Originally Posted by
denco1
Morining all!
Good to see SIRI up in PM. Maybe a test of 3.30 is in the cards before the CC.
@IMR24
The market should react positively to the removal of the toxic debt. This marks the end of the BK era for SIRI once an for all.
Sure, many shares will enter the market upon conversion but Liberty will need to increase their position to remain above 50%. So, either they will be buying or SIRI will start the buy backs. In fact, I would not be surprised if they bought the shares back directly from the Bond Holders upon conversion. In the buy back statement the ability to buy back through direct private deals was stated. What a perfect time to do just that. As far as your "short term" decision. I think you are on the wrong side short term, no doubt, as in Friday and today. Now the CC is always a wild card. We can pop and drop or we can pop and run a bit or we can drop. Either way your call for 2.90s before a pop was wrong. Why, because the pop has already happened, its over, on to your NEXT prediction.