My head does spin when I try to put it all out there, for everyone to follow -- but I have followed their financing for several years now. It's a pain. And quite frankly, I'm not convinced of their solvency... which is why I sold 80% of my XM holdings a couple years ago. I bought a small amount back, to play the merger -- but I'm still not convinced. Neither am I of Sirius. The thing that concerns me about Sirius is their need for financing of their satellite CapEx, but that is a whole different topic.
Back to XM, while I'm not convinced of their solvency -- I also understand their burn rate vs. the amount of financing that they have available -- thus, they can last much longer than many think they can. They could go another year or two before the real panic button gets pushed. Same goes for Sirius... I do not believe that both are in as dire a position as many say they are. Not, as in... they have a few months left. But they're also not out of the woods yet.
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