SIRI Intraday Updates for the Week of 2/16/09

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02-16-2009, 05:26 PM
Bulldog17

Fox Business News JUST announced that Liberty Media is "very near" a deal with Siri.......
02-16-2009, 05:26 PM
Siriusowner

Quote:

Originally Posted by SiriusDad

New to the site. I love the insights, thank you all.

Perhaps I'm just being naive but with the recent S&P upgrade and multiple firms drastically increasing their holdings in SIRI, do we still need to worry about BK?

Yes. NEVER BLINDLY TRUST THE RUMORS OR NEWS. Leave that to the pros. I will trade tomorrow but only if we have confirmation by SIRIUS that they will not declare BK tomorrow.
02-16-2009, 05:27 PM
Sworntwofun

maybe they will make a formal announcement tonight!

lets hope so!:cool:

Thats from fox news
02-16-2009, 05:28 PM
Hopeful

This line here stikes me as interesting...

"In other words the shares may be almost worthless, but at least they give investors a finger-hold onto the business as it emerges from its debt-burden."

Does that mean that if the creditors had the judge throw Mel out the shares would still be worth something??? Wouldn't the moment they file chapter 11 plumment the shares to 0?

Quote:

Originally Posted by trippingthespeculatingpos

http://www.rapidtvnews.com/index.php...edged-out.html

Sirius-XM CEO Mel Karmazin looks to be in personal troubled waters. The Wall Street Journal says a group of Sirius investors, already unhappy with the evaporating share price, are out for blood.

Today is the day (Feb 17) for Sirius-XM, when it must pay up $175m to Echostar, which holds the pay-radio company�s convertible bonds due to be redeemed today. The word on the street is that Karmazin has secured an investment stake from John Malone�s Liberty Media to help meet the Echostar obligations, and thus give Sirius a little breathing time.

We will know more later on Monday evening, or early Tuesday when Sirius will likely make an SEC filing as to its intentions. Most observers see Liberty (itself not exactly flush with spare cash) to fund a loan in the shape of a senior secured note.

But if that cash is not paid over then Sirius-XM might well end up filing for Chapter 11 bankruptcy. Which is where the investors group get tetchy.

"Creditors will act quickly and definitively if they perceive that management is (not) acting ... in the best interest of the estate," the Journal quoted Edward Weisfelner, a partner with Brown Rudnick LLP - the law firm representing the creditor group - as saying. In other words the shares may be almost worthless, but at least they give investors a finger-hold onto the business as it emerges from its debt-burden.

Meanwhile, the Sirius-XM and Liberty deal is understood to mean there will be a closer working relationship with DirecTV.
02-16-2009, 05:31 PM
Siriusowner

Quote:

Originally Posted by Demian

Why it's important knowing if they can come up with the $175 million....

I just got off of the phone with Libor and we both agree that It is very important because Mel's back wouldn't be up against the wall in these negotiations and it could buy more time. The most important thing is avoiding BK and the shareholders surviving to fight another day...

Unless you intend to use that information to file a lawsuit if they file BK then it is irrelevant right now...
02-16-2009, 05:38 PM
SiriuslyGay

First post. 53k shares @ .24. Looking for green this week.
02-16-2009, 05:40 PM
Demian

Who dropped coverage or lowered their price target recently? Why is Yahoo showing a one year price target est. of 32 cents?
02-16-2009, 05:41 PM
Siriusowner

Quote:

Originally Posted by Bulldog17

Fox Business News JUST announced that Liberty Media is "very near" a deal with Siri.......

Oh, the guys that were negative this morning ? Let's see, if in 2 or 3 hours they do not come with: "Well, it seems that everything has been all media generated and SIRIUS is closer to BK than what we thought"...I will send them an e-mail to make sure they did not fall asleep...
02-16-2009, 05:43 PM
SiriuslyGay

http://www.fool.com/investing/genera...in-sirius.aspx
02-16-2009, 05:43 PM
winagain35

http://online.wsj.com/home-page
Check out the breaking news banner on the WSJ... I'm a little concerned about the language: Liberty Media near deal for major stake in Sirius XM; deal would save Sirius from bankruptcy.

A major stake? I'm worried about what that might mean. This deal may not be as rosy as we're all hoping.
02-16-2009, 05:45 PM
James

Quote:

Originally Posted by Hopeful

This line here stikes me as interesting...

Does that mean that if the creditors had the judge throw Mel out the shares would still be worth something??? Wouldn't the moment they file chapter 11 plumment the shares to 0?

I have had some experience dealing with a company in BK. The company was the old Sunbeam (SON) and I bought the shares for about 16 cents (while in BK) with the hope that warrants, a possibility, would be issued to the shareholders of record when the stock was cancelled. I sold half of my shares when a rumor caused the stock to pop to near 30 cents and actually only lost something like fifteen dollars in the end. The point is it traded (I believe on the pink sheets) for a long time until the BK was done and the shares were ultimately cancelled. Subeam was restructured as American Household and later sold to Jarden (JAH). My remaining shares became worthless and had to pay $5 to have them removed from my account. I ponder buying some Jarden every now and then.
02-16-2009, 05:46 PM
SiriuslyGay

We were all expecting a major stake taken by Malone. He's not doing this because Valetines Day was a couple days ago. It will probably be below 50%.
02-16-2009, 05:52 PM
Siriusowner

Quote:

Originally Posted by SiriuslyGay

http://www.fool.com/investing/genera...in-sirius.aspx

The Barclay anal-yst is a moron... as well as the fool.com Aristotle... anything that bring in hits, huh ?
02-16-2009, 05:52 PM
winagain35

Quote:

Originally Posted by SiriuslyGay

We were all expecting a major stake taken by Malone. He's not doing this because Valetines Day was a couple days ago. It will probably be below 50%.

I'm just saying that "major stake" doesn't sound quite as friendly as "bridge loan." Trying to keep some perspective here... I'm very curious to hear what the terms of this deal may be. If it were a slam dunk - there'd probably be a press release already.
02-16-2009, 05:54 PM
SiriuslyGay

Most information these past weeks have leaked around midnight EST. I would expect something to develop around that time. I will be up very early.
02-16-2009, 05:55 PM
Bulldog17

http://www.reuters.com/article/merge...32251620090216
02-16-2009, 05:58 PM
bananaz

What is considered a "major stake"? Majority? 30%? What?

Quote:

Originally Posted by winagain35

http://online.wsj.com/home-page
Check out the breaking news banner on the WSJ... I'm a little concerned about the language: Liberty Media near deal for major stake in Sirius XM; deal would save Sirius from bankruptcy.

A major stake? I'm worried about what that might mean. This deal may not be as rosy as we're all hoping.
02-16-2009, 06:02 PM
trippingthespeculatingpos

Stop finding negative stuff inside of good news, no bk accept it and let yourself be happy.
02-16-2009, 06:03 PM
trippingthespeculatingpos

MAJOR STAKE IS BETTER THAN BRIDGE LOAN IMO, MALONE IS NO SMALL FRY, HE HAS A HUGE FOLLOWING AMONG INVESTOR'S WHO WILL JUMP ON SIRI JUST BECAUSE MALONE IS INVOLVED. Watch we will see all debt will be taken care of for 2009.
02-16-2009, 06:04 PM
SiriusDad

Quote:

Originally Posted by trippingthespeculatingpos

Stop finding negative stuff inside of good news, no bk accept it and let yourself be happy.

Amen, Tripp, amen.

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