What I wrote :
http://seekingalpha.com/article/1173...lion-bad-ideas
Also have an article pending (probably wont be out till tomorrow) regarding my expectations that Liberty will not sell into the first round of buybacks (perhaps more). Consider the double effect of growing their stake plus increasing the value of that stake. Unless Liberty needs cash quickly, they are better off just selling back at the end. Even if they undercut market by a penny to remove notions of "foul play" and SIRI buys back $1.5 billion at the end from LMCA, LMCA stands to benefit immensely by not participating in the buyback at all.
Again this assumes LMCA doesn't need cash...
100% of the buyback coming from float would likely have a greater effect than a 1:1 float / LMCA sell back.
I mean I get it... Liberty has said they want the bait back, Liberty has said they would prefer not to spin high basis, etc. etc. but Liberty can get the bait cash back this way, no problem, and there's little issue with spinning out a bit of high basis if the bait cash is returned.
I dunno
I'm just a guy... I sell generators (permanent install 14KW and up Kohler) here in New England (I see many of you are in the area... lemme know if you need one though we're kinda strung out now through April cuz of this storm...) Who am I to guess at the masterminding behind Liberty's plans! I may turn out to just be a rambling madman ...