Where’s The Sirius XM Post Labor Day Conference Call?
As I expected, confusion is running rampant over an expected conference call that as of yet, has not been announced by Sirius XM. This could be attributed to many factors which may have gathered strength, much like Gustav, since Mel Karmazin announced that the company would provide more specific guidance after Labor Day. Mr. Karmazin never actually said “the day after Labor Day” and most analysts clearly understood this.
Most reasonable thinking people could easily understand the statement. There are some manipulative powers however, that decided to use this statement over the past few weeks. They successfully built a sort of hyped anticipation in the minds of unknowing investors through various stock message boards. Now that Labor Day has passed, many are confused because of these postings and the lack of any announcement.
The final appeals date for any and all filings falls on September 4, 2008. As of now, the company must remain silent in certain matters as last minute appeals are sure to be filed. Anyone could be trying to build a case through the appeals process, and the company must be careful not to give the opposition any ammunition in the meantime.
Appeals can and probably will come from anywhere. C3SR, Georgetown Partners, the NAB and even our old old pal Michael Hartlieb could file an appeal over anything from bandwidth allocations to the lack of interoperable radios in the marketplace. I’m sure the company is expecting as much within the next few days.
Of course, most experts will dismiss the validity of any yet to be filed lawsuits as two separate branches of government have already reviewed and granted the merger, which includes most if not all of the same information that had been previously presented. At this point in time the undoing of the merger is in my opinion, an impossibility.
Although we may not have an actual conference call this week, the chances are good in my opinion that the company may announce a date by this Friday of a call next week. In the meantime, the stock should continue to trade in a range, as we all wait with anticipation of the recently promised guidance.
Position: Long SIRI
we will hear something next week
Brandon thanks for the information. I thought that with a vote for approval on July 25th, and the News Release Date of July 28th, that the 30 day requisite appeal filing period would have been August 27th. I was wrong.
After researching the official order or the FCC’s Memorandum Opinion and Order & Report and Order (MO&O and R&0) I found that the order was dated July 25th but, not officially released until August 5th, making September 4th the final date for appeal submission. I can see why folks are confused, although I don’t think many are even considering the Appeal window when trying to understand the communication “black out”.
Brandon you beat me to it.
Karmazin to Present at the 2008 Merrill Lynch Media Fall Preview Conference
NEW YORK, Sept 02, 2008 /PRNewswire-FirstCall via COMTEX News Network/ — SIRIUS
XM Radio (Nasdaq: SIRI) today announced that Mel Karmazin, its Chief Executive
Officer, is expected to present at the 2008 Merrill Lynch Media Fall Preview
Conference in Marina del Rey, CA on Tuesday, September 9, 2008 at approximately
8:00 am PT.
wink!
too funny….
Yawn yawn. Who cares. I mean really. Time to get “sirius” investors and stop dreaming. The stock is going to be below a dollar in no time. Mel could announce he cured cancer & that does not change the fact they are bleeding money – No matter how may subs they grow. There will always be an excuse for losing money – satelite etc – because the business model is flawed. That does not mean I as a past investor and long time sub don’t love my service. Until the debt is refinanced and a repetative quarterly profit is made you are all crasping at hopes. & my friends they are fleeting. Do what is smart – sell now and buy again at a lower price if you are truly a long . . . There is nothing wrong in being a wise investor. I believe in the company but also realize as a shareholder we are pawns in mels plan. selling half at 1.50 & the other half @ 1.40 was the smartest thing I ever did in terms of this stock. oh, except repurchasing double the shares @ 1.00 like goldman will do. thoughts?
cos1000, a couple of things…
First up, an appeal must be filed within 30 days of appearing in the Federal Register, or within 30 days of the Adoption date — in case it is not published in the FR.
Further, the FCC issued the approval via a Memorandum Opinion & Order / Report & Order… and never published it in the Federal Register. The changes to the rules became effective immediately upon adoption of the Orders. The FCC noted that because of the nature of the changes, who was involved and how they adopted the rule changes — they would not need to publish them.
“188. IT IS FURTHER ORDERED that this Memorandum Opinion and Order and Report and Order, including the repeal of the rule prohibiting one SDARS licensee from acquiring control of the other SDARS licensee, SHALL BE EFFECTIVE upon adoption.”
“Repeal of the merger prohibition in the Commission’s 1997 SDARS Service Rules
Order is a rule of particular applicability that is not subject to the Administrative Procedure Act’s publication requirement… (“the prohibition against merger applies only to the two Applicants; it has no application beyond this proceeding.”)… and may be effective on adoption under the Commission’s rules… Further, the prohibition’s repeal is not subject to the statutory 30-day waiting period under the Administrative Procedure Act because it “relieves a restriction.””
All that said, the ADOPTION date of the orders was July 25th — so we are now 39 days after the adoption.
One of the reasons that Sirius and XM rushed the closing was because an interested party could have filed an appeal — then gotten a sympathetic judge to issue an injunction preventing the closing of the merger while the appeal process was underway. This could have gone on for many many many more months. So Sirius and XM rushed the closing before an injunction could be filed.
Now that the merger is closed, it is unlikely that anyone will file an appeal… it is a money losing gurantee at this point. You can’t prevent the merger, since it’s already closed — and have 2 Federal agencies that have already signed off on it. Your chances of winning your appeal or slim.
It’s done at this point.
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Following up, in case I didn’t make it clear… an appeal must be filed within 30 days of publishing in the Federal Register — or within 30 days of the adoption of it, if it is not published.
The window has closed.
Homer985, Now you have me back to where I started when I thought July 25th was the approval of the merger and adoption of the repeal order prohibiting the merger in 1997. Your references above are the same that I read. I did not know about the Federal Register and find that to be an interesting point. Hypothetically they could have posted in the FR and gotten and additional 30 days from the FR date if I’m understanding you correctly. Absent of that FR posting the 30 days requisite period is by default. Your information puts my August 27th date late by a day.
I now believe the confusion is not unfounded. You could have had a Federal Register posting anytime before the 30 day default period expired. I see that as adding up to say 29 days to the process. Although that probably not practical it would be possible.
Homer985, I forgot to thank you for your sound, sensible and accurate information.
So Brandon, there you have it any questions?? LOL
cos…
I have no questions…I spoke to one of the parties I mentioned in the article…9/4 is the final date.
>>>I spoke to one of the parties I mentioned in the article…9/4 is the final date.
The Federal Register updates are posted on-line — the changes to the rules were not published in the FR. And as the FCC noted, they were not required to publish it. The rules became effective immediately upon adoption.
I’m sorry, but the party you talked to was wrong… they were likely poorly informed. The FCC information is indisputable. It’s taken directly from the MO&O/R&O… they were not required to publish the changes (and they have not been) I suggest you research the Federal Register update site:
Rule changes become effective immediately upon adoption. Appeals to new or changed rules must be filed prior to the effective date. If a rule (or change) is published, then it does not become effective until 30 days after publication. Parties appealing are given the 30 days to appeal. However if the rule is effective immediately upon adoption, then appeals are given 30 days from the adoption.
Release dates is and always has been irrelevant to the process.
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homer…
If the party is wrong then so are the attorneys in the matter. I don’t know about the Federal register nor do I care, as I am not an attorney.
From what I saw on the yahoo board yesterday, you acknowledged a certain case in point. I believe you referred to it as a Rico case.
Now you post here that it cannot be. You are wrong and do not know the details but there is an appeal either being filed or already filed with a final submission date of 9/4.
You can continue to attack my posts but it will not change the fact that I have recieved information directly from a source involved in at least one case.
I’m afraid you are wrong. Period.
With no disrespect to either party, the confusion continues and the Company’s silence is deafening….
Let’s move on. Whether an appeal may, can, will or will not be filed matters less than implications if one is or is not filed. On the former implication, what then relative to impact? And on the latter, then what?
>>>I don’t know about the Federal register nor do I care, as I am not an attorney.
I suggest you read page 82 of the MO&O/R&O – under footnote 561, with regards to 47 C.F.R. 1.4 — which is the FCC ruling dealing specifically with the computation of time. Here, the FCC goes out of their way to point out that they are not required to publish the changes in the Federal Register — nor are the changes subject to the mandatory 30-day waiting period.
If you reaserch 47 C.F.R. 1.4 — you’ll learn how and when the FCC begins its computation of time, specifically when it is not published in the Federal Register. It begins with the public notice — which I will conceed was listed on the FCC website as 7/28/07… not my previous 7/25/08, which was the Friday before.
Now, as for your attacks on me — my reference on Yahoo to Hartlieb’s RICO case was just that. Hartlieb acknowledged publicaly that he was filing it (or had). I never stated either there (or here) that Hartlieb could or could not file an appeal to the FCC’s decision. Nor did I state at ANY point in time that he had not. Yes, I said he filed a lawsuit — but no, I never claimed that he could not or would not file an appeal to the FCC ruling. Don’t twist my words and make claims of things I never said.
My posting had one — and only one — point… that the closing date to filing an appeal was at the end of August. That time has passed… I never claimed that Hartieb hadn’t already done it. I did doubt whether any one would want to, because IMHO it is a money losing proposition — but I never said he (or anyone) didn’t.
P.S. – Lawyers are wrong more than you think… one piece of advice regarding working in the media (since your portraying your site as a news type of service) – never trust a single source. If they’re wrong, you’re the one that loses the credibility.
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