Gina...
I asssume you're the same Gina from SA?? If so glad you made the trek over. Always happy to have more women around the shop.. :thumbup:
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Gina...
I asssume you're the same Gina from SA?? If so glad you made the trek over. Always happy to have more women around the shop.. :thumbup:
Relmor.................... unthinkable ! The Cos1000 is an honorable man. Nuff Said. ....... killer.
Baba...Quote:
Originally Posted by bababoooie
I'll eat it down in steerage...
Quote:
Originally Posted by asm610
You do know they are in bankrupt. So what is your point that when the banks finish with them, they will be back in business under different management and shareholders. Now while they just got the agreements with Europe before they went bankrupt. I still dont think the business can survive. The difference between Canada and World Space is that Canada does not have the over head World Space does and will always have. There just was never enough people (that could afford the service) to keep it going. towards the end they were losing subs every quarter (the nets could not keep up with the churn).
Killer...Quote:
Originally Posted by killerkaul
True that...
btw... after getting to see your masterpiece up closer...dig it man! I think I see a dead body back there by the Capitol Building...could the dog have taken out Kevin Martin when ya weren't lookin??
John,
They are for sale....the purchaser might be interested in exclusive content..no? I'm just doing a little digging. There has to be a reason Liberty got involved with SIRI besides a nice cash return on the investment...and we still are not clear as to what that is.
SILVER SPRING, Md.--(BUSINESS WIRE)--
WorldSpace(R), Inc. (NASDAQ:WRSP) a leading provider of satellite radio services outside the U.S., today announced it has received approval of the United States Bankruptcy Court in Delaware for the first part of an interim Debtor-in-Possession (DIP) financing in an amount up to $2M which will enable the Company to meet payroll obligations to critical employees and commence a process to sell the Company or its assets.
The Company, along with its U.S. subsidiaries WorldSpace Systems Corporation and AfriSpace, Inc., filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court in Delaware on Friday, October 17, 2008. In accordance with the terms of the DIP financing facility for which the Company has received initial court approval and intends to seek further approvals in the coming weeks, the Company has commenced a process to market and sell the Company or its assets, or complete an alternative restructuring transaction. The Bank Street Group LLC (www.bankstreetgroup.com) has been appointed as the Company's financial advisor in support of the sale and/or restructuring process and all interested parties should contact Bank Street (Gary Grant, ggrant@bankstreetgroup.com or Richard Lukaj, rlukaj@bankstreetgroup.com) for further information.
In other announcements, WorldSpace appointed Robert Schmitz of Quest Turnaround Advisors, LLC as its Chief Restructuring Officer reporting to Chairman and Chief Executive Officer Noah Samara to assist the Company through an orderly sale or recapitalization process.
WorldSpace India, a wholly owned independent business unit operating in the market where most of the Company's customers are located and revenues are generated, has not filed for protection from its creditors and continues its business activities in the ordinary course.
As previously stated, WorldSpace will continue to operate its business and manage its assets as a "debtor-in-possession" under the jurisdiction of the court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the court.
The holders of the Company's existing senior secured and convertible notes have agreed to provide, subject to the satisfaction of certain conditions, a DIP financing facility of up to $13M for a period of 90 days in order to facilitate a sale transaction. The financing facility is expected to enable the Company to continue to pay salaries of critical employees and continue operations which are critical to preserving the value of its core assets through the term of the facility.
Say what you want about Paulson. At least he was a Wall Street guy and looked out for it. Look what's happend since he left. Now we have a scary-looking punk looking out for us (not really) and a Prez who thinks he's Abe Lincoln and Robin Hood (maybe even Peter Pan LOL) who hates everything Wall Street stands for. Just what we needed. :confused:
Hey SI62, am the same Gina, couldn't resist but follow you guys:)! :cheers:
asm...
Don't tell me you're considering buying into another SatRad company in the Pinks??
Quote:
Originally Posted by gina2009
Welcome...
Are you still holding your position since the BK pricing??
Not that this ties in with anything but thought I would throw it out there. Any connection other than the obvious come to mind?
XM objects to Worldspace auction
Chris Forrester 04-03-2009
Worldspace’s managers, still drawing down millions of dollars each month as ‘Debtors in Possession’ during its Chapter 11 bankruptcy process, have managed to upset a major client in the shape of XM Satellite Radio. While Sirius now owns XM, there are still XM legal contracts in existence, one of which is with Worldspace.
The XM-Worldspace “co-operation agreement” requires Worldspace to supply 4 channels of music into the XM (and now Sirius) pay-radio system. XM, for its part, was required to share the revenues with Worldspace for these 4 audio channels, and to pay Worldspace for certain costs incurred by Worldspace in connection with the channels.
In other words here was a revenue stream for the near-bankrupt channel. Reading these assorted Court Motions can often be a challenge for a layman, but in XM’s affidavit some of the considerable frustration comes through despite the legal niceties used. XM alleges that Worldspace is now in material default for no longer providing these 4 channels. Moreover, Worldspace didn’t seemingly have the courtesy of informing XM that the 4 stations would be going dark. They just vanished from the air at midnight on Feb 6.
Cheekily, Worldspace is looking to assign this and other contacts they have with XM to a new buyer/owner when the bankruptcy process is concluded. XM is looking to the bankruptcy court to deny Worldspace its plan to assign to a new owner these contracts. XM informed the court that it believed the staff that were working on these 4 channels have been laid off.
Worldspace’s court Sale Hearing is scheduled for this coming Friday (March 6).
© Rapid TV News 2009
http://www.rapidtvnews.com/index.php...e-auction.html
Kassahun Kebede
Director
Kassahun (Kassy) Kebede was elected as a director of WorldSpace on May 18, 2005. Mr. Kebede is the founder and managing partner of PANTON Capital Group, a New York based credit arbitrage hedge fund established in February 2004. From 1995 to 2004, Mr. Kebede worked at Deutsche Bank in a number of positions, ending as the head of a bank-wide management task force concerned with measuring, assessing and reducing the bank’s exposures (trading and loans) in Latin America. Previously, Mr. Kebede worked in the Global Markets Division focusing on the bank’s exposure in Asia and Latin America. Mr. Kebede also served as the head of equity derivatives and a member of the division’s Management and Commitment Committees. He originally joined Deutsche Bank in 1995 as head of European fixed income derivatives. From 1994 to 1995, Mr. Kebede was head of the credit derivatives department at Merrill Lynch. From 1991 to 1993, Mr. Kebede was employed at Bankers Trust. Mr. Kebede earned a M.B.A. from the Wharton School of the University of Pennsylvania in 1991 and a B.S. in electrical engineering from Marquette University in 1985.
asm610, I posted a long time ago to "killerkaul I thought DirectV or DISH would be the perfect take over company instead of all the rest that everyone else was say would be. I gave him many reasons and even said I will not even get into content deals. The reason why is the post would have gone on forever.
P.S. you know XMSR also used to hold shares in World Space. I dont think it means anything at this point though.
siriusonthego, should have read your comment first.
Terranova just mentioned a March 15 rally too...there's gotta be something to it. I mean in general a rally's coming. From here, the longer we go without one, the higher we'll go when it happens. God, I can't believe I'm actually saying 2000 points only gets us to 8500. Tough pill to swallow, mates...
sl62,Quote:
Originally Posted by sl62
I've already got more satellite than I can take now! I am just trying to find the end of the rope....and hope there is not a noose on it for Mr.Shareholder.
Good find there.....every little piece of the puzzle helps!Quote:
Originally Posted by siriusonthego
Yeah still holding, thinking about adding to it, just waiting for an opportunity. I agree with you and I am glad you set some light on last nights discussion, it got so gloomy in no time, but you revived it! I do agree with your view! Gina
relmor, my intentions are to present facts as they stand before us and to not sugar coat them. I did not file an extension, the company did... I predicted that on Friday and with my best intentions told the board I was selling 2/3 of position based on that. We have been here for months trying to predict what this company is doing and how it will effect the stock price. I said what it was doing, I took action, I fully disclosed it as a play to make money, and I take offense that I am trying to spread rumor and fear here or anywhere else so that I might buy in a few pennys cheaper. Check yourself man, before you make those claims about me.... The conversation on this board, Pro or Con, is a positive process that allows for an exchange of information base on REAL EVENTS, not BS.....
Quote:
Originally Posted by relmor2003
We knew they would file the extension as of Thursday. IT WAS IMPOSSIBLE to have a CC between the 1st by then. SO your "guess" on the extension is a "non event". Of course they were filing an extension. And we knew why they would. Because they needed AUDITED NUMBERS to futher the Malone deal going forward, and it would make no sense to have a CC or file their 10K prior to that. Thats the only Fact were going on. I dont remember you seeing the Q3 bk warning, and telling everyone you thought BK was a real possibility in November. Just wondering whats changed between now and then that would make you take a threat now as serious, as apposed to prior to now.Quote:
Originally Posted by cos1000
SiriusXM is playing the same BK scare game as they have been since minimum of their Feb filing. Ive said Mel is in bed with keeping the stock price low, and nothing has changed. His behavior has been NOTHING BUT CONSISTANT. If you feel bringing BK to the table is the responsible thing to do, then the responsible thing for me to do, is question your intentions, and reveal your poor timing in your trading pattern as suspicious. As you see, we are still sitting right where you sold your shares. Never dropped below .13 cents, because there was never a reason for it too. Getting Brandon on the verge of writing a BK article using nothing but the SEC filing we had seen and already interpreted as "due diligence" is suspicious. As I trust no one who thinks illogically, I did the "responsible" thing and mentioned it. Sorry, I have an obligation to the members here just like you do. It would be wrong of me to not question ANYONE THINKING CRAZY.
asm...Quote:
Originally Posted by asm610
Good call...
I think we have to get back to remembering that this company was saved from what we now know otherwise was certain BK. We all thought Mel had options behind the scenes, cause he kept saying he did. What we have found out is there were exactly two options: Ergen or Malone. Not one of which leaked out until Early Feb (which still amazes me). Ergen was hostile and IMHO would have dismantled the company for parts Gordon Gekko style. Malone, for a hefty price gave the right deal (or least bad, at least fathomable in the real world). I will say this. Had not Mel already taken the $250M and with $21M looming in good faith fees on a reversal, and if no money had changed hands yet, this SP would be .05 while we wait for the rest of the details...and all of us would be gritting for a probable BK. So having phase 1 a done deal out of 2, a legit transaction already consummated, I'm heartened and have no choice but to believe in the reality of phase 2. It's coming with the price of more drama and time for us, but given my aforementioned points, I just don't see any noose right here.