Page 18 of 74 ... 816171819202868 ...
Results 171 to 180 of 732
  1. Sworntwofun is offline
    Addict
    Sworntwofun's Avatar
    Joined: Dec 2008 Posts: 588
    02-10-2009, 10:56 PM #171
    Whats up Kid... I am just where you are...Mel has got to be forcing a hand...I have 50,000 shares also and the $3000 thats left is not gonna make a difference for me.... Dont give me wrong If this dosent work out Im down around 16k and It was had earned cash...but I rolled the dice... One thing is for sure if they go BK...I believe their doomed and for sure I will have to cancel my sub because it will eat me up inside and I wouldnt give them 1 more dime..besides that my sirius radio will proberly be in pieces....We will just have to wait and see what the outcome will be and we will know soon...I always believed in Mel and Howard and if they could really do this with a clear head then I was just wrong for a long time!...but you have to do whats right for you....I still think Mel has something up his sleeve...God I hope so!
    Last edited by Sworntwofun; 02-10-2009 at 11:02 PM.

  2. TheAbbevilleKid is offline
    Junior Member
    TheAbbevilleKid's Avatar
    Joined: Jan 2009 Location: New Jersey - The Carcinogen State. Posts: 19
    02-10-2009, 11:10 PM #172

    Unhappy

    I've drunk the Kool-Aid. I am just waiting to see if its been poisoned yet.

    Yes I rolled the dice as well, and I still love the service. But like you, I would not be able to keep my subscription to Sirius if they went BK. I would feel anger and frustration at idea of keeping something thats given me such pleasure, yet shit me like a turd on the market. My 50k shares wasnt going to be the stock I retired on, but it WAS going to pay for my first trip to Hawaii when I retired...

    Come on Mel...I'm pulling for you...You magnificent bastard!
    The Abbeville Kid

  3. SiriusHope is offline
    Addict
    SiriusHope's Avatar
    Joined: Oct 2008 Location: Las Vegas Posts: 515
    02-10-2009, 11:19 PM #173
    What can I say after what everyone else has said since the BS talking heads article via the NYT.

    IMO..this is a ploy that has everyone in panic mode so a huge selloff could happen. I imagine that this is Mel's way of trying to pressure the holders of all debt due. It might work.

    I would think that all the institutional holders would have dumped as well and the AH trading volume would have been in the billions not just 12 million. It traded in last few days over 100 million shares on all the rumors.

    No matter what I will hold my small investment of $12,000. (avg .59) and wait and see over the next few days what happens.

    Really thinking that BK is not a reality...JUST A WISE THREAT to shake things up and shake out the scared holders. Mel will leverage this threat to get funding completed and F&@K all the NON-BELIEVERS!!! REMEMBER Mel loves to gloat and smurk. He wants to comeback as the hero of the year in such a big way...especially during a disasterous market. This will feed his ego even more and he can tell everyone ...I told you so...don't mess with Mel.

  4. Sworntwofun is offline
    Addict
    Sworntwofun's Avatar
    Joined: Dec 2008 Posts: 588
    02-10-2009, 11:30 PM #174
    SaveE-mailPrintMost PopularRSSReprints



    Sirius XM Preps Bankruptcy
    As expected, Sirius XM is preparing to file for Chapter 11 bankruptcy protection
    Feb 10, 2009

    -By Jeffrey Yorke, Radio and Records


    As expected, Sirius XM is preparing to file for Chapter 11 bankruptcy protection, according to a report late Wednesday (Feb. 10) in the New York Times.

    According to the report, Sirius has been working with restructuring expert Joseph A. Bondi of Alvarez & Marsal and bankruptcy lawyer Mark Thompson of Simpson, Thatcher & Bartlett to help prepare a bankruptcy filing.

    The documents could be filed in Delaware within days. Shares of SIRI closed up a fraction of a penny at 11.39 cents on Wednesday, and trading was normal.

    Overwhelmed by fast-accruing debt, the satcaster needs to make a $400 million payment this month and is believed to be some $175 million short of its goal. The company is also looking at almost $1 billion in debt payments for 2009. In November during a presentation to analysts, CEO Mel Karmazin was confident that the necessary funding would be achieved and that refinancing would be possible, but the markets have changed dramatically since then.

    EchoStar CEO Charlie Ergen has been scooping up Sirius debt for months, and, according to a Monday (Feb. 9) report in the Wall Street Journal, he made an offer in late December 2008 to fund the struggling audio satcaster and take control of the company. He made a subsequent similar offer, reported the Journal. The Times says Ergen could be forced to make a formal offer for Sirius and could end up paying a high price to convert his debt into ownership.

    Meanwhile, Muzak Holdings LLC, another satellite audio company that relies on EchoStar's satellite system to deliver its 80-some channels of digital music to subscribers, filed for Chapter 11 protection in Delaware on Wednesday, citing that it has $438 million in debt and assets of only about $50,000.

  5. J56D is offline
    Enthusiast
    J56D's Avatar
    Joined: Jul 2008 Posts: 173
    02-10-2009, 11:55 PM #175
    Overwhelmed by fast-accruing debt, the satcaster needs to make a $400 million payment this month and is believed to be some $175 million short of its goal.


    Where do these idiots get their so called facts?

  6. dread is offline
    Senior Member
    dread's Avatar
    Joined: Jan 2009 Location: Chicago Posts: 454
    02-10-2009, 11:57 PM #176
    Quote Originally Posted by Demian View Post
    I'm feeling a little blue..........I'll be hitting the sauce tonight.

    Second that!! I need a beer!!


  7. Hopeful is offline
    Addict
    Hopeful's Avatar
    Joined: Nov 2008 Location: Vancouver Island Canada Posts: 583
    02-10-2009, 11:58 PM #177
    "As expected, Sirius XM is preparing to file for Chapter 11 bankruptcy protection, according to a report late Wednesday (Feb. 10) in the New York Times."

    They can't even get the date and day right!!!

  8. xitvp is offline
    Enthusiast
    xitvp's Avatar
    Joined: Nov 2008 Posts: 210
    02-11-2009, 12:09 AM #178
    This is actually kind of shocking to me. I thought BK was a possibility but not in Feb. I was fairly convinced they would get over the Feb debt hurdle.

    I am also assuming that the Q4 stats are probably worse than expected.

    For some of you more seasoned investors, have you seen articles that claim what these artilces are claiming to have the end result be wrong?

    I know you can't believe everything you read, but to throw out allegations like this, I would think they feel awfully confident in the source, no?


  9. TheAbbevilleKid is offline
    Junior Member
    TheAbbevilleKid's Avatar
    Joined: Jan 2009 Location: New Jersey - The Carcinogen State. Posts: 19
    02-11-2009, 12:15 AM #179

    Angry Full WSJ Article

    Sirius XM Radio Inc. hired bankruptcy and restructuring advisers
    several weeks ago to prepare for a possible bankruptcy filing amid its
    scramble to raise funds to meet looming debt payments.

    Sirius XM hired the law firm of Simpson, Thacher & Bartlett as
    bankruptcy counsel and the restructuring firm of Alvarez & Marsal,
    according to two people familiar with the situation. Sirius has also
    been working with investment bank Evercore Partners.


    Sirius XM did not return calls seeking comment.


    The hiring of bankruptcy and restructuring advisers is not surprising
    given the company's financial predicament. One tranche of the
    company's debt comes due on Tuesday, meaning a decision about
    bankruptcy or possible sale of the company may come soon.


    The moves comes as EchoStar Corp., a satellite technology company,
    recently offered to put money into Sirius XM in return for control but
    was rebuffed. EchoStar, which is controlled by satellite mogul Charles
    Ergen, has amassed a significant position in Sirius XM debt in recent
    months and has used the investment as leverage.


    Write to Jeffrey McCracken at jeff.mccracken@wsj.com

  10. trippingthespeculatingpos is offline
    Guru
    trippingthespeculatingpos's Avatar
    Joined: Dec 2008 Location: San Antonio Posts: 2,884
    02-11-2009, 12:17 AM #180