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I think I was the first on this forum, and your very welcome, GREAT to all make money together.I Did sell half of my stake today, just had too, so much so fast, but will be back in for more shares at a lower price, always the plan.Quote:
Originally Posted by Delta
Turned you on to MJNA...thats funny, now where did i leave my damn Kit Kat bar?
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Originally Posted by Delta
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Originally Posted by Jayyvt
Some good sh!t huh?
Hey Rad, you might look back a few days when I think it was Redcloud, or maybe someone else who mentioned 8 or 10 more states are preparing to address the legal issues with medical marajuana. I know you mentioned Kansas earlier today, but if you find there are more states getting on the band wagon, then your strategy to keep loading up may really pay off in the long haul.
And now I think I'm starting to see possibly some last hour interest in our SIRI dog.........volume is still quite low considering how it started this morning, but a look at Level II shows some imblance on the Ask side. Maybe one or two of my sale blocks (3.25 and 3.27) will get a hit before day's end (with both set with GTC plus extended hours).
Heh heh heh,
Hey Rad, these guys are medical only yes? Do you or anyone else feel that MJNA could possibly get involved w/ dispensing in Washington State & Colorado now that it is legal? Someone is going to be making some serious cash.....i wonder what the play will be. Sorry for getting off topic guys, Go SIRI...dumped overcore @ 3.22 this am....holding out for cc to see what's next.
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Originally Posted by radejs
An SEC filing about the 7% Notes just hit.....
http://files.shareholder.com/downloa...5-13-34560.pdf
Tender offer statement on the Notes!!!!!
If I were looking for a longterm play on legal marijuana is MJNA the only way to go? Are there any other companies looking to go public? If legal weed ins't the next big thing, I dont know what is.
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Originally Posted by denco1
For some reason I have a mental block trying to read and understand those filing notices. If someone can interpret in 25 words or less, I'd be most grateful. Thanks in advance.
PS. My TDA display right after the closing bell took the sp down to 3.17, now 3.18..........is that due to that filing? That is not good news.
EDIT: back to 3.23 now.......... must have been an anomoly.
If you google them ,they invest in other probably private companies involved in the medical and health issues related to cannabis and hemp. Dispensaries themselves are not in their core competencies but equipment (like medboxes dispencing machine) and other products and services that can be sold at the dispensaries, like their cannabis chewing gum, are. BTW, My wife and a friend went to a meeting in MA about the requirements to open a dispensary and, its just too complicated and risky to make me think about it. I guess where their is risk their is reward, but it is not going to be "just hang up a shingle" You need documented patients and can only have so much inventory for those patients and it gets worse from their. The application alone is 60 pages, and 18 dispensaries in MA will be initially licensed. I will stick with swing trading and buying MJNA stock.Quote:
Originally Posted by Jayyvt
No SLY not due to the filing. It is good news in that they will be extinguishing those notes that have been a huge weight on the stock for so many years, the 1.875 converts. Sure, we have dislocated from the grip of the converts, but we will be extinguishing debt and retiring those covertible shares, I think. So, lower debt and remove possible dilution at the same time.....for cash of course...Quote:
Originally Posted by siriusly_invested
@ Denco - aren't these the notes that have been heged by the shorties??
SEC Filing Alert
Sirius XM Radio Inc. has filed the following document(s) with the United States Securities and Exchange Commission.
________________________________________
Feb 01, 2013
Form SC To-I / Other
http://investor.sirius.com/secfiling...93125-13-34560
SCHEDULE TO
Tender Offer Statement Under Section 14(d)(1) or Section 13(e)(1)
of the Securities Exchange Act of 1934
SIRIUS XM RADIO INC.
(Name of Subject Company and Filing Person (Issuer) And Name of Filing Person (Offeror))
7% Exchangeable Senior Subordinated Notes Due 2014
(Title of Class of Securities)
98375YAU0
(CUSIP Number of Class of Securities)
Fundamental Change
In February 2009, the Company entered into an Investment Agreement (the “ Investment Agreement ”) with Liberty Radio LLC, an affiliate of Liberty Media Corporation (“ Liberty Media ”). Pursuant to the Investment Agreement, Liberty Radio LLC purchased 12,500,000 shares of the Company’s Convertible Perpetual Preferred Stock, Series B (the “ Series B Preferred Stock ”), in partial consideration for certain loans by Liberty Media to the Company. The Series B Preferred Stock was convertible into 2,586,976,761 shares of Common Stock, and all of such shares of Series B Preferred Stock have been converted. The Investment Agreement provided for certain standstill provisions, including the prohibition on Liberty Media acquiring greater than 49.9% of the Company’s outstanding Common Stock prior to March 6, 2012.
Since the expiration of the standstill provisions in March 2012, Liberty Media and its affiliates have acquired additional shares of Common Stock from time to time. On January 17, 2013, Liberty Media filed a Form 4 with the Securities and Exchange Commission disclosing that on January 15, 2013 it, indirectly through its subsidiaries, purchased an additional 50,000,000 shares of Common Stock. As a result of such purchase, Liberty Media became the direct or indirect beneficial owner of common equity representing more than 50% of the voting power of the Company’s common equity.
As a result of the foregoing (collectively, the “ Liberty Transactions ”), a Fundamental Change (as defined in the Indenture) occurred on January 17, 2013 (the “ Effective Date ”), and accordingly each Holder has the Purchase Right described herein.
Alternatives to the Purchase Right
You May Elect to Exchange into Common Stock
The Indenture provides that, as a result of the Liberty Transactions and notwithstanding the Purchase Right, the Notes are exchangeable, at the option of the Holder, at any time prior to the close of business on the Expiration Date (the “ Fundamental Change Exchange Period ”) at the Fundamental Change Exchange Rate (as defined below). The Company’s exchange obligation during the Fundamental Change Exchange Period with respect to each $1,000 in principal amount of Notes will be 581.3112 shares of Common Stock (the “ Fundamental Change Exchange Rate ”). The Common Stock into which the Notes may be exchanged is listed on the NASDAQ Global Select Market (“ NASDAQ ”) under the symbol “SIRI.” On January 31, 2013, the last reported sales price of the Common Stock on NASDAQ was $3.14 per share. Holders exchanging the Notes will not receive a cash payment for accrued and unpaid interest.
Holders exchanging the Notes, or who elect to exercise their Purchase Right, will, upon exchange or purchase, as applicable, cease to have any rights with respect to such Notes exchanged or purchased (other than as provided in this Notice), including the right to receive interest or principal thereon.
Based on the closing sale price of the Common Stock on January 31, 2013, the value of the shares of Common Stock you would receive if you exercise your exchange right during the Fundamental Change Exchange Period would be substantially more than what you would receive upon exercise of the Purchase Right.
You May Elect to Retain Your Notes
If a Holder decides to retain his or her Notes, then, immediately after the Expiration Date, the exchange rate for the Notes will revert to 543.1732 shares of Common Stock per $1,000 principal amount of Notes (the “ Original Exchange Rate ”) (subject to subsequent adjustment as provided in the Indenture). Such Holder will also retain the right to receive interest payments on the Notes until the Notes mature pursuant to the terms of the Indenture and the Notes. The Notes mature on December 1, 2014 and will pay cash equal to $1,000 per $1,000 principal amount of the Notes on that date. As of January 31, 2013, the closing price of the Notes in the over-the-counter market as quoted on Bloomberg was $1,841.23 per $1,000 principal amount.
I say that was the Shorts getting out of Dodge and running for the hills, I saw that too. If they shorted at $3.17, they surely see the writing on the wall short term.Quote:
Originally Posted by siriusly_invested
Thanks for the post ML, makes my job easier:thumbup:
You bet MLSiri...these are those damn 1.875 converts that kept us in check up until late June of last year right before the initial breakout. Will be real nice to get those retired. If they are retired and not converted will that result in the covering of short postitions? If they are retired because of redemtion then those shares will not convert to commmon. If they are not converted to common then they cannot be used to retire the short positions. If they are not used to retire the short postitions then shares from the current float will need to be purchased in order to retire those short postions.....I think.
EDIT: Itls possible that the short postions are already being unwound, and that caused the pop. The TO was the signal to close the position. They may have bought calls as well to participate in the upside as an additional hedge. Maybe a few more days of nice gains....
EDIT2: If they are converted to common they will be used to retire the short positions and at the same time retire debt that will not need cash outflow to retire that debt.....higher float, less debt.
Denco, you had me sitting on the edge of my chair through that dialog above, and then you said "I think". What a let down that was.Quote:
Originally Posted by denco1
I note that the DOW closed over 14,000 today.......... First time since 2007. So what might that do for our dog on Monday which happens to also be the day before the CC? Anybody making any guesses? More directly, what's the chance my sell blocks at 3.25 and 3.27 are likely to be relatively cheap to grab on Monday? Do we anticipate another day like today? I simply have no feel at all as to what to look forward to.
PS. I responded on that other site to your chicken choking comment.
Thanks to everyone that kept the "call the close" going today, it sure makes it more interesting, and shows who's got the best grasp on the short term price action. If I had of known, I would have done more DD last night, I just had to throw a number out:D What's gonna happen 3 months or a year from now does us little good in the present. Heck I'll call $3.50 by years end and will most definately be right, we need info that's good for the here and now. The only way to find out who the crap knows what their talking about, is to do a study:devil: Chart that!!!:scared: Just playing.
Sly my opinion is we are good til CC, no way we bomb before. The question is, does your orders get filled before then, I haven't had a chance to look at anything yet. Think I'm just gonna enjoy my weekend, I'll try to give my opinion by Monday.
Here's what the Shorts would do, it's one of my favorites,
http://www.youtube.com/watch?v=IaZMST-vHfM
Have a great weekend everyone!
Damn...I just love it when I'm wrong!!!Quote:
Originally Posted by just sirius
JS
Sorry to throttle the excitment for you SLY.:peeping:..I do REALLY think that this is a real BIG positive whether they convert the notes to common shares or partake in the TO.Quote:
Originally Posted by siriusly_invested
Saw that at the other place. Thanks for understanding my logic on that one SLY:thumbsup:
EDIT: Bottom line, retiring possibly some of the worst debt in history, surely SIRI history is a great move to further put the uncertain past behind us once and for all.....
Great day today. :money: Not sure if this was posted yet bet SiriusXM settled the lawsuit with A2IM. Here is the article.
http://www.billboard.com/biz/article...a2im-dismissed
edit...half of the lawsuit.