Didn't hear what Greg Maffei said in the Liberty CC . . . but I would think he needs to get to the back of the line behind the Senior Secured Debt before any repurchase of the Preferred Shares is possible . . .
Now, alternatively, the restrictive covenants could, "at the discretion of the lender," be amended and the shares repurchased through a new debt offering . . . but I wouldn't count on it anytime soon; plus that only shifts the obligation to a new counter-party and accomplishes nothing organic on the balance sheet.
Moreover, the "Investment Agreement" and "Shareholder's Rights Plan" are separate documents but must be read collectively. They are explicit in that Liberty may NOT make a cash-tender offer to purchase all outstanding shares not beneficially owned by them prior to February 2011 . . . so BM's other article of behind-the-scenes doings and an imminent buy-out of Siri by Liberty is also flawed . . . but it was a good pump-piece to issue the day before a conference call; it just has no factual merit - lol
BM is kind of the "anti-Cramer/anti-the Street" . . . nothing wrong with that mind you . . . there is a place for that to counteract the daily fomenting that goes on . . . but readers need to be aware of the track record, much of which can be found in the archives of this site itself.
Wasn't too long ago that BM and Newman cooked-up a scenario in which "Sirius" was not responsible for the subsidiary debt of "XM" and that Mel would save the company by ingeniously bankrupting just "XM" . . . pretty funny stuff; I think he put that beaut out here in Nov/Dec 2008 or so