What a great deal Liberty is getting today...... I'm sure that creates value for us somehow right?
What a great deal Liberty is getting today...... I'm sure that creates value for us somehow right?
Just bought a big chuck at 3.09 and fully plan on flipping it. Anybody else pick up some down here? What price are you looking to sell? I'm thinking I may take the quick cash today if we hit around 3.14-3.16
edit: That may be a bit optimistic for today.
I always buy these dips and they always pay off eventually.
I have buys in at 3.08, 3.07 & 3.06. Hope at least 1 fills before nasdaq reverses.
Denco / Wolf
Can you guys take a look at the year over year financials 11/12/13 on yahoo. Pay attention on the income statement lines
Total Other Income / Expense Net yoy Differences
Net Income from ops
Income tax expense (before and after .51 cent a share year) NOL's
Balance sheet
Total assets
Total Liabilities (Not Bad for what we got in return)
Stock holder equities
All while keeping in mind that we purchased
Agero
2,300,000 stock repurchase
Paid off debt
Refi costs
Look at the movements of these lines and you will see the genius of Malone
Good for us and Him
Hiding huge profits
Buying back shares on the cheap
Selling back shares at a higher price while increasing LMCA ownership with every share we buy
NOL's were taken to keep these profits from showing up on bottom line
When we're done buying (and LMCA is at 60% plus) Malone will let these hit the bottom line and sell back down to 51% ownership
Any comments?
I'll check them out Raptor.
Lets see if I can make sense of them as you have.
Ultimately, I don't think MaloneCo end game is to have us buy back a boat load of shares. Pulling us in to MaloneCo is what he wants and then spinning us out after a few years. He will continue to have SIRI buy back at low levels but I don't think it will be in huge #s. Just enough to show us they EDIT: are "looking out" for all other shareholder interests.....a smokescreen. He wants SIRI for its FCF to complete his BIG picture plans whatever they are. SIRI shareholders will benefit as a result of MaloneCo benefiting but that is not his priority. At this point I would rather get pulled into MaloneCo and be a direct part of the plan rather than constantly being blindsided by their actions or inactions. A merge swap will effectively reverse split SIRI and reduce the float. This is another reason I don't think MaloneCo wants to buy back at large levels going forward or is too concerned about the huge float as it will be reduced substantially on the merge.
Last edited by denco1; 04-25-2014 at 04:30 PM.
So what do we get on Monday....downgrade by Wunderdick.........upgrade by XYZ........announcement of bond offering.
EDIT:
Remember even though we paid MaloneCo 3.65 per share........we just went from
6,058,791,343 shares outstanding as of 03/31/2014 to under the BIG 6 bn.....5,965,791,343
As of today
With no added debt this further lowers the EV/EBITDA multiple....making these prices that much more ridiculously cheap.
Last edited by denco1; 04-25-2014 at 04:22 PM.
Bond offering has to be coming soon. Based on a leverage target of 4x EBTIDA/debt and current gross debt at $3.462B, SIRI has capacity of $1.49B of debt based on the last 4 quarters of adjusted EBITDA (Q2 2013 - Q1 2014). Or since the revolving LOC decreased to $310M, could max this out and then offer a smaller bond? Not sure if that would make sense based on interest rates, but either way, good chance we hear something soon....
Also, Harrigan downgraded SIRI to $3.50 a few days ago I believe....