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And they should for lack of concern for stockholders. I know that isn't their approach, they want money, but bk would be neglect in the highest form for stockholders when other options are available.Quote:
Originally Posted by SiriusBuzz
Newman can probably shed some light on this thought. I am a chart man...not a financials person.
http://online.barrons.com/article/SB...?mod=wsjcrmain
The deadline arrives for Sirius Satellite Radio to pay off $175 million of notes held by Dish Network CEO Charlie Ergun. Barrington Research analyst James Goss doesn't think Sirius will file for bankruptcy. Meanwhile, John Malone's Liberty Media has emerged as a possible white knight.
I just wanted to make sure that everyone noticed that The New York Post article was updated after it initially broke....this is really all we have to go on so far. This is all according to "a source close to the situation" that apparently thought that The New York Post was the best people to give this information to. Why The New York Post? What's with that tabloid style photo and why does the text in the photo say that "Mel Karmazin is praying John Malone's Liberty Media will throw him a life preserver" if the life preserver has already been thrown?
http://www.nypost.com/seven/02142009...rty_155062.htm
http://www.nypost.com/seven/02142009/photos/biz023a.jpg
GIMME, LIBERTY
MALONE AND CO. HELPING SIRIUS AVOID BANKRUPTCY
By PETER LAURIA
John Malone's Liberty Media is offering Sirius XM a bridge loan of several hundred million dollars to help the nearly insolvent satellite-radio company pay off debt that matures Tuesday, The Post has learned.
According to a source close to the situation, the loan is part of a two-step approach that Liberty wants to take as it looks to bail out Sirius XM, which is struggling to make its debt payment and fend off takeover maneuvers from EchoStar CEO Charlie Ergen.
As part of the plan, Liberty would provide Sirius XM CEO Mel Karmazin with enough cash to repay $175 million in debt that Ergen currently holds and is due Tuesday. That would give Liberty three months to come up with a plan to restructure Sirius XM's roughly $600 million in debt that comes due in May and December.
One scenario could involve Liberty borrowing from Ergen's playbook by buying up Sirius XM debt on the open market. Another involves Liberty making a pitch directly to Sirius XM's bondholders.
The latter option would be complicated by the fact that Ergen also holds some of Sirius XM's debt due in May and December, and sources said any refinancing proposal would likely have to include a sizeable premium in order for him to step aside.
Representatives for Sirius XM and Liberty declined to comment.
Liberty's proposal comes as Sirius XM is pursuing parallel deal talks with Ergen, who has also offered to give the company cash and to restructure the remaining debt he holds in return for control of the company.
Sources said Liberty's offer isn't contingent on its taking control.
Absent a deal with either Liberty or EchoStar, Sirius XM would be forced to file for Chapter 11 bankruptcy protection as soon as Tuesday.
Few deal makers are as deliberate and methodical as Malone - or as financially astute - and Liberty is taking the two-step approach in part because Malone is weary of the landmines that might lurk in Sirius XM's capital structure.
"Sirius XM's capital structure is fiendishly complicated," said a source involved in the negotiations.
Indeed, the source noted that while the operations of Sirius and XM have been merged, both companies still maintain separate balance sheets.
"The beautiful thing about Liberty is that one side of its brain is looking at this like a distressed bond investor and if they can make a little money that's fine," the source said. "The other side of its brain is looking at this like a strategic buyer, and if they can get access to the assets, that's fine, too."
Separately, Sirius XM said yesterday that it exchanged $172.5 million of the $400 million convertible bonds due in December for a new series of bonds due in June 2011. peter.lauria@nypost.com
I was thinking this through last night.
What are the three most important things to most men? Money, sex and competition.
Mel knows the sound financial move is to make a deal, but his ego (his sense of competition) is getting in the way. We have no control over this.
What do we have control over? We can find hot women who would like to make money off of SIRI. So, we email Mel and we say:
"Don't BK the company and you will have the gratitude of many hot women."
This should be our slogan going forward. It will help Mel make that tiebreaking decision in his own head between his investment and his ego.
You can be the man, Mel. Chicks can dig you ...
/beavising
At Mel's age, I think self respect (which you left off of the list) is more important than women......dude is married too.Quote:
Originally Posted by thedude110
Good Morning Gang!! Cross ALL of your appendages for this week!! It will be a nail biter! Bill .... not your usual cheery self this morning - I haven't been to that section of the site... i am tied in knots over Sirius but - you could count me as one of the f---ing idiots if i were there - Perscription for Bill.... Another pot of coffee and GOOD Sirius news!!! LOL just kidding Bill ... but perhaps another cup of caffiene?? lol Thanks for ALL your assistance guys - still a newbie here!!:DQuote:
Originally Posted by billhart22
If we all collectively meditate and envision that everything will be ok, maybe it will.....or not.
http://farm4.static.flickr.com/3040/...cfe3af.jpg?v=0
well i can tell by the postings
that many a mind of our fellow sirixm'er-ites,
by this time in the unfolding
events, is quite a bit a-kilter, and so to add
to this increasing entropy, i can't help but on this monday a.m.,
think of that tune from my fair lady, as it somehow
seems appropos to these moments.....
so, without further adieu, I herewith add additional
substantive content to this illustrious board in these,
our hours of need!
Poor Professor Higgins! Night and day
He slaves away! Oh, poor Professor Higgins!
All day long On his feet; Up and down until he's numb;
Doesn't rest; Doesn't eat;
Doesn't touch a crumb! Poor Professor Higgins!
Poor Professor Higgins! On he plods Against all odds;
Oh, poor Professor Higgins! Nine p.m. Ten p.m.
On through midnight ev'ry night.
One a.m. Two a.m. Three...! Quit, Professor Higgins!
Quit, Professor Higgins! Hear our plea
Or payday we Will quit, Professor Higgins!
As for the Post, they never let the truth get in the way of a good headline or story. And who has been friendly to SIRI? Certainly not the Journal, or the others who reprint days old stories whit inaccurate, misleading or false infomation.
Quote:
Originally Posted by Demian
Mel can make money and enjoy the competition and as for the sex component, I think he has "violating" Ergen in mind. :)
Quote:
Originally Posted by thedude110