a) SiriusXM has a monopoly on the only means to listen to professional sports in an automobile, and men drive car sales. If you know sports fans at all, this represents millions of people that MUST have the product (fanatics, fantasy sports fans, gamblers).
b) It is a very valuable auto feature and a source of ongoing revenue for automakers.
c) The refinancing will happen. Why would you not lend money to a monopoly that is showing clear progress to profitability? Whatever the prospects for the economy, without competition, COSTS become very predictable. This quality is very attractive to lenders. If you believe Mel at all (and I know that is a question for some) about the ongoing negotiations for financing, it's the terms that are at issue here, not credit availability.
d) We are coming to the end of the most corrupt period in the equity markets in US history, with the abuse of derivatives, lack of law enforcement, and the use of taxpayer funds to fuel the interests institutional banks. This is sure to end soon with the new administration (along with, unfortunately some destructive regulation as well). It is impossible to judge the value of the SIRI until the corrupt activity surrounding the stock has been ended. Some big upward surprises may happen as corrupt forces are eliminated.