There was just a big sell about 11:10 and is now recouping. I wasn't watching, I was too busy arguing with you, lol. Daytraders? Nope. It is a normal trading pattern and is doing its best to recover now.Quote:
Originally Posted by dmo2424
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There was just a big sell about 11:10 and is now recouping. I wasn't watching, I was too busy arguing with you, lol. Daytraders? Nope. It is a normal trading pattern and is doing its best to recover now.Quote:
Originally Posted by dmo2424
LOL........back to the bartering system?? :)Quote:
Originally Posted by ray
http://www.reuters.com/article/marke...0090213?rpc=44
UPDATE 1-Sirius reworks some debt; bankruptcy still possible
Fri Feb 13, 2009 11:26am EST
* Exchanges about $172.5 in notes for notes due later
* In talks to refinance other debt
* Says if talks fail, it may file for bankruptcy
NEW YORK, Feb 13 (Reuters) - Sirius XM Radio (SIRI.O) said its XM Satellite has refinanced some of its outstanding debt, but acknowledged it may file for bankruptcy protection as soon as Tuesday.
Sirius, the pay-radio provider under pressure to address some $1 billion in debt this year, on Friday said it exchanged $172.5 million aggregate principal amount of senior notes due December 2009 for newly issued notes due in June 2011.
The company said that it is in talks toward refinancing some of its other debt.
A person familiar with the situation told Reuters that both EchoStar Corp (SATS.O) and Liberty Media (LINTA.O) continue intense talks with Sirius XM. An agreement could include a loan to Sirius, or paying off its debt, or assuming the debt obligations.
If the talks fail, Sirius -- home to programs by personalities including Howard Stern and Oprah Winfrey as well as Major League Baseball -- may file for bankruptcy.
"These transactions may not be successfully consummated," the company said in a statement. "If these transactions are not consummated, it may be forced to file for bankruptcy protection as early as Feb. 17, 2009." (Reporting by Franklin Paul; Editing by Brian Moss)
Copied from Fidelity website. no link
-Sirius reworks some debt; bankruptcy still possible
11:26 a.m. 02/13/2009 Provided by
* Exchanges about $172.5 in notes for notes due later
* In talks to refinance other debt
* Says if talks fail, it may file for bankruptcy
NEW YORK, Feb 13 (Reuters) - Sirius XM Radio (SIRI) said its XM Satellite has refinanced some of its outstanding debt, but acknowledged it may file for bankruptcy protection as soon as Tuesday.
Sirius, the pay-radio provider under pressure to address some $1 billion in debt this year, on Friday said it exchanged $172.5 million aggregate principal amount of senior notes due December 2009 for newly issued notes due in June 2011.
The company said that it is in talks toward refinancing some of its other debt.
A person familiar with the situation told Reuters that both EchoStar Corp (SATS) and Liberty Media <LINTA.O> continue intense talks with Sirius XM. An agreement could include a loan to Sirius, or paying off its debt, or assuming the debt obligations.
If the talks fail, Sirius -- home to programs by personalities including Howard Stern and Oprah Winfrey as well as Major League Baseball -- may file for bankruptcy.
"These transactions may not be successfully consummated," the company said in a statement. "If these transactions are not consummated, it may be forced to file for bankruptcy protection as early as Feb. 17, 2009." (Reporting by Franklin Paul; Editing by Brian Moss)
"These transactions may not be successfully consummated," the company said in a statement. "If these transactions are not consummated, it may be forced to file for bankruptcy protection as early as Feb. 17, 2009." (Reporting by Franklin Paul; Editing by Brian Moss)
"The company said in a statement." Is that true or just speculation? Also does that comment concern anyone???
Lots of these articles have stated that BK may be attractive to SIRI??? What do you guys think? I know Mel has 20 mil of his own at stake here, but if he BK's the company and has some breathing room and turns this thing around I think he could easily recoup that 20 mil, am I wrong? Does BK look attractive to SIRI?
We are also pulling back on the SP, does that concern anyone? Ahahah sorry for all the questions I just WANT TO KNOW!!!
most likely just some profi taking from those who bought in round .6
ya, and it looks like it is going to go on for at least a little while. The ADX and MACD are bearish right now. The RSI has dropped from 80 to 30. But that is subject to change.
Cramer's minions at it again... just recycling fear threat of bk probably so cramer can get some shares... what do you think bill? tripp? demian?
http://www.thestreet.com/_yahoo/stor...FREE&cm_ite=NA
Hi Sirius Hope - I am also bewildered as to why in Gods green earth would a co make a payment to a supplier if bk was eminent. I think that a payment of that magintude would would be closely scrutinized by bk trustees if the co did go .... being this close to a "possible" bk?? I really think that there is a BUNCH of stuff that we do not know here - in the situation that Sirius is now in --- Cash is King!!:confused:Quote:
Originally Posted by SiriusHope
Well, DMO, I personally think Cramer is an idiot and one of the causes for this stock to take a beating. He and the Motley Fool. I ignore them.Quote:
Originally Posted by dmo2424
Quote:
Originally Posted by Demian
Hi Damian - I think I agree but the risk is a bunch higher - Man I would love to ave down from .40!! What does your "crystal ball" show as the chance of this thing making it past the end of the month??
Alright guys I am getting very bored and anxious!!! I skipped work today because I thought something would happen and it's still so quiet!!! Are we really going to have to wait till Tuesday to find out anything???
AHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH freaking out a bit!!!
These ****ers say that 300 million is due on tuesday.......it's $175 million. Either the press is so sloppy or there is an agenda there to scare people.
http://biz.yahoo.com/ap/090213/siriu...ptcy.html?.v=5
AP
Sirius could file bankruptcy as early as Tuesday
Friday February 13, 1:28 pm ET
By Deborah Yao, AP Business Writer
Sirius could file bankruptcy as early as Tuesday if talks with debt holders break down
Financially strapped Sirius XM Radio Inc. said Friday that it could file for bankruptcy as early as Tuesday if it cannot successfully negotiate with the holders of its debt.
The satellite radio company said it has exchanged $172.5 million of debt maturing in December for new debt due in 2011. But the company still has about $175 million coming due this Sunday.
Sirius is fighting against attempts for control by Charlie Ergen, the chief executive of Dish Network Corp. and sister company EchoStar Corp. Ergen bought much of a $300 million batch of discounted Sirius bonds that come due next week. Sirius had rejected a previous offer by Ergen for control of the company.
Liberty Media Corp. is in talks with Sirius about possibly investing in the company. But the DirecTV Group Inc., a Dish rival controlled by Liberty Chairman John Malone, is not involved in the negotiations, according to a person close to the situation. The person spoke on condition of anonymity because he is not authorized to talk about the negotiations. Liberty's participation in the talks were reported earlier by The Wall Street Journal.
Analysts said they didn't think DirecTV would want a satellite radio business, nor its satellites. DirecTV, the nation's largest satellite TV company, has launched new satellites and is focusing on enhancing its TV service.
Sirius has about $3.3 billion in debt maturing between now and 2014.
On Friday, Sirius swapped 10 percent convertible senior notes due this year for senior secured notes due 2011. In return the debt holders will get an annualized 10 percent interest in cash, plus 2 percent in kind in 2010 and 4 percent in 2011. They also received a fee of $9.45 million, of which $5.1 million was paid in cash and the rest in Sirius common shares at 7.4 cents each.
Shares of Sirius were up 2.6 cents, or 36 percent, to 10 cents in afternoon trading.
12:59 (Dow Jones) Sirius XM's (SIRI) move to exchange some of it's debt due
in December might be to position themselves for an easier refinancing, or do a
deal. In fact a deal is the most likely option, according to one hedge fund
manager. The roll makes a deal more likely than bankruptcy, manager says,
otherwise the roll would considered fraudulent in bankruptcy court, because the
company would be issuing new debt when it knew it was insolvent. The manager
thinks a deal with Echostar (DISH) is more likely, but a deal with Liberty
Media to buy out Echostar's holdings is also possible
I know the deal with EchoStar is coming off as bad... But why? What would Ergen do to damage the company and more important the common stock holders?
http://www.reuters.com/article/bonds...51973020090213
UPDATE 2-Liberty/Sirius talks do not involve takeover-source
Fri Feb 13, 2009 1:19pm ES
Question: Now that the stock is up almost 40% right now, is that a sign that most people think BK is off the table? I know it's still early in the day and anything can happen, but things seem to be going in the right direction at the moment...
The risk is that you could lose 100% of your investment. I would wait, if you miss a small move to the upside, so be it, the issue is in the pennies and it will not jump into the whole dollar amount just because they do not declare BK...Quote:
Originally Posted by RickF
It is very difficult right now to determine what will happen. If you are tempted to buy, buy big and sell whenever you make some money and quick, don't wait and don't hold, sell as soon as you make some money (10% ?), even if you miss the whole move to the upside...you will get other chances.
When I say buy big, I am talking about 25K shares and above (about $2500 USD). @ .11 I wouldn't be buying anymore though, I would wait.
If you can't wait, you shouldn't be trading.
Yes, things seem to be going in the right direction, but... they have been going in the wrong direction for so long...Don't bite just yet...Quote:
Originally Posted by Hughes
We are outsiders, please understand, we do not have the edge... we are the pigs, the peons, the outsiders ! Let the wolves negotiate and then follow the smart money.
land of Eleven (2:47 Eastern)
land of gold and honey (right);
but it beats Point Oh Three any day of the week.
too nervous to buy
just holding
and
prayin...