This maybe a reverse, me confirming homer. I dont like this one bit. I believe it is a poison to protect Liberty. This is what I was talking about before in the thread "poison pill alternative" a while back. The fact this arrangement makes it clear that Liberty still can buy all the shares they want and not be affected by this poison pill should make it clear who is controling the strings of this play and who it benefits. At this point I would buy all the shares you can to average down as much as you can because on the good side it will go up. It is just going to get cut short of the great PPS that it would have been in the distant future. I think if you want to invest in satellite radios future then you should start to buy Libertys stock.