200 million shares traded so far today in the regular session....
SIRIUS XM SATELLITE RADIO FORUM
200 million shares traded so far today in the regular session....
Wow, is Mel really not going to talk today??? I understand that if he is in negotiations he can not say anything however this is only damaging the company if the company is going to continue...
Not if talking doesn't help the negotiations.....Originally Posted by Hopeful
I just called this author and asked him to fix the false statement in this article that says that there is $300 million in debt due on tuesday and the guy hung up on me..........it's only $174,588,000 - not 300 million.....
Call him and bitch.......David B. Wilkerson; 415-439-6400
I just talked to the corrections desk and bitched and I guided the guy through where to get the correct information. He looked at the 8-k's with me on the computer over the phone and he said he was going to get to the bottom of this. Please help me.......call and bitch.
DJ Sirius XM Shares Drop On Reports Of Possible Bankruptcy
. Ê By David B. Wilkerson
Ê Shares of Sirius XM Satellite Radio Inc. (SIRI) dropped 31% in morning trading Wednesday on reports that the company could be close to filing for bankruptcy protection.
Ê The shares were down 3 cents at 8 cents. The stock traded in the $4 range two years ago.
Ê Sirius XM is working with bankruptcy lawyer Mark Thompson of Simpson, Thatcher & Bartlett, and Joseph Bondi, a restructuring expert, to set up a Chapter 11 filing that could come in the next few days, The New York Times reported on its Web site Tuesday evening, citing an unnamed person it described as familiar with the situation.
Ê The Wall Street Journal mentioned the same names, citing two unnamed persons close to the matter, in its online edition.
Ê A Sirius XM spokesman declined to comment Tuesday night.
Ê Documents and analysis are almost finished, the Times said.
Ê The Journal reported this week that Charlie Ergen, head of satellite provider Dish Network (DISH), had acquired most of a tranche of $300 million in Sirius XM debt that matures Tuesday, and that Sirius turned down Ergen's unsolicited bid to buy the company.
Ê A Sirius XM bankruptcy could pressure Ergen to make a formal offer to acquire the company, the Times said.
Ê XM Satellite Radio and Sirius Satellite Radio were formed in the late 1990s. Though there was skepticism in some circles that people would pay for radio when it was available for free, as it had been for decades, the satellite services gained traction by convincing automobile manufacturers to make them optionally available in cars and trucks. Sirius and XM radio units were also available in retail stores.
Ê Each company offered more than 100 channels of music or talk, across a wide array of genres and subgenres. The services were not interoperable, so that a buyer of XM equipment could not receive Sirius' service or vice versa.
Ê Between them, they eventually attracted several million subscribers, including some listeners who had become disillusioned with conventional broadcast radio.
Ê The rapid consolidation of traditional radio, made possible by the 1996 Telecom Act, helped create a perception that formats and playlists had become stale, with hundreds of stations owned by the same company sounding virtually the same.
Ê However, Sirius and XM lost millions of dollars each quarter, weighed down by marketing costs and other expenses.
Ê They took on big sports contracts with such leagues as the NFL, Major League Baseball and the NBA. Sirius hired the outspoken Infinity Broadcasting morning personality Howard Stern in a highly publicized move that lifted the visibility of both companies but saddled Sirius with a fat contract for the shock jock and significant costs associated with publicizing him. XM had to ratchet up its marketing efforts at the same time to combat the barrage of hype surrounding Stern.
Ê In February 2007, the hemorrhaging companies announced that Sirius would acquire XM in a $13.6 billion deal. After a protracted regulatory review, the transaction was completed last July.
Ê To facilitate the acquisition of XM, Sirius took on a massive amount of debt, and the combined entity has continued to struggle.
Ê In the third quarter of 2008, Sirius XM lost $4.88 billion, or $1.93 a share. Subscribers rose 17% from the year-earlier quarter, but the company said declining auto sales had slowed its growth. Ê -David B. Wilkerson; 415-439-6400
Last edited by Demian; 02-11-2009 at 02:58 PM.
More BS from the Motley Fool......
http://www.fool.com/investing/divide...wCommentAnchor
The Only Options for Sirius
By Rick Aristotle Munarriz
February 11, 2009 | Comments (2)
-----------------------------------------------------------------------------------
On February 11, 2009, at 2:32 PM, DemianBohemian wrote:
Where are you getting your information to verify that Ergen owns all of the Feb. debt? There is no way that this can be verified and you are speaking as if it is fact. You have made false statements in the past about the SIRI debt also which you have corrected at my request. You need to make it clear that you don't know how much of the Feb. debt that Ergen owns.....
We really all need to get a grip here.
Even Newman, whom I highly respect, I believe his 12:45 a.m. News posting was a bit over the edge. His statement that Mel is hedging shareholder interests as leverage for a deal with Ergen, is all based on media generated hype. We don't know he's doing that. It's not fact. Siri has not said anything at all about this. Nothing.
There's only a certain few things we do know. The rest is rumour, innuendo, and bogus.
We know:
- $175 M is due Feb 17. That's a FACT.
- Ergen has bought some of the convertible bond debt due in Feb and Dec.
- We knew weeks ago that siri had some contacts with lawyers about bky. This is no big surprise. What was reported yesterday was a rehashing of old news. Yet the market and this website reacted as if it was new. It's not!
The above is all that we know. The rest is speculation. Siri has not said anything, because there is nothing to say. Sure, they're negotiating, but that's happening all the time in all business, 24/7.
Either they'll pay the 2/17 debt, or they'll negotiate, or they'll file bankruptcy. But I do agree with Demian. Bankruptcy at this stage seems like a throwing in of the towel way before the fight has begun. Like why do it, if you really don't have to, yet, or ever. That's why it's not hard to believe that all this so called "news" about a possible bankruptcy is just media generate hype.
IT'S THE MEDIA AND THE MEDIA ONLY WHICH HAS GENERATED ALL THIS PUFF TALK ABOUT BANKRUPTCY, BECAUSE WITH SOME 8 BILLION SHARES OUTSTANDING, ANY BUZZ AT ALL ABOUT SIRIUS XM GENERATES PRINT AND PROMOTES SALES OF THEIR PRODUCT. SIRI IS BEING USED, IN OTHER WORDS. So far, nothing has been verified. This hype is actually worse than Hearsay (he said that she said..), because they (the WSJ) won't even identify who the "she" is. At least with real hearsay, you're told who the person is who supposedly did the talking. Yet, embarrassingly, the street is reacting to this junk as if it is Truth and Incontrovertible Fact. The WSJ won't print their sources. They print something and then close their eyes and go home. "People close to the company." Hell, I'm close to the company. So's my Aunt Mary.
So: Except for Ergen buying some debt, nothing has changed with regard to the financials surrounding this company, as compared to last week, last month, and the month before that.
240 Million shares traded so far today at around 3pm.
Can someone explain this to me?
Are these shorts covering?
If so, what happens when their buying stops?
Or is it Institutions dumping shares?
If so, who is buying?
And what happens when their selling dries up?
Inquiring minds want (in this case, need) to know.
Keysmark
Last edited by Keysmark; 02-11-2009 at 04:21 PM.
keys i cant be tottaly sure but the fact that it has held at 5 cent's with all this volume means it's not all selling, if we see a pop here soon that will be real good news.
Correction -
the reference to "Newman" was meant to refer to
to "Brandon Matthews"' article in News posted last night.
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