Now that there has been a ton of news on Sirius XM Radio, the analysts are once again getting to the business of issuing reports on the company. The infusion from Liberty has not only given Sirius XM new life, but investors as well. After months of doom and gloom, there is actually news that can deliver a positive outcome.

RBC analyst David Bank see the $530million investment from Liberty Media as a positive that helps SIRI avoid bankruptcy by addressing 2009 debt refinancing obligations. However, Bank considers the deal extremely dilutive to existing shareholders via preferred convertible shares to be issued to Liberty (for free). Bank estimates that the share count will come in at 6.2 billion. The firm maintains a sector perform rating, and still has not established a price target.

Vijay Jayant of Barclay's issued a report focusing on Liberty, but for obvious reasons included a section on Sirius XM Radio. Jayant believes that the Liberty Capital (LCAPA) loans to Sirius XM give LCAPA upside optionality and downside protection. He notes that the 15% terms of the deal are attractive for Liberty as the carry a senior capital structure position. In the analysts opinion, Liberty's investment is more for a financial investment, and will not involve Liberty becoming closely involved in the day-to-day operation of SIRI, nor does it plan to attempt a DTV/Sirius operational or financial combination.

As the Liberty news sinks in, and the street awaits the Q4 report, the equity is hovering at levels slightly above 12 cents per share.

Position - Long Sirius XM Radio