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  1. relmor2003 is offline
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    03-04-2009, 09:16 PM #21
    Quote Originally Posted by Brandon Matthews View Post
    Why is it my other stocks don't give me these F$%&^#&^ problems?????????
    Calm down Brandon , if they lost subs in Q4, Malone would be waiting for them to go BK, and buying debt right now. They wouldnt have touched this pig. Losing subs in q4 would have been the end of any chance of avoiding bkcy.

  2. cos1000 is offline
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    03-04-2009, 09:17 PM #22
    I believe that KPMG's "Going Concern" paragraph because of Mel's inability to meet all contingencies in the Malone / Liberty deal is the biggest issue here. I shortens the 11th hour time line for Mel in negotiating the May $250M debt extension or else he has to have the COH to pay it off, which is possible given that Revenue Seems to be OK from Merger synergies and Best of Both cash. Also there was additional Cash taken in on existing Sub Resets when B of B was added... I see the May debt as the sticking point that is now at hand...

  3. Hopeful is offline
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    03-04-2009, 09:19 PM #23
    Bit of a newb here,

    "Management has not yet completed its evaluation as to whether substantial doubt exists relative to the Company’s ability to continue as a going concern for a reasonable period of time."

    What does that exactly mean??? Does that mean they may cease to continue as a company?


    DMO, I also don't understand how the media has not picked this up yet??? Especially the fool, look at the article they came up with today http://www.fool.com/investing/high-g...sirius-xm.aspx and they have this kind of info at their finger tips... I don't get it! And back to puking...
    Last edited by Hopeful; 03-04-2009 at 09:25 PM.

  4. dmo2424 is offline
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    03-04-2009, 09:22 PM #24
    Yeah I'm wondering how this hasn't been seized upon by anyone in the media to report. Any potential negativity and you would think the WSJ, Barrons, or the FOOL among others would be all over it. Weird. And do you all think this is baked into the current.13 SP? Or we back to .06?

  5. FoolNHisMoney is offline
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    03-04-2009, 09:25 PM #25
    It seems to me the Going Concern clause is a chicken and egg situation. The auditors are saying that they have to include the clause if the May debt is not extended, and the Liberty agreement to buy the May debt is contingent on the auditors not including the clause . . . which comes first? The answer has to be BOTH!

  6. FoolNHisMoney is offline
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    03-04-2009, 09:27 PM #26
    Actually the answer is that the $250 million JPM debt has to be worked out before the 17th, then everything falls into place.

  7. Shawn is offline
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    03-04-2009, 09:28 PM #27
    Could XM goes bankrupt and Sirius prosper? Isn't XM a wholly owned subsidiary of Sirius? Couldn't they let XM go belly up? Wouldn't that be extraordinarily beneficial for Sirius? Or am I misreading this?

  8. Hughes is offline
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    03-04-2009, 09:30 PM #28
    Quote Originally Posted by Shawn View Post
    Could XM goes bankrupt and Sirius prosper? Isn't XM a wholly owned subsidiary of Sirius? Couldn't they let XM go belly up? Wouldn't that be extraordinarily beneficial for Sirius? Or am I misreading this?
    I'm not sure I understand how they could do that without affecting the current shareholders. Maybe there's something I missed?

  9. imromo24 is offline
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    Joined: Aug 2008 Location: Steeler Town, MI Posts: 2,524
    03-04-2009, 09:30 PM #29
    That is my concern also. This report is based off the 2008 information and although im not expert in this field, I would imagine that they can not cloud the picture with any 09 info.

    Maybe, just maybe, the Ma"loan" verbage was thrown in to persuade the auditors into thinking there is no concern.

    .I love subliminal seed planting.

    edit: what i mean here is that sirius xm is hoping for some sympathy points with the auditors, like "please please please look at the economy...and if you don't upgrade us we can't get the loan, come on just this once"
    Last edited by imromo24; 03-04-2009 at 09:36 PM.

  10. cos1000 is offline
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    03-04-2009, 09:34 PM #30
    here is on explanation of "going concern" and it appears in this definition they can use all information available in making their assessment

    International Accounting Standard 1 (revised 1997), "Presentation of Financial Statements" sets out management's responsibility for assessing going concern as follows:

    "When preparing financial statements, management should make an assessment of an enterprise's ability to continue as a going concern. Financial statements should be prepared on a going concern basis unless management either intends to liquidate the enterprise or to cease trading, or has no realistic alternative but to do so. When management is aware … of material uncertainties … which may cast significant doubt upon the enterprise's ability to continue as a going concern, those uncertainties should be disclosed. When the financial statements are not prepared on a going concern basis, that fact should be disclosed, together with the basis on which the financial statements are prepared and the reason why the enterprise is not considered to be a going concern.



    In assessing whether the going concern assumption is appropriate, management takes into account all available information for the foreseeable future, which should be at least, but is not limited to, twelve months from the balance sheet date.”

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