Take A Look At The 12b-25 Ext: What Does It Reveal?

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Originally Posted by FoolNHisMoney

This is a very important point. So the question is do you think Sirius XM has more than $3.25BB (I think this is close to the current debt load) in assets? If so, then the rest has to go to the lowly shareholders.

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It all depends on how a bankruptcy court would value the licenses. Currently Sirius is carrying the XM licenses valued at $2BB; but Sirius licenses are value at $83MM. That is a huge discrepency. If bankruptcy court were to value the Sirius licenses at anywhere near where the XM licenses are -- then it changes the stockholder equity position significantly, IMHO.



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Originally Posted by mogami

Why did Sirius BOD release their firm Ernst & Young after merger and keep XM's. They had to choose one and they chose the firm working for the more distressed company.

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Lowest bidder.

Besides, XM was no more distressed than Sirius going into the merger. Their debt maturities and cash balances were similiar. Don't fall into the trap of believing that XM was near bankruptcy prior to the merger -- that rumor was purpetuated by some ill-advised posters who didn't do all of their due diligence.



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I just want to say I love each and everyone of you die hards. This sh&t is fascinating. Sl that rant was brilliant. You write like I feel very passionate. NOW DON'T BE WRONG!!!

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Originally Posted by bababoooie

I would like to see the asset allocation after the merger was completed. MY bet is that, the Frequency and Subscribers may still belong to the Parent SiriusXM, while the infrastructure belongs to XM Holdings.

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This is incorrect. The XM licenses, assets and subscribers all fall under the XM Satellite Radio Holdings Inc subsidiary. This information is contained in the documents filed with the SEC and FCC.

The licenses specifically are held by XM; as Sirius is held by Satellite CD Radio. BOTH are controlled however by their parent company Sirius XM Radio Inc.


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sl62,thanks for your comments. You are right this is not criminal and I didn't accuse Mel or anyone else, but I just remembered that movie and all of the sudden I saw myself in the same situation as these lovely ladies who invested in Springtime for Hitler .
My ties to Germany, I was born and raised in Germany , we left 1998 after socialist Schroeder became chancelor ,Fischer ( former RAF ) secretary of state etc. Even now with Angie in charge it's not better. That's why they all love Obama, well the people love him because they really think of him as the chosen one and the press calls him the black JFK, and in case you don't know that, for Germans esp. the elder generation , JFK is the best of the best, greatest leader this world has ever seen.
They expect a lot from Obama, the whole EU, they feel betrayed by the Bush-Administration, it is scary, every time I am on the phone with family or friends I get an earbashing. Yesterday I told my sister that Obama until now didn't do anything and that he seems a bit lost. Wow ! I got told off.

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Originally Posted by sl62

choirgirl...

Thanks for your comments before. Glad you joined the 'fray' as it were LOL...

First, thanks for being specific to Gene Wilder in that role. For me he and Zero are non parell..I think the other two are OK funny but not the same at all.

Second, SIRI is not a ponzi scheme. You alluded to reading our posts on SA. We covered ad nauseaum if not infinitum, why Mel was not running a scam here. But I guess everyone over here now thinks he is. I do not. He is guilty of things like poor communication and poor timing but I'm not buying this criminal intent angle that has cropped up in full force once again. Every argument needs a counterparty and I'm happy to provide that in this case. With both sides, all are certainly entitled to make up ther own minds of what they themselves believe.

You mentioned the political activity in Germany. Pretty funny. When Messianic figures pop up, the sheeple ears perk up and want to be part of it. Do you have ties to Germany therefore have more insight as to what's going on over there?

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Originally Posted by Brandon Matthews

With a 9.1 million oem run rate and 1.7% churn they will lose 2 million subscribers in 2009

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Yes, if you believe that RETAIL adds ZERO subscribers in 2009 - then this is possible.

20MM subs with a 1.7% churn is 4MM lost subs in 2009;

9.1MM OEM run rate, with a 50% installation rate and a 50% takeup rate;
leaves 2.28MM OEM additions in 2009

Difference is 1.72MM lost subs for 2009. If you believe that RETAIL has ZERO adds in 2009, then you will have your 2 million lost subscribers in 2009.

However, an average of 500K new retail subs per quarter, would put 2009 totals into the positive.

Yes, completely disagree with your assessment.


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Originally Posted by bababoooie

Have you considered that Sirius XM is leasing the frequency to XM for business purposes. This results in a income for the parent company similar to any station within Sirius to be leased (FCC MINORITY REQUIREMENT) for Broadcast.

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The license is held by XM. This is irrefutable.

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Originally Posted by homer985

Yes, if you believe that RETAIL adds ZERO subscribers in 2009 - then this is possible.

20MM subs with a 1.7% churn is 4MM lost subs in 2009;

9.1MM OEM run rate, with a 50% installation rate and a 50% takeup rate;
leaves 2.28MM OEM additions in 2009

Difference is 1.72MM lost subs for 2009. If you believe that RETAIL has ZERO adds in 2009, then you will have your 2 million lost subscribers in 2009.

However, an average of 500K new retail subs per quarter, would put 2009 totals into the positive.

Yes, completely disagree with your assessment.


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Well, I bought my wife a Stilletto 2 for her Bday last week. So there's at least one subscriber in 2009!! :D

I tend to fall on the more optomistc part of the fence on this subject. I just don't think anyone in their right mind would throw the kind of $$ that Malone did at Sirius with getting a peek at the books.

The one and only thing that concerns me (I stated this in a previous post) is that there has not been one single share bought by an insider in a long time. Again, as Homer and a few others mentioned, there could be stipulations behind the reason. I hope that's the case.

I am still in accumulate mode with SIRI and think there will be a lot of clarity after 3/17. Hang in there longs.

FoolNhisMoney ................ like the bike. ..killer.

Thanks Killer. That's a drawing of Wayne Gardner kicking it on a Rothmans Honda circa 1986. Old school!