As you know the state of the affairs of SiriusXm are at this point now ridiculous. We are being duped by management.
I am amazed at the sell-off in this stock over the course of many months. I would never have dreamed that the stock would trade today at 38 cents per share or a 1B market cap. I would also add that Goldman Sachs and others (probably hedge funds) are having a field day with the converts and naked short sales. This has been going on (in my opinion) for months and months with no enforcement action taken by the authorities. SIRI is wrongly trading at these low prices and I am quite surprised that Mel Karmazin has not been more pro-active in doing something to stop it.
Now with the upcoming shareholders meeting in December more deception is possibly lurking. Since you seem to understand the clear concept of the share price going down now wait to see what would happen with a reverse split and dilution.
The management is so silent at this point and that is the main concern of the shareholders. You would think Mel would give some news release and at least try to least stablize the share price.
Almost 20 million subs and we are heading down?
Three loans that can be serviced and we heading down?
In five years we could be close to 30 million subs and we are heading down?
The fastest growing company in America last year and we are heading down?
I guess he wants it as low as it will go for the reverse split. What is his story? Really what is Mel trying to accomplish?
I do see the motive though here...
Mel and company drive the price of the stock down and disenfranchise the shareholders. (Done)
Mel and Apollo (Leon Black) offer to pony up cash in exchange for the remaining shares. The EV right now is around 4.5 billion, then add the premium for shareholders, and every dollar you give adds $3 billion.
Mel and Co. will offer the buyout between $1.50 and $2. This means that the total buyout price will be 7-10 billion more or less. At that point, It will be Apollo and Mel to turn around the company, drive profit, and then bring the company public again via another IPO and make a killing that way. Mel has taken a company private and then brought them back public before with Infinity.
The fact that Mel and Apollo have a ton of shares means nothing, except that they do not have to buy those shares back from themselves.
Maybe you can uncover more with this information.
We need your help to expose these issues.