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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?

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...

Friggin,

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...

First of all, if an institution or fund wanted to buy or cover a short with that many shares - it would move the market price up too much to get them all at once at a low price like that...
...

You would think that it would be priced in with the shares down around 90% from it's 52 week high...

The merger finance deal........


"This is an offering of an aggregate of 262,399,983 shares of common stock of Sirius Satellite Radio Inc., of which 183,679,988 shares are being offered on a...

How do we know if this is dilutive or not? They had some shares left over from the merger financing deal - how do we know if these are those shares or not? If they are, it is not additional...

Why would they sell them now?

http://investor.sirius.com/secfiling.cfm?filingID=930413-08-6086


SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

_____________________

FORM 8-K

So that is about 30 million - how about the other 270 million?

I thought it was $300 million in bonds due in Feb.'09...

Why would they do this for such a small amount of money? I don't get it....

"Item 3.02. Unregistered Sales of Equity Securities.

We issued an aggregate of 67,038,070 shares of our common stock, par value $0.001 per share, in exchange for $30,500,000 principal amount...