependent upon what happens with the share price in the next 30-60 days. We need stability in sp with a slow steady move upwards. Any spikes in SP will probably trigger a sell order. IMO
I still suspect that these last 2 small exchanges of stock for debt are part of a bigger deal that will be announced on the Q3 conference call...
There is no way that they would buy it all back with stock. I bet it will be partial cash, partial stock, and partial bank loan when all is said and done...
Where is it disclosed who the exchanges were with? Does anyone know?
Demian,
It's kind of a chore but the only way I'm familiar with is to go to EdgarOnline or Hoover's or Yahoo Finance and look through all of their filings to find out who did the original transaction with them with the corresponding due date. The original holder can sell to someone else so it's not a sure thing. Look specifically through the 8K's. They will more than likely have the info.
Other than that I don't know of a quicker and easier way to do this for free. Some subscription services are a little better but cost $.
Wouldn't IR disclose that info? It would help to know who those exchanges of stock for debt were with. Goldman? I still suspect that these last two exchanges are part of a bigger deal and the identity of who those exchanges were with might help piece this together...
You think you are upset now. If a RS happens, we all will feel worse than we did when it went form 2's to below 1.00. A RS will put a nail on the coffin for our hopes. I personally am trying to hope for the best and prepare for the worse. As I want to double my shares at these levels, I feel that we have not seen the lows yet. If this stock goes into the teens, it will be short lived and perhaps a great time to acquire as many shares as you can. Better odds than a lottery ticket.