Sirius Intraday Thread Tuesday June 23 2009

[imromo24]

the last s&p upgrade approx. 4-15-09 stated:

We believe the company could achieve significant operating cost savings, though it may be challenged to meet its financial target of exceeding $300 million in EBITDA in 2009. Still, debt to EBITDA would be very steep, at roughly 11x at year-end 2009, based on the company's debt balances at Dec. 31, 2008. http://www.istockanalyst.com/article...icleid/3196731

this recent one says

A favorable swing in EBITDA of more than $500 million into positive territory this year should be followed by substantial, additional annual gains.

if being challenged to meet $300 million causes a spike to .63, what does changing your analysis to a favorable swing of MORE than $500 million do?

[Sirius Roadkill]

i would have guessed the poison pill was before the run to .63 but actually the run was on 4-20-09 and the pill was on 4-30-09, 10 days later...

Yup. That's why I think Mel et al had the lawyers scrambling to throw up a roadblock before Ergen messed-up Malone's NOL's . . . am just surprised that counsel didn't consider that possibility when they drafted the original investment agreement.

Once Ergen "got wind" of the Poison Pill (which would have probably been "whispered" to him before any public pronouncements) . . . he stopped buying. Even $0.63 was a bargain compared to what he was willing to pay for the whole shebang back in December '08.

[underway]

“We want to assure our customers, employees, suppliers and partners that Sea Launch intends to continue to operate after the filing,” said Kjell Karlsen, president and general manager of Sea Launch. “Chapter 11 reorganization provides an opportunity for us to continue operations and focus on building our future plans. We are grateful for the continued support of our customers and partners while we focus on reorganizing for the future.”

Yeah, I hope so....but that's what companies always say. If the bankruptcy court doesn't think they can be restructured, they liquidate if no one buys the entity. The bankrupt company is not in a position to dictate whether they emerge from bankruptcy. Not their call. I just looked at the May 7 cc transcript for SIRI, and the good news is SeaLaunch relates to XM sat launch next year, not the Sirius sat launch this summer. If XM had already paid for it and chapter 11 is successful, no problem. If not, could be trouble.

[trippingthespeculatingpos]

another newswire

" Moody's: XM Radio Rating Outlook Remains Positive
Last update: 6/23/2009 4:17:05 PM
(MORE TO FOLLOW) Dow Jones Newswires (201-938-5400)
June 23, 2009 16:17 ET (20:17 GMT)"

[trippingthespeculatingpos]

not bad news, but be prepared for the bashers to use it as ammo lol


http://www.sec.gov/Archives/edgar/da.../c58004_8k.htm

"Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of

Certain Officers; Compensatory Arrangements of Certain Officers

On June 22, 2009, Jeffrey D. Zients resigned from our board of directors. Mr. Zients was recently confirmed by the United States Senate as Deputy Director for Management, Office of Management and Budget, of the United States and was required to resign as a director.

We have notified the NASDAQ Stock Market LLC that, due to the resignation of Mr. Zients, we no longer comply with NASDAQ’s independent director requirement for continued listing as set forth in the NASDAQ Listing Rules. We currently have fourteen directors, seven of whom our board has determined to be an “independent director” as such term is defined under the NASDAQ Listing Rules.

In accordance with the NASDAQ Listing Rules, we will comply with the independent director requirement prior to the earlier of our next annual stockholders’ meeting or June 22, 2010."

[john]

Yeah, I hope so....but that's what companies always say. If the bankruptcy court doesn't think they can be restructured, they liquidate if no one buys the entity. The bankrupt company is not in a position to dictate whether they emerge from bankruptcy. Not their call. I just looked at the May 7 cc transcript for SIRI, and the good news is SeaLaunch relates to XM sat launch next year, not the Sirius sat launch this summer. If XM had already paid for it and chapter 11 is successful, no problem. If not, could be trouble.

I agree and it worries me also. It would be worse then having a satellite blow up at launch (at least then there is insurance). I would guess that any money prepaid is at jeopardy.

[SiriMonkey]

Well, so much for .40 today. Because I am not unreasonable, I am willing
to wait until Friday for it to reach the .40's. Then I'll cry.

Julie

[tucknroll]

IRISH...a late happy birthday if your still able to focus, Julie.......40 should happen before friday, the upgrades have begun, analysts hate being late to the party. this pig is running downhill and can't be stopped no matter how many darts are shot to slow it down, GLTA...

[Hopeful]

Downhill? Isn't that bad, wouldn't we want to be headed uphill? Unless you are referring to speed and momentum...

[imromo24]

I say we open at .38 tomorrow and break .40