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Thread: Sirius just reported another 65 million shares to be issued against the Feb notes

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  1. #1
    sxminvestor is offline

    Sirius just reported another 65 million shares to be issued against the Feb notes

    http://investor.sirius.com/secfiling...50123-08-13814

    More dilution and I guess that brings the FEB balance to 220M now

  2. #2
    winagain35 is offline
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    Joined: Jun 2008 Location: Denver, CO Posts: 190
    It's not quite as favorable as the last exchange. This time the holders got their shares for .299 - so they can turn around and sell 'em for a quick profit.
    Still - the Feb debt is down to $250m.
    Last edited by winagain35; 10-29-2008 at 06:32 PM.

  3. #3
    sxminvestor is offline
    Quote Originally Posted by winagain35 View Post
    It's not quite as favorable as the last exchange. This time the holders got their shares for .299 - so they can turn around and sell 'em for a quick profit.
    Still - the Feb debt is down to $250m.
    Your correct Winagain , I read it wrong. The 50M in in aggregate and this sale was abot 20M.

    Still 250M left to go - seems like a long way going this route.

  4. #4
    winagain35 is offline
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    True, but I'm assuming they'll pay some of it, maybe half in cash. I suppose it'll depend on how Q4 goes.

  5. #5
    frigginsirius is offline
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    Joined: Oct 2008 Posts: 29
    I don't know what to make of this. Why are they doing it piecemeal? A little chunk here. A little chunk there.

    If there is ONE word that has defined my experience in this stock it's ANTICIPATION.

    Excruciatingly long drawn out aaaaaaantiiiiiiciiiiiiiipaaaaaaaaaatiiiiiooooon!

    The part that is worrying is that if it's taking this long to get financing for the Feb debt...you almost forget that there is another 400 Million due just 3 months later in May.

    I would have felt ALOT better if they just announced that ALL of the Feb debt was refinanced NOW. Because the way they are doing it, just reinforces the impression that money is hard to come by.

    With 250 million still left in the Feb debt, you then feel the true weight of the other 400 million due 3 short months later.

    It's this heavy feeling that makes me feel all the "wishful" thinking that the recent RS & 4 Billion stock dilution proxy was just a formality ring hallow.

    I truly feel Mel not only wants...but NEEDS to do this now...and it kills me as a long to think that my shares will be wiped out after all this time before they ever got a chance to make my money back.

  6. #6
    winagain35 is offline
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    Quote Originally Posted by frigginsirius View Post
    The part that is worrying is that if it's taking this long to get financing for the Feb debt...you almost forget that there is another 400 Million due just 3 months later in May.
    Remember, the $400 Mil due in May is not bond debt - big difference! Mel indicated that he's been in talks with the lender(bank) to extend the terms of that loan. Since it's in the bank's interest to get their money back, they're likely to agree to an extension. The next big issue will be the Dec 09 converts. Hopefully we'll be in a better position by then.

  7. #7
    spanyo is offline
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    Ouch. Just under 30 cents per share.

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