zcurzan - Great photo! I had to laugh. I had forgotten what movie that quote was from.
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zcurzan - Great photo! I had to laugh. I had forgotten what movie that quote was from.
$375 Million offering gives SIRI a bad hiccup on its way to finding (cough!) equilibrium. Did we know about this already? Is this a separate item from the 175 million convertible shares or is it the same offering worded in dollars instead of shares? Does it count as dilution? That's the way the market took that news in any case. BTW, 375 million dollars divided by 175 million shares = 2.14 per share. Is this pertinent?
Are we waiting for these shares to go through the market before hearing good things from Mel?
zcuran, I agree that was good.
SteveSirius, "Trading places" with Eddey Murhy,
Thanks John for the info on the movie. I knew I had seen the movie, but couldn't place it.
Raped is the best word I can come up with.
Mels lack of clarity (and who actually sold out us small shareholders), and Tyler and all the other analyst, I respect your views and appreciate the info you have put forth, but the bottom line is the small shareholders got screwed in the ass, so to me there is no justification in that.
I guess I'll have to wait another year just to get my money back, Im done with this.
If you sold, then yes, you got screwed in the ass. The new financing arrangement hurt the short term value of the stock, but is great for longer term prospects. Sure, I wanted to take a little off my position when the merger was realized, but I'm content knowing that the bottom is in and the fundamentals of the new company can be established.
A huge margin call last week prompted me to send a fat check last Friday. I put another check in the mail this morning to take care of another smaller margin call that has pestered me all this week. Today is Thursday August 7, 2008. Ten business days have passed since SIRI and XMSR share prices took that huge hit. I consider myself to reasonably cautious (whatever that means!) but I'd purchased more XMSR on Thursday, July 24 to fatten up my portfolio in order to take advantage of the perceived arbitrage benefit. That means that there were many investors who went "all in". These guys are getting hurt big time.
I'm sharing this with the class, b/c it seems useful to know that margin call activity is still occurring at this late date. As you know, holders who cannot pay their margin calls in cash, will have their accounts liquidated to meet their broker's margin requirement. It is likely that a substantial portion of the downward pressure we are seeing is a result of margin call sell offs. I think this will be going on well into next week.
IMHO, margin-call sell offs combined with manipulation by MM's are the dominant forces controlling SIRI's dismal SP.