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  1. spanyo is offline
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    11-09-2008, 04:41 PM #31
    Quote Originally Posted by homer985 View Post
    This stock will be nowhere near above $1 in 6 months, IMHO.

    If the R/S does not pass, then you'll see them panicking come June/July next year -- trying to throw a special stockholders meeting together in order to re-vote on it... all on the shareholders dime.
    --------
    The shorts will definitely like that. Even if a sub $1 stock is gaining momentum in six months that strategy would certainly reverse the trend.

    If I hear the "right" things out of Mel on Monday, I am definitely open-minded to a yes vote. They need to say they DO NOT want to implement either strategy, but will ONLY do so if it is absolutely necessary. (December of 2009 for the RS) We've seen what the company has done when panicked, at the merger closing.

    Authorizing the use of force is not condoning or even recommending it. But it does give the company more power. So long as it is not misused, it could be a real advantage. (Let's not even speak about 2003 and Iraq.)
    Last edited by spanyo; 11-09-2008 at 05:01 PM.

  2. spanyo is offline
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    11-09-2008, 05:16 PM #32
    Can I change my vote?
    Yes. You may change your vote at any time before your shares are voted at the annual meeting by:
    • Notifying our Corporate Secretary, Patrick L. Donnelly, in writing at Sirius XM Radio Inc., 1221
    Avenue of the Americas, 36th Floor, New York, New York 10020 that you are revoking your proxy; or
    • Executing and delivering a later dated proxy card or submitting a later dated vote by telephone or the
    Internet; or
    • Voting in person at the annual meeting.
    However, if you have shares held through a brokerage firm, bank or other custodian, you may revoke
    your instructions only by informing the custodian in accordance with any procedures it has established.


    Approval to amend our certificate of incorporation to increase the number of authorized shares of our
    common stock from 4,500,000,000 to 8,000,000,000 shares requires the affirmative vote of a majority of the outstanding shares of common stock. As a result, abstentions and broker non-votes will have the same effect as negative votes.

    Approval to amend our certificate of incorporation to effect a reverse stock split of our outstanding common stock at a ratio of not less than one-for-ten and not more than one-for-fifty, with the exact ratio to be set at a whole number within this range to be determined by our board of directors, together with the reduction in the number of
    authorized shares of our common stock as set forth in Item 3 below, requires the affirmative vote of a majority of the outstanding shares of common stock. As a result, abstentions and broker non-votes will have the same effect as negative votes.
    Last edited by spanyo; 11-09-2008 at 05:18 PM.

  3. Newman is offline
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    11-09-2008, 05:56 PM #33
    One key thing to remember about financing:

    The company would have to have shares available in order to issue a convertible bond. Convertible bonds are much more secured (or have more potential benefits) for investors, and thus come much cheaper to companies than a regular debt bond or loan.

    If those shares are not available to be issued (as they are not right now in quantity), the company cannot issue a convertible bond.

  4. vaporgold is offline
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    11-09-2008, 07:26 PM #34
    Quote Originally Posted by homer985 View Post
    Please post the statement made by management about sub numbers, verbatim. And where it was from so that it could be put in context.

    TIA
    Listen to the autoline interview carefully, Mel stated the numbers are on track, In fact, the only problem Mel said the company is facing is the re-fi. Mel's words not mine.

    I won't even begin to go into all the penetration numbers Mel spouted off as to why SiriusXM sub numbers are on track, but it is in the interview.

    Now, look at the 5 year plan released earlier this week with the sub numbers forcast down.

    Homer, that took place within 12 days of each other. How in the world does a CEO not know where the sub numbers are?

    Damian tried to figure out what happened to the sub count all of a sudden as well as myself with no explanation for the drop off that was in the five year forecast.

    I was not as concerned with the future numbers as much as to the mangement of SiriusXM stating the current numbers were on track, and now they are not. This is in the five year forecast for this year and the next four years provided by SiriusXM (Mel)

    Don't even begin to try and tell me that in 12 days alone the sub numbers tanked so badly they had to make that new forecast for the entire year.

    Take heed of the advice from Getitstraight. His comments are on target. We have to watch for the spin

    imho

    vaporgold

  5. GetItStraight is offline
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    11-09-2008, 07:56 PM #35
    Certain Risks Associated with the Reverse Stock Split

    If the reverse stock split is effected and the market price of our common stock declines, the percentage decline may be greater than would occur in the absence of a reverse stock split. The market price of our common stock will, however, also be based on performance and other factors, which are unrelated to the number of shares outstanding.
    • There can be no assurance that the reverse stock split will result in any particular price for our common stock. As a result, the trading liquidity of our common stock may not necessarily improve.
    • To the extent we are unable to refinance our debt at maturity on attractive terms, we may choose to issue shares of common stock in satisfaction thereof. During 2009, approximately $1.05 billion of our debt is due to mature.
    There can be no assurance that the market price per share of our common stock after a reverse stock split will increase in proportion to the reduction in the number of shares of our common stock outstanding before the reverse stock split. For example, based on the closing price of our common stock on October 28, 2008 of $.36 per share, if the reverse stock split were implemented and approved for a reverse stock split ratio of one-for-twenty, there can be no assurance that the post-split market price of our common stock would be $7.20 or greater. Accordingly, the total market capitalization of our common stock after the reverse stock split may be lower than the total market capitalization before the reverse stock split. Moreover, in the future, the market price of our common stock following the reverse stock split may not exceed or remain higher than the market price prior to the reverse stock split.• Because the number of issued and outstanding shares of common stock would decrease as result of the reverse stock split, the number of authorized but unissued shares of common stock may increase on a relative basis. If we issue additional shares of common stock, the ownership interest of our current stockholders would be diluted, possibly substantially.
    • The proportion of unissued authorized shares to issued shares could, under certain circumstances, have an anti-takeover effect. For example, the issuance of a large block of common stock could dilute the stock ownership of a person seeking to effect a change in the composition of the board of directors or contemplating a tender offer or other transaction for the combination of the company with another company.
    • The reverse stock split may result in some stockholders owning “odd lots” of less than 100 shares of common stock. Odd lot shares may be more difficult to sell, and brokerage commissions and other costs of transactions in odd lots are generally somewhat higher than the costs of transactions in “round lots” of even multiples of 100 shares.
    Our board of directors intends to effect the reverse stock split only if it believes that a decrease in the number of shares is likely to improve the trading price of our common stock and if the implementation of the reverse stock split is determined by the board of directors to be in the best interests of the company and its stockholders.
    Last edited by GetItStraight; 11-09-2008 at 08:01 PM.

  6. GetItStraight is offline
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    11-09-2008, 08:26 PM #36
    Homer985 - All of your talk pushing for the R/S is a little too assuming in my opinion. If it reverse splits it more than likely won't be worth more than it would be on the pink sheets anyways.

    It's 6 to one, half dozen to another at best. I've been invested in companies that have R/S'd before. Have you?

    If you have I don't think you'd be pushing for it.

    I'll keep drinking the Kool-aid, it's better than the booze.
    Last edited by GetItStraight; 11-09-2008 at 08:30 PM.

  7. Demian is offline
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    11-09-2008, 08:43 PM #37
    Quote Originally Posted by vaporgold View Post
    Listen to the autoline interview carefully, Mel stated the numbers are on track, In fact, the only problem Mel said the company is facing is the re-fi. Mel's words not mine.

    I won't even begin to go into all the penetration numbers Mel spouted off as to why SiriusXM sub numbers are on track, but it is in the interview.

    Now, look at the 5 year plan released earlier this week with the sub numbers forcast down.

    Homer, that took place within 12 days of each other. How in the world does a CEO not know where the sub numbers are?

    Damian tried to figure out what happened to the sub count all of a sudden as well as myself with no explanation for the drop off that was in the five year forecast.

    I was not as concerned with the future numbers as much as to the mangement of SiriusXM stating the current numbers were on track, and now they are not. This is in the five year forecast for this year and the next four years provided by SiriusXM (Mel)

    Don't even begin to try and tell me that in 12 days alone the sub numbers tanked so badly they had to make that new forecast for the entire year.

    Take heed of the advice from Getitstraight. His comments are on target. We have to watch for the spin

    imho

    vaporgold
    Not to mention that when Mel made those statements, Q3 was over and we were already into Q4....

    WTF?

  8. Keysmark is offline
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    11-09-2008, 08:45 PM #38
    Quote Originally Posted by Newman View Post
    One key thing to remember about financing:

    The company would have to have shares available in order to issue a convertible bond. Convertible bonds are much more secured (or have more potential benefits) for investors, and thus come much cheaper to companies than a regular debt bond or loan.

    If those shares are not available to be issued (as they are not right now in quantity), the company cannot issue a convertible bond.
    Newman,

    Please explain to me why we would want to issue another converable bond. So that we can lend them millions more shares to short and drive the price to oblivion? Isn't this what drove the current price down from $2.50 to our current price of 26 cents?
    Last edited by Keysmark; 11-09-2008 at 09:08 PM.

  9. Demian is offline
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    11-09-2008, 08:51 PM #39
    Quote Originally Posted by Keysmark View Post
    Newman,

    Please explain to me why we would want to issue another converable bond. So that we can lend them millions more shares to short and drive the price to oblivion? Isn't this what drove the current price down from $2.50 to our current price of 36 cents?
    I think you mean 26 cents......

    If you thought .36, sorry to be the one to break the news to you...

  10. homer985 is offline
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    11-09-2008, 09:03 PM #40
    Quote Originally Posted by vaporgold View Post
    Listen to the autoline interview carefully, Mel stated the numbers are on track, In fact, the only problem Mel said the company is facing is the re-fi. Mel's words not mine.
    How do you know what "on track" meant at the time he said it? Regardless, I'm not going to split hairs -- one thing I've noticed over the years, too many investors take statements way out of context too often.

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