There are many unanswered questions about this...
Why now with the share price so low?
Why such a small amount?
Was this dillutive or were these left over shares from the merger financing?
I wish I had some more clarity about what is going on?
Who held the bonds that were taken out?
If there is ANYTHING we Sirius shareholders can't stand anymore, it's being in the dark. We had 17 friggin months of that with the merger delay, and then the HUGE let down with the UGLY way Mel closed the deal.
Mel PROMISED transparency and COMMUNICATION after the merger went thru. He said things would become clearer after Labor day...and we were rewarded with a bizarre conference call and an instant drop below a dollar.
Since then, Mel has NOT directly TALKED TO US YET. All we hear is him saying he is CONFIDENT about the debt refinancing.
And yet we get that possible 1 for 50 reverse split proxy floated out there.
And NOW THIS 30 Million debt refinancing with very little explanation that leaves more questions than answers.
WHY can't Mel go on CNBC? Why can't he release a video TALKING DIRECTLY TO THE SHAREHOLDERS to EXPLAIN to US whats going on???
NOW is the time to communicate to us. NOT on December 18th.
We need answers now. We deserve answers NOW.
Why can't Mel throw us a bone? We are the ones he KEEPS saying he is looking out for...and yet since the merger has gone thru(thanks to OUR VOTING YES FOR IT)....we have been given nothing more than a stock price of 37 cents.
Come on Mel. I know you're a busy guy....but if it wasn't for US....the merger would have never been approved. And I'm beginning to think we may have made a mistake in authorizing the merger in the first place.
Originally Posted by homer985
Is this a good thing?
It's not necessarily good or bad. On the one hand a large short position may have been closed out, but on the other hand, there was no covering or buying of shares. So there's no buying pressure to send the stock up.
Originally Posted by imromo24
We don't know anything really......
Who was the holder of the bonds that were exchanged for shares?
Were the shares used to cover a short position?
Why did they do it now and with such a small amount, if they were not due until Feb. '09?
Do they think the price will be lower in Feb. 2009 or was there some kind of other side deal with this particular bond holder that made it a good deal for SIRI to do it now? Why now?
I want answers.....
Good luck getting answers out of this company. This stock is a complete nightmare.
Maybe it will all make sense in time and it can't be made public yet because of ongoing financing negotiations.......
........or maybe this really is The Twilight Zone?