interesting interview with malone * link

[Koop]

No, they have the shares they need to give to Malone. And with filing that shelf the other day, I believe they can issue all shares now, at a moments notice.

thanks relmore,
i'm hope i'm not waste anyone's time wth this topic.
i'm just not seeing how the math works....maybe it doesn't even matter LOL...that said.. am i correct in that you are saying that Mallone got 12.5 Mil shares of preferred to change into common at some time in the future and that conversion will be an equivalent number of shares to equal 40% of total shares?

koop

it sure doesn't seem

[killerkaul]

Great info and discussion guys.............................. thanks ..killer.

[john]

Exactly. I took more time than you to fully digest the deal, you were helpful with this, yes. I also kneejerk reactioned to it, as happy to avoid bk, but I never felt it was going to happen. More relief to quit worrying about it. They could have used COH, then had months more to find the money to pay the May debt, or a real partnership deal, or force Malone to get reasonable with his offer, and Ergen. I guarantee you it would have worked. I would have been bluffing them against each other, claming third party deals, etc.. I would have had them eating out of my hands if they wanted a piece of this. Or told them go buy my stock on the open market, drive up the price, so I can sell it at a reasonable rate for bonds. Then well talk. Anything MIllion tricks.. Then deal from a position of strength. Listen, well sell assets, and use all our COH to pay May debt too if we have too. Id rather go to court with MLB, an default with them, than allow you Malone or Ergen to steal 40% of our company from us. I will do anything and everything to not only stay out of BK court, but keep this company from taking advantage of our situation.
Heres what I dont understand. If you go to your stockholders, and raise money, they would gladly do this, instead of diluting their own worth. I know I would. Mel didnt due a good job as CEO, or hes a criminal. Im sorry folks, Im only giving two options here.

Relmar first of all, did they have the money to pay the Feb debt remaining as I said before ,YES. The thing is that was just a symptom of the real problem SIRIXM had, which was that as long as Ergen was in a position to hold a major amount of debt then the banks holding the credit facilities were not going to extend. So what was there to stop Ergen from just using the money from the Feb. debt payoff to now go after the Dec. debt? Thats right nothing, because SIRIXM did not have the cash to also pay off those bonds. I am sure you dont think it was some kind of quintessence that those Dec. bonds were extended just before the deal with Malone was announced and the remaining Feb. bonds were paid off, to be honest it had to go in that order. Now as to why Mel did not come out to say anything during this is common sense to me. He was damed if he did and damed if he didn't. I will show how this is; Lets say Mel came out and said that all the bull about the bankruptcy because of Feb. debt is nonsense. Then what do you think would have happen when they filed the 8-K saying that they are taking the Malone deal to avoid a bankruptcy (and no share holder vote was needed because of it). Thats right, law suits saying he lied and what not. On the other side of the coin lets say he came out and said, we are not going bankrupt because of Feb. converts......................Although there is a possiblity of us going bankrupt if we cant get the May credit extended. Now would that have changed anything ? NO it would not have. So he chose the third option which was to stay silent.



Finally, a hostle take over was always a possibility ever since the PPS dropped to the .5 range. It has been talked about before. If you recall I have always said, for the longest time. "I would not worry about a bankruptcy. If you want something to worry about, then you can worry about someone coming in and taking over the company and only giving shareholders a fraction of what the company was worth." Then again I dont think many believed me because "homer" never mentioned it (at least not that I saw) ether here or at Seeking Alpha. Now you can believe in conspiracy all you want, that Mel for some reason decided to for the first time in his life, to pull off some kind of crime and there by screw over shareholders (once again for the first time in his life). I will follow common sense and logic. That Mel was put in a difficult situation by Ergen and instead of sitting back and letting it happen he did everything possible to screw over a man that tried to screw over SIRIXM and its shareholders. I believe Ergen backed Mel into a corner. Remember it was not to long ago that Mel stated that he planned on paying off at least half of the Feb. converts with some kind of financing and to pay the other half with cash if needed. That there should be no reason that the credit facilities will not get extended and by the time Dec. converts come around that the company will be almost profitable and it would be much easyer to work those out.

[cos1000]

[quote=relmor2003;20032]Your right. But just because Hartlieb is right about some aspects, doesnt mean I agree with his methods or believe his sincerity. See Brandon, if you put the lawsuit with a "diver" plantiff, who has no real interest in winning, you direct a lot of energy against SiriusXM into a distracted and never fullfilled cause. Your right though, that comment was about the merger. I digress.

Just to put the Hartlieb thing to rest, I did not get to involved in his cause after reading through all of the writings, because I always felt he and his cause was a distraction, with little evidence supporting his claims, and that as such would hurt not help in sorting through this mess... In the 10K we here the result in the legal filings section....

Two different parties, U.S. Electronics and Michael Hartleib, sought appellate review of the FCC’s decision regarding the Merger. Each party also challenged the FCC’s decision to enter into the consent decrees resolving the investigations by the FCC’s Enforcement Bureau regarding certain non-compliant terrestrial repeaters and FM modulators contained in certain satellite radios. These matters were both filed in the United States Court of Appeals for the D.C. Circuit, and have been consolidated by the court. Subsequent to filing its initial request for appellate review, U.S. Electronics moved to both amend its original filing and submit an additional notice of appeal in order to comply with the statutory requirements for review of agency decisions. Separately, the court issued a show cause order on its own motion that requires U.S. Electronics to demonstrate why its additional notice of appeal should not be dismissed as untimely.The FCC moved to dismiss both the Hartleib and the U.S. Electronics requests for review on the grounds that neither party has standing to challenge the merger order or the consent decrees, and further argued that the agency’s decision to enter into a consent decree is not reviewable by the court in these circumstances. In January 2009, the court dismissed the appeals of both U.S. Electronics and Michael Hartleib.

[kingreecan]

I agree mostly as well. I like who loaned us the money, I just dont like what we had to give up just to get high interest loans, and 100 million cash. Im sorry, but any competent CEO would have done better, with the revenue they have, im sorry. Not many companies can boast of such revenue. And none trading under .20 cents. This SP is a complete joke, and Im going to enjoy the long laborous ride up now. As sl62 stated, the 2014 short will provide a ceiling for how high we will go, but the floor is in now. And its going to be pretty much whatever is trading at that day, minus a few cents, tops. No big dumps coming now. Too many retailers sold off, and will never come back.

What is meant by this statement: the 2014 short...? as well as how this 2014 short provides a ceiling, presumably, on the pps?