http://siriusbuzz.com/forum/showthread.php?t=1525
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trip8's (aka john...correct?),Quote:
Originally Posted by john
i didn't say the jammies were ugly. hell i wish i could find some footies in my size. i only have a pair of long johns with the flap in the back. lol
koop
koop, that was good, I was laughing my ass off when I wrote that I just hope cos1000 and killerkaul get to see it.
john, (aka trip8's..correct)
oh yeah my long johns are fire engine red.
koop
cos1000...
One heluva week eh? Soooo much drama. I think we all agree that Brandon is the real perp here and that is not to be lost sight of. He did something nasty and should be taken out back for it LOL :whip:. And that he is a spy rather than a free or independent thinker...if not just an outright sheeple. And from there, I think we all agree moving right along is the best way to go.
I have a question related to this but not through the same door we are closing. I'm confused by something that Brandon wrote and you just wrote again today. Maybe you can shed some light on this cause I can't seem to find this as fact anywhere. You reiterated today:
>>The May debt now has to be resolved before the 17th of March to avoid a default per the "going concern" paragraph. <<
Now, I've gone back over the 12b-25, which I will reprint below in its entirety. But where exactly is this item you refer to in the filing??:
>>PART III — NARRATIVE
State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.
Sirius XM Radio Inc. (the “Company”) has determined that it is unable to file its Annual Report on Form 10-K for the year ended December 31, 2008 (the “Form 10-K”) by the prescribed due date. On February 17, 2009, the Company and certain of its subsidiaries entered into agreements pursuant to which Liberty Media Corporation and its affiliate, Liberty Radio, LLC, will invest an aggregate of $530 million in the form of loans and will receive a significant equity interest in the Company (the “Investment Agreements”). The Investment Agreements include certain conditions precedent and are described in the Company’s Current Report on Form 8-K dated February 17, 2009, which is incorporated by reference herein. Additionally, on February 13, 2009, the Company and its wholly-owned subsidiaries, XM Satellite Radio Holdings Inc. (“XM Holdings”), XM 1500 Eckington LLC and XM Investment LLC, entered into a Note Purchase Agreement with the purchasers named therein (collectively, the “Purchasers”), whereby the Purchasers exchanged $172,485,000 aggregate principal amount of outstanding 10% Convertible Senior Notes of XM Holdings for a like principal amount of XM Holdings’ Senior PIK Secured Notes due 2011 (such transactions, the “10% Convertible Senior Notes Refinancing”). The 10% Convertible Senior Notes Refinancing is described in the Company’s Current Report on Form 8-K dated February 17, 2009, which is incorporated by reference herein.
Since January 2009, the Company’s staff and resources have been substantially committed to the negotiation and implementation of the 10% Convertible Senior Notes Refinancing, the Investment Agreements and other refinancing and negotiation efforts, which have had a direct impact on the Company’s ability to timely file its Form 10-K.
The Company intends to file its Form 10-K with the Securities and Exchange Commission as promptly as practicable and is presently unaware of any circumstances that would prevent it from filing its Form 10-K on or before the fifteenth calendar day following the prescribed due date in compliance with Rule 12b-25.
Management has not yet completed its evaluation as to whether substantial doubt exists relative to the Company’s ability to continue as a going concern for a reasonable period of time. A significant element of that evaluation relates to uncertainties associated with funding of amounts stipulated in the aforementioned Investment Agreements. These uncertainties may not be resolved by the time the Company files its Form 10-K with the Securities and Exchange Commission. In the event such uncertainties remain unresolved, management anticipates that KPMG LLP’s auditors’ report relative to the Company’s 2008 consolidated financial statements will contain an explanatory paragraph indicating substantial doubt about the Company’s ability to continue as a going concern.
In addition to resulting in termination of further funding pursuant to the Investment Agreements, the inclusion of such a paragraph by KPMG LLP would result in a default under certain indebtedness of the Company, XM Holdings and XM Satellite Radio Inc. (“XM Inc.”) which defaults, if not cured or waived prior to the expiration of the applicable grace period, would result in an event of default under other indebtedness of the Company, XM Holdings and XM Inc. Such events of default, if they occur, provide the lenders the right to demand all amounts due under the respective agreements immediately due and payable. <<
Again my question is in good spirit and not trying to perpetuate any more drama. thanks for your response...:smilewinkgrin:
hey everyone. finally made it over from SA and nice to see all regulars, and lots of new names too.
just wanted to add my thoughts on the cos - relmor battle that is being waged. relmor, i really think you're out of line man. this is not meant to take anything away from the incredibly insightful stuff you kindly share on this forum. but you gotta remember....it's a forum. cos has no obligation to worry about the impact of his comments on other people's money. in this game, it's each man for himself. will help each other by doing exactly what cos did...sharing his thoughts. if we all have to think the same way then what purpose do we have to be here other than to pump this pig up. cos made a simple determination that the delay in reporting might negatively impact the short term sp and he made a play. what the heck is the big deal? maybe i'm wrong, but i don't ever remember him making a big argument that bk is coming, or even likely. yes he pointed out that the language is worthy of concern, and it should be. but i really think he was just trying avoid a quick hit to the sp based on market reaction to the delay. i guess cos can speak for himself, but relmor you attacked him pretty hard and questioned his integrity and imo you were out of line man. we should all speak our minds out here. that's what makes this forum compelling. let's respect each other without attacks.
just had to get that off my chest. still appreciate all of you very much and thanks for intelligence and guidance.
Back to the issues!...
So since BK is now firmly implanted in buzz psyche, I though I'd throw a few things out there from the other side.
1. This release:
>>NASDAQ Grants Exception
NEW YORK, Feb 19, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- SIRIUS XM Radio (Nasdaq: SIRI) announced today that NASDAQ had granted the Company's request to issue new preferred stock in connection with its previously announced agreements with Liberty Media Corporation without shareholder approval.
Liberty Media's investment will be funded in two separate phases. Upon completion of the second phase of the Liberty investments, SIRIUS XM will issue Liberty an aggregate of 12.5 million shares of preferred stock convertible into 40% of the common stock of SIRIUS XM. Details regarding the transaction are available in the Current Report on Form 8-K the Company filed with the Securities and Exchange Commission on February 17, 2009.
While the NASDAQ rules generally require shareholder approval prior to the issuance of securities that are convertible into more than 20% of the outstanding shares of a listed company, the Company is relying on an exception in cases when the delay in securing shareholder approval would seriously jeopardize the financial viability of the enterprise. The Company's Audit Committee has approved the use of this exception...G-SIRI
SOURCE SIRIUS XM Radio
Copyright (C) 2009 PR Newswire. All rights reserved <<
My Commentary: This was released after the initial deal 8K. I must assume the company was fully aware of all deal contingencies at the time of the deal. Yet the language in this release seeks permission not based on any contingencies. It uses the words "will be funded in two separate phases", "will issue Liberty"...not "might be" or "upon the contingency of". And further, still considering who knew what when in the timeline, one would wonder why the company would seek this necessary approval BEFORE it knew it could do the deal. Woudn't it make sense to first actually confirm the deal's true viability (short of dotted i's and t's) before getting this special approval? I think most definitely yes.
Old news. I retraced the "personal angle" from my comments. But hes still wrong, and did instigate the writting of a sensationalist piece from Brandon. He doesnt agree with the article, yet hes to blame for it being written, to a degree. Live with it. Its on his head. If anyone sells out because of it, and doesnt get back in, he will be guilty of the consequences just like anyone else who posts on here, and effects perceptions. When I was screaming at people to not sell at .10 cents, .08 cents. .03 cents, could I have been wrong, costly people thousands of dollars? yes, i could have been. But I was willing to live with the consequences. Round and Stubby, and others were attacking my views, telling me im dumb, and people were stupid for being in this stock. They are responsible for there views as well. If your going to start a thread that causes a sensationalist negative and completely wrong article to be written, and I am now over there defending the other side, much to my disgust, I dont want to post over there but feel obligated too now, then you have to live with the consequences. Other wise go live under a rock, and dont communicate with the world if you want to be blameles.. Every action has consequences, and everyone must deal with those consequences. Go back and re read the thread. He has his chances earlier to disfuse the angle of bk being emminent, and adds to it. Only later does he retrace a bit. People were jumping ship on his call, not Brandons. Brandon took it one step further, yes, but thats Brandon. What else would you expect from him? I guess I expect more from cos1000, thats all.Quote:
Originally Posted by mydogniles
Actually the more I go back and re read the posts, the more blame I place on him for its effects, and not Brandons. He hands Brandon the gun. Brandon pulled the trigger. You want to debate philsophically the implications of "handing someone a gun vs. pulling the trigger" Im more than ready.
O, and I attack anyone hard that makes people sell out at .13 cents. Ridiculous. In fact I was nice to him vs. others who have tried. ANd i stated that I took it easy on him during the process, because I respected him in the past.
Quote:
Originally Posted by sl62
cos1000...
My question above is not a general one. I realize of course a going concern clause can trip default covenants on any debt (although waivers are granted all the time)..but it's specifically the May Bank you allude to needing to be done by this 17th that is my question...
Regarding the deal generally...short of any direct allusion in language, I believe this deal is complex with many moving parts that are all intertwined. It appears to me, this deal gets done almost in unison rather than 'first this, then this then this' (ahead of the actual necessary logical triggering)..since so many items rely on one or even two other things happening..I see it as a final 'greenlighted' deal where then all parts go into triggering in the most logical order.. IMHO..
SA picked up Brandon's article ...duh
Their headline is:
Sirius Trouble Ahead
Relmor and I posted there..Brandon has his now handful of comments that he will ever get per article...