Originally Posted by
Steiny
The more I think about the more I think the percentages do matter. If I had money to invest and wanted to buy SIRI after the tracking stock split off, why would I buy SIRI stock vs. Liberty Sirius, all else being equal? No way would I want to own a piece of the minority if I had a choice - would rather be on Malone's "team" because we all know Liberty shareholders come first before SIRI shareholders regardless of what they say.
To me this drives demand to Liberty vs. SIRI. I'm not saying SIRI would tank immediately, I just think SIRI would always trade as a discount to Liberty Sirius all else being equal.
Again, in theory this wouldn't happen until 2016 but I'll be watching SIRI vs. LMCA moving forward a lot more closely. Looks like LMCA is on the path to close the NAV gap as we speak...