mogami: Liberty's 40% is not calcualted until they decide to convert, meaning that Sirius can do what ever they want to the outstanding shares, because it will not change anything. Liberty will still get exactly 40% when converted.
Regardless, I don't think they can buy back shares because of debt covenants, so the discussion about buy backs is mute.
As I said before, I think the RS will be done, but not until the company and the economy is improving. Anything before that will be a disaster and I will sell.