A tender offer for 100% prior to March of 2011 seems highly unlikely, according to Bazinet. There are few incentives for Liberty to do this, as it would destroy Sirius XM’s NOLs. If Sirius XM’s stock price remains at “current levels” over the next couple of years, Bazinet “expects” Liberty Media to boost its stake in Sirius XM to 80% — after March of 2012. He notes many reasons for this, including the “significant” benefit from the sharing of the NOLs between Sirius XM and Starz. “The effective cost to Capital would be $1.6 billion when taking into account the value of accelerated NOL usage under a tax sharing agreement between Sirius and Starz,” explains Bazinet.