Sirius and XM hand delivered material to the FCC on November 8, 2007 regarding the documents and information sought by the FCC late last week. The letter written to the FCC gives the agency the list of document custodians that were used to respond to the Department of Justice's Second Request, as well as a chart detailing the internal corporate organization of Sirius. This likely does not represent all of the information sought by the FCC, but it is indicative that Sirius and XM are working expeditiously to meet the deadline.

As sector watchers may be aware, Sirius and XM produced millions of pages of material to the DOJ subsequent to that agencies second request. Much of the information sought by the FCC is likely already within that documentation, and therefor the FCC request is likely not as onerous as some may believe.

The FCC set a due date of November 16th, for receipt of this information, and as yet has made no indication of a clock stoppage in connection with their review of the merger. Sirius and XM are still indicating that they anticipate merger approval and consummation by the end of 2007. In my opinion, regulatory decisions should come in the November 27th to December 13th time frame.

Position - Long Sirius, XM