Reply from Peter Lauria from the NY Post!
Peter.Lauria (Peter.Lauria@nypost.com)
"my sourcing is solid and the story i wrote yesterday is accurate..but that doesn't mean sirius will do a deal with liberty, though..what sirius ultimately does is still being decided..as for why no one is picking it up, maybe they're upset because i got to it first.."
I wrote Peter yesterday and asked him a few questions about his article in the NY Post on Friday evening. That is what he had to say back!
http://www.nypost.com/seven/02132009...ius_155024.htm
Wall street journal reports siri board to decide today
A group of creditors have threatened to remove Sirius XM Radio Inc. CEO Mel Karmazin if the company chooses to file for bankruptcy over a striking a deal with an investor that would allow it to remain solvent, reports the Wall Street Journal.
Additionally, the WSJ is reporting that a final decision by Sirius XM's Board is expected Monday.
"Creditors will act quickly and definitively if they perceive that management is acting in their own interest and not in the best interest of the estate," Edward Weisfelner, a partner with Brown Rudnick LLP, the law firm representing the creditor group told the Journal.
"The board of directors should carefully consider the ramifications," he added.
In response to the creditor threat, Sirius XM said in written statement: "The management of Sirius XM is continually working to ensure the best possible outcome for the enterprise." (If I remember correctly, this is the first official communication from the company about the current situation.)
Sirius XM's board reportedly met this weekend to weigh on the company's course, including an offer from Liberty Media, with a final decision expected on Monday, reports the Wall Street Journal.
If Mel Karmazin does file for bankruptcy, creditors could ask the bankruptcy judge to remove management and put the company under the stewardship of an independent trustee. Such a move is a difficult one, bankruptcy experts say, as judges tend to be favorable towards management.
But the argument that bankruptcy may be preferable to solvency may be a hard pill to swallow for the company's creditors.
"You have to be a little skeptical when you hear that from the same people who drove the bus into the wall," Weisfelner told WSJ, referring to Sirius XM management. "They can't use bankruptcy at creditors's risk as a 'Hail Mary' pass to keep themselves in power."
The creditor group that Edward Weisfelner represents holds about $173 million in Sirius debt - the same group that agreed on Friday to extend the maturity of the bonds until 2011.
Just the fact that some of Sirius XM Radio's creditors are already contemplating an ouster underscores Karmazin's dwindling support. The decisions made in the next 24-hours will essentially determine both the company's fate, as well as management's.
The cheer of the day should be
come guys get the women in your wife to wear a wet tea shirt with the saying across their chest "give me Libery of give me death (BK)"
oops change wife to life. so excited here cant think
oops change wife to life. so excited here cant think
Min $$$$ on hand?????????????????????
This is the most important question that must be answered if no cash infusion happends within next 24 hrs!!!!!!!! Homer beleives it was $180M however he later found out XM must keep $75M on hand at all times we have yet to find the $$$$ amount if any for SIRI. Let's quit guessing on things we don't know and atually look thru info we do have and find this $$$ amount. If $75M is all we must have then we can write Ergin a $175M check tomorrow with the help of NO ONE!!!!!!!!!! Let's again stop specualting and start reserching the public infomration for the answer!!!!!
START READING ON THE Q's K's & 10 ABC'c :) get your reading glasses on and lets get started now!!!!!!
Homer, we really need you here!!!
