Quote:
Originally Posted by Siriusowner
Thanks for the info....I appreciate it, whether I like it or not
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Quote:
Originally Posted by Siriusowner
Thanks for the info....I appreciate it, whether I like it or not
any1 tuned to cnbc right now? heard there is satrad news
Nice call.Quote:
Originally Posted by Siriusowner
Unfortunately I bought 53670 shares at $0.1082 at 5:07:13 PM.
Fortunately I was watching CNBC when they flashed the BK story and sold all at $0.10 at 5:12:04 PM
Unfortunately I still own 53670 shares @ $0.51.
I was looking to average down one last time.
Just switched on cnbc and the broadcasters basically relayed exactly what has come up on the newswires... more speculation .. but someone is leaking with an obvious agenda......
http://digitaldaily.allthingsd.com/2...ant-be-sirius/
A Bankruptcy Filing, Mel? Surely You Can’t Be Sirius …
Looks like Mel Karmazin, CEO of embattled satellite broadcaster Sirius XM, would rather file for bankruptcy than yield partial control of the company to Charlie Ergen and Echostar. “People close to the company” tell The New York Times that Sirius may be days away from filing Chapter 11. From The Times:
Sirius has been working with the restructuring expert Joseph A. Bondi of Alvarez & Marsal and the bankruptcy lawyer Mark Thompson of Simpson, Thatcher & Bartlett to help prepare a Chapter 11 filing, people close to the company said. The documents and analysis are close to being completed and a filing could come within days, according to a person familiar with the matter.
Or not. A bankruptcy filing would wipe out shareholders, among them Karmazin who invested $2.7 million in Sirius stock last summer. So perhaps the threat of a possible bankruptcy filing made through the media is a bluff to force Ergen’s hand.
Sirius shares, which had been trading a bit higher than their typical $.12 a share have fallen deep into the mud on the news. They’re down more than 40 percent $.06 as I write this. A nasty price for shareholders to pay if this is truly a high-stakes game of chicken …
Anyone with access to the latest WSJ article? I'm sure it's more of the same, but I'm still curious...
Mel is supposed to be fighting for us, wiping us out is not fighting for us.
For real now, I would think there could be some legal troubles for WSJ and NY times if this weren't true, that they don't file for BK. But if you notice, in each of the "First Run" articles, they all have very obvious and specific "qualifiers" that any lawyer can get you out of....possible BK filing, and like it was said, the real story is the preparation of the documents, which is old news, purposefully repackaged as new news with perfect timing...
I am beyond pissed.
What happens, god forbid, if it is true and we get wiped out in BK filing? Can we still claim the losses on next years tax return? I am new to all of this. First stock I ever owned! purchased last summer. I have been a listener for about 3 years, I love the product, but my girl is going to flip if I tell her that this great company, that looked like a sure thing, is going to kick us in the teeth...Some sort of a silver lining would be good to soften the blow.
I am not feeling good here people. I'm into this stock for 50k shares. Should I sell all now, and pick it back up once we've determined bottom?
I am worried, but not scared...if that makes any sense to you. I feel confident that SiriusXM will survive and continue to function, but my stock trading side of me is screaming to sell this off and collect what souls I can in the valley of death to come.
I figured with the iphone application, and the restructuring of subscription prices to compensate for the debt load, that we Sirius shareholders would come out of this bruised and battered, but not dead!
BK is death. And if they go belly up, the subscriptions will go along with them.
I begrudgingly admit I am still long on SiriusXM ...But I hate drinking the f**king Kool Aid!
The Abbeville Kid
wsj supposedly changing the wording
http://messages.finance.yahoo.com/St...&frt=2#4020412
Whats up Kid... I am just where you are...Mel has got to be forcing a hand...I have 50,000 shares also and the $3000 thats left is not gonna make a difference for me.... Dont give me wrong If this dosent work out Im down around 16k and It was had earned cash...but I rolled the dice... One thing is for sure if they go BK...I believe their doomed and for sure I will have to cancel my sub because it will eat me up inside and I wouldnt give them 1 more dime..besides that my sirius radio will proberly be in pieces....We will just have to wait and see what the outcome will be and we will know soon...I always believed in Mel and Howard and if they could really do this with a clear head then I was just wrong for a long time!...but you have to do whats right for you....I still think Mel has something up his sleeve...God I hope so! :cool:
I've drunk the Kool-Aid. I am just waiting to see if its been poisoned yet.
Yes I rolled the dice as well, and I still love the service. But like you, I would not be able to keep my subscription to Sirius if they went BK. I would feel anger and frustration at idea of keeping something thats given me such pleasure, yet shit me like a turd on the market. My 50k shares wasnt going to be the stock I retired on, but it WAS going to pay for my first trip to Hawaii when I retired...
Come on Mel...I'm pulling for you...You magnificent bastard!
The Abbeville Kid
What can I say after what everyone else has said since the BS talking heads article via the NYT.
IMO..this is a ploy that has everyone in panic mode so a huge selloff could happen. I imagine that this is Mel's way of trying to pressure the holders of all debt due. It might work.
I would think that all the institutional holders would have dumped as well and the AH trading volume would have been in the billions not just 12 million. It traded in last few days over 100 million shares on all the rumors.
No matter what I will hold my small investment of $12,000. (avg .59) and wait and see over the next few days what happens.
Really thinking that BK is not a reality...JUST A WISE THREAT to shake things up and shake out the scared holders. Mel will leverage this threat to get funding completed and F&@K all the NON-BELIEVERS!!! REMEMBER Mel loves to gloat and smurk. He wants to comeback as the hero of the year in such a big way...especially during a disasterous market. This will feed his ego even more and he can tell everyone ...I told you so...don't mess with Mel.
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Sirius XM Preps Bankruptcy
As expected, Sirius XM is preparing to file for Chapter 11 bankruptcy protection
Feb 10, 2009
-By Jeffrey Yorke, Radio and Records
As expected, Sirius XM is preparing to file for Chapter 11 bankruptcy protection, according to a report late Wednesday (Feb. 10) in the New York Times.
According to the report, Sirius has been working with restructuring expert Joseph A. Bondi of Alvarez & Marsal and bankruptcy lawyer Mark Thompson of Simpson, Thatcher & Bartlett to help prepare a bankruptcy filing.
The documents could be filed in Delaware within days. Shares of SIRI closed up a fraction of a penny at 11.39 cents on Wednesday, and trading was normal.
Overwhelmed by fast-accruing debt, the satcaster needs to make a $400 million payment this month and is believed to be some $175 million short of its goal. The company is also looking at almost $1 billion in debt payments for 2009. In November during a presentation to analysts, CEO Mel Karmazin was confident that the necessary funding would be achieved and that refinancing would be possible, but the markets have changed dramatically since then.
EchoStar CEO Charlie Ergen has been scooping up Sirius debt for months, and, according to a Monday (Feb. 9) report in the Wall Street Journal, he made an offer in late December 2008 to fund the struggling audio satcaster and take control of the company. He made a subsequent similar offer, reported the Journal. The Times says Ergen could be forced to make a formal offer for Sirius and could end up paying a high price to convert his debt into ownership.
Meanwhile, Muzak Holdings LLC, another satellite audio company that relies on EchoStar's satellite system to deliver its 80-some channels of digital music to subscribers, filed for Chapter 11 protection in Delaware on Wednesday, citing that it has $438 million in debt and assets of only about $50,000.
Overwhelmed by fast-accruing debt, the satcaster needs to make a $400 million payment this month and is believed to be some $175 million short of its goal.
Where do these idiots get their so called facts?
Second that!! I need a beer!!Quote:
Originally Posted by Demian
:cheers:
"As expected, Sirius XM is preparing to file for Chapter 11 bankruptcy protection, according to a report late Wednesday (Feb. 10) in the New York Times."
They can't even get the date and day right!!!
This is actually kind of shocking to me. I thought BK was a possibility but not in Feb. I was fairly convinced they would get over the Feb debt hurdle.
I am also assuming that the Q4 stats are probably worse than expected.
For some of you more seasoned investors, have you seen articles that claim what these artilces are claiming to have the end result be wrong?
I know you can't believe everything you read, but to throw out allegations like this, I would think they feel awfully confident in the source, no?
:confused:
Sirius XM Radio Inc. hired bankruptcy and restructuring advisers
several weeks ago to prepare for a possible bankruptcy filing amid its
scramble to raise funds to meet looming debt payments.
Sirius XM hired the law firm of Simpson, Thacher & Bartlett as
bankruptcy counsel and the restructuring firm of Alvarez & Marsal,
according to two people familiar with the situation. Sirius has also
been working with investment bank Evercore Partners.
Sirius XM did not return calls seeking comment.
The hiring of bankruptcy and restructuring advisers is not surprising
given the company's financial predicament. One tranche of the
company's debt comes due on Tuesday, meaning a decision about
bankruptcy or possible sale of the company may come soon.
The moves comes as EchoStar Corp., a satellite technology company,
recently offered to put money into Sirius XM in return for control but
was rebuffed. EchoStar, which is controlled by satellite mogul Charles
Ergen, has amassed a significant position in Sirius XM debt in recent
months and has used the investment as leverage.
Write to Jeffrey McCracken at jeff.mccracken@wsj.com
Can they do it again?
http://att.com.com/Funds-orbit-Siriu..._3-991269.html