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Thread: When will Sirius have to file BK ?

  1. #1
    Siriusowner is offline
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    When will Sirius have to file BK ?

    I just do not know, is it tomorrow or Tuesday ?

    This is if indeed they have to file for BK.

  2. #2
    winagain35 is offline
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    If it comes to bankruptcy I would think that Mel would wait until the last possible moment. With the debt being due on Tuesday - perhaps that's when. Although, it's also possible that he makes the 175 mil payment on Tuesday and then continues to try and negotiate with MLB and NFL to see if he can use the escrow funds to pay them out... which would mean it would be March before a filing if necessary.

  3. #3
    doobz26 is offline
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    Charter Communications announced today they will file BK on April 1. They did not pay their last interest payment about a month or so ago. They HAD the cash to do so. They just didn't. There was like a 30 day window or something before the loan went into default. So... to all those who say that SIRI has the cash on hand to pay off the debt. apparently that doesn't mean much. Charter had the cash but chose BK instead. All CHTR shares will be cancelled. What I am wondering.... why would a company not want to file for BK? It seems so easy and the law is lenient... Cancel our shares and the bondholders will be issued new equity in the re-organized company.

  4. #4
    bananaz is offline
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    would think that, if push comes to shove, they will file but remember that Mel (and the others?) are sizeable shareholders in SIRI as mel Owns 5.5 million shares at a cost basis around 20 million. Since management has a stake in the company they likely have the interests of the stockholders in mind as they are also.

  5. #5
    trippingthespeculatingpos is offline
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    if mel files he can kiss 20 million down the drain, i dont care who you are 20 million is not chump change. I have heard that they can get an automatic 30 day extension, i dont know how true that is but i would assume it is true, with chtr your talking 5 billion a year in revenue with 20 billion in debt. i dont think that is the same situation as siri.
    Last edited by trippingthespeculatingpos; 02-12-2009 at 07:38 PM.

  6. #6
    ray is offline
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    new siri holders

    tripping you to visit the mffais site for some sirius confidence

  7. #7
    trippingthespeculatingpos is offline
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    yea i saw the mutual funds are buying this thing up, this is all a big play to shake off the weak and buy it up and make big buck, look what happened with palm.

  8. #8
    howzzat is offline
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    Trippin,

    You are correct. Charter had a much larger debt as compared to SIRI.

  9. #9
    winagain35 is offline
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    Quote Originally Posted by ray View Post
    tripping you to visit the mffais site for some sirius confidence
    Don't put too much stock in the mffais site... Check out the latest listings for Charter...
    http://www.mffais.com/chtr.html

  10. #10
    sxminvestor is offline
    All this news about filing is all speculation "according to a source close to the company" bullshit.

    I believe they have the cash to cover Feb, and may just utilize it without tripping any covenants. 4th quarter is normally cash flow positive friendly to Sirius, but not sure what effect XM had on it. Secondly, the "Best of" plans along with raising prices March 11th which brings in alot of upfront cash because you have to pay for 1 -3 years upfront to upgrade or grandfather in. But did this just get negated by slowdown in OEM production and delivery to dealers ?

    Could it be that Mel was not the one that leaked that they were preparing BK documents for the possibility of filing. Could it just be that we already knew this from months ago and it's not new news. Maybe not even a leak, but a news release to start the fear mongering.

    Or did Mel have something leaked intentionally to get others to the table to see if he could get an investment or a bid to takeover the common , knowing he could pay the Feb without issue.

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