Liberty's motivation??

[Sirius Roadkill]

just 1 last item I forgot to mention: Liberty has the right to match any superior proposal being considered during the window.

Liberty CEO Greg Maffei seems pretty confident that it will be extremely difficult for a superior proposal to get over top of the Liberty structure.

So I would think the Liberty deal would survive the 4-15-09 Superior Proposal window. Moot point.

[winagain35]

Check this out... same story, different reporter.
http://video.aol.com/video-detail/li...id=VIDURVNWS09
We need to write bloomberg - this is irresponsible reporting. Ridiculous.
It's easy enough to write a negative piece on Sirius using actual facts... sheesh.

[Newman]

Ok Roadkill... technicallities.

The "Superior Proposal" window is a timeframe when Sirius CAN NOT solicit for a bid, but if one comes up, then so be it. Yes, Liberty has the right to match the offer.

After that period, Sirius can terminate the agreement for any reason, including a superior proposal.

The reason that Maffei doesn't think a superior offer will come up is because of the fact that they would have to refinance all of the 2009 debt, which comes to around 1 billion including a 301 million dollar payment to Liberty. They do have until May to get the banks to extend their agreements, and then until December to hope someone else comes along or hope that the credit markets improve to where they can pull off a $1 billion loan.

[Demian]

btw, my interpretation is that Sirius XM may ONLY terminate the investment agreement prior to April 15, 2009 if there is a superior proposal, which must be brought forward without solicitation. After April 15, 2009, Sirius XM may terminate the investment agreement for any reason that is in their best interest, including a competing superior offer.

No?

My thoughts...

It's one thing for a girl to run a personals ad.....it's another to go out to a night club dressed in a sexy outfit and say that they just came to dance...

.....or is it?

[Newman]

uh oh... someone sounds sexually frustrated!

[Sirius Roadkill]

Ok Roadkill... technicallities.

The "Superior Proposal" window is a timeframe when Sirius CAN NOT solicit for a bid, but if one comes up, then so be it. Yes, Liberty has the right to match the offer.

After that period, Sirius can terminate the agreement for any reason, including a superior proposal.

The reason that Maffei doesn't think a superior offer will come up is because of the fact that they would have to refinance all of the 2009 debt, which comes to around 1 billion including a 301 million dollar payment to Liberty. They do have until May to get the banks to extend their agreements, and then until December to hope someone else comes along or hope that the credit markets improve to where they can pull off a $1 billion loan.

And now to my original point . . . Newman, you and I have just spent more time analyzing this issue than the JACKASS talking head on the Bloomberg video apparently did. That was my only point.

[john]

Sirius Roadkill, yea but can you imagine how the PPS should take off if they actually show that they still have not only the original 360 million of COH but added to that with FCF from the 4th quarter. I know it wont happen because most reasonable people already know that and chances are these people that said that crap will never admit they made a huge mistake.

Hey they also forgot to mention the satellites can only be used for specific spectrum specific to only each provider knowless. They also seem to think the FCC is not going to have anything to say about the company that has a major interest in Directv also owning all of satellite radio. I mean come on did they already forget how long it took for the first merger or that none of them even thought it could get passed the DOJ much less the FCC.

[Sirius Roadkill]

Sirius Roadkill, yea but can you imagine how the PPS should take off if they actually show that they still have not only the original 360 million of COH but added to that with FCF from the 4th quarter. I know it wont happen because most reasonable people already know that and chances are these people that said that crap will never admit they made a huge mistake.

Hey they also forgot to mention the satellites can only be used for specific spectrum specific to only each provider knowless. They also seem to think the FCC is not going to have anything to say about the company that has a major interest in Directv also owning all of satellite radio. I mean come on did they already forget how long it took for the first merger or that none of them even thought it could get passed the DOJ much less the FCC.

Amen Brother!