I hope it end at least at .15 + today, that was some drop. Why do I have this feeling Siri sold some shares or did a debt equity swap today ? Let's see if there is a filing tonight.
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I hope it end at least at .15 + today, that was some drop. Why do I have this feeling Siri sold some shares or did a debt equity swap today ? Let's see if there is a filing tonight.
Prediction......
The shorts that shorted the morning spike up today will cover going into the close and lift up the share price - just like what happened yesterday...
I think SIRI closes pretty flat today...slightly up or slightly down.
Wow, what a tug-of-war SIRI is going through!
If I were a short, I would not want to go into this weekend with a position on. For this reason, I can see a pop in the last 5 minutes of trading today. In the meantime, the stock will continue to get bashed into the close.
I believe we will have an opportunity to buy on a downward gap sometime in the last 10 mins here - possibly in the high .11's to low .12's which I will gladly hold through next week awaiting another pop on news.
Good luck all!
People seem to assume that every time the stock goes down that it is being shorted.
I think it is just good old fashioned selling!
wow never expected it to fall this low, wtf.
as one of the most heavily traded stocks, I can assure you that I am not just assuming
well i just bought more, dont let me down mel.
NEW YORK, Feb 6 (Reuters) - EchoStar Corp (SATS.O) Chief Executive Charles Ergen's reported purchase of Sirius XM Radio Inc's (SIRI.O) debt is likely a strategic move to acquire assets, rather than an attempt to eventually force the company into bankruptcy, research firm CreditSights said on Friday.
On Thursday, bonds of Sirius XM rallied after the Wall Street Journal reported Ergen was purchasing the company's debt in the open market.
It is unclear which, if any, of Sirius' bonds Ergen has purchased and if Ergen is purchasing the debt via EchoStar or not.
"If Ergen could accumulate enough of a position to prevent Sirius XM from refinancing its 2009 maturities, he would be a formidable and unwelcome addition to the bondholders' table," said CreditSights analyst Jake Newman.
Sirius XM has a slew of debt maturing this year. About $175 million in 2.5 percent convertible notes is due on Feb. 15, according to KDP Investment Advisors.
Meanwhile, Sirius has $350 million of bank debt due in May and another $400 million in convertible notes due in December, said Newman.
The most recent report on the February 2009 convertible bonds shows that an asset management unit of Goldman Sachs had about $135 million, or 77 percent, of the issue and this could be what Ergen is after, said the analyst.
In a debt-to-equity swap, this would give Ergen an 18 percent stake in the company.
If Ergen's intentions are to force Sirius XM into bankruptcy, he would likely need to act now and purchase Goldman's stake of the 2.5 percent convertible notes in order to control the reorganization plan, CreditSights said.
But this would be very expensive as Ergen would need to buy the entire Goldman stake.
As of Thursday, the bond price for the 2.5 percent convertible notes had climbed over par, he said.
"The theory here would be that he wants to buy back the existing debt on the cheap after a bankruptcy. To control the reorganization plan, he would need a blocking position of one-third of the senior unsecured bonds, we believe," he said. (Reporting by Tom Ryan; Editing by Jonathan Oatis)
not looking good going into close :(
http://online.wsj.com/article/SB123388180101154945.html
Info on how much dept echostar owns of siri
I was able to get this whole artcle by googling echostar/sirius
After I posted the link It came up with a subscription request but the article is worth reading If it is not old news to you
left in a limit order for .11 but it never hit. :*(
i added another 3500 at .118
im so positive in this stock bouncing up huge here soon i have sold my other positions and am now in 100 percent, not the smartest move but i know siri will pull it off :)
Debt, Sirius Talks to EchoStar Article
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By MATTHEW KARNITSCHNIG and JEFFREY MCCRACKEN
Sirius XM Radio Inc. Chief Executive Mel Karmazin is scrambling to raise about $175 million by Feb. 17 to fend off the company's bankruptcy and a possible takeover threat from EchoStar Corp.
Sirius has been in talks for several weeks with EchoStar, which holds around $400 million of the satellite-radio company's debt, people familiar with the matter said.
EchoStar Chairman and Chief Executive Charles Ergen, who is believed to be seeking control of Sirius, has been accumulating Sirius debt since late summer, the people said. EchoStar holds most of the $175 million in Sirius debt expiring in February and owns more than half of a $400 million tranche coming due in December. Both stakes were purchased from hedge funds. Sirius's total debt load is $3.25 billion. Sirius didn't respond to a request for comment.
A spokesman for EchoStar declined to comment on the strategy behind acquiring the debt. It remained unclear what Mr. Ergen would do with Sirius if he acquires it. Mr. Ergen also controls satellite-TV provider Dish Network Corp. There is a link between Mr. Ergen's empire and his target: Former Sirius CEO Joseph Clayton is on the EchoStar board.
Industry officials and consultants see the latest EchoStar moves as a way to differentiate Dish from cable-television rivals by getting into wireless and mobile-video services. Combining the satellite spectrum and unused wireless spectrum Mr. Ergen already controls with the radio spectrum EchoStar would acquire is a way to reach that goal. Sirius's shares rose two cents to 17 cents. Its debt has also rallied.
Seeking to take control of a company by acquiring its debt is an unorthodox strategy and could backfire. The debt EchoStar holds is junior to $600 million in bank loans Sirius has taken out. In the event of a bankruptcy filing by Sirius, the bonds held by EchoStar could be worthless. But Mr. Ergen could be counting on negotiating a settlement with the banks that would allow him to seize control.
A bankruptcy filing could offer advantages to Mr. Ergen because it would allow Sirius to extract itself from costly contracts, including a $500 million, five-year agreement with radio personality Howard Stern. On his show Thursday, Mr. Stern said he didn't understand the financial details of EchoStar's moves, but added, "I just need to know who I'm working for on any given day."
—Sarah McBride and Andy Pasztor contributed to this article.
Write to Matthew Karnitschnig at matthew.karnitschnig@wsj.com and Jeffrey McCracken at jeff.mccracken@wsj.com
Printed in The Wall Street Journal, page B1
this stock is so bi-polar.
Companies within this ArticleDISH Network Corp. Cl A(DISH) 13.57 0.01
4:00p.m.
Sirius XM Radio Inc.(SIRI) 0.13 -0.04
4:00p.m.
EchoStar Corp.(SATS) 16.64 0.81
4:00p.m.
todays close
SIRI closed @ .1298........OUCH!
Can someone tell me what happened today?
Uh huh.Quote:
Originally Posted by Gnarkillz
The market, which yesterday had decided EchoStar was Siri's salvation, has today decided it's Siri's doom.Quote:
Originally Posted by Jworld
Think we can find a PR guy to work for .12?