I did not say that, it was Homer and I believe he said somewhere that they do not have the 30 day extension for the FEB debt.Originally Posted by trippingthespeculatingpos
Last edited by Siriusowner; 02-13-2009 at 12:37 AM.
Interesting... but it does not mean anything until we see them actually injecting the money into Sirius.
Thanks Bunches Newman!
Seems like that would be a major option - cut XM loose and sell the assets to cover the Sirius liabilities - but time is not on our side!
BUT - if they did go chap 11 - does that protect the shareholders while the co reorgs or are we history as soon as the chap 11 is invoked?
They cite "no one" and "unidentified sources" here so there you have it, your newest least favorite person is:..."no one" or at least an "unidentified source" lol.
http://www.bloomberg.com/apps/news?p...d=a3s6SvFbKBW8
I guess these moronic "news" web sites and companies really need hits.
Last edited by Siriusowner; 02-13-2009 at 12:58 AM.
There is something going on the # of inst. changed from 397 @ 34% to 389 @ 36%.
Someone is accumulating more shares, maybe someone in the know.
I believe we may have a deal in the morning!
IMHO
By MATTHEW KARNITSCHNIG
Sirius XM Radio Inc. has significantly narrowed the divide in talks with satellite mogul Charles Ergen over a deal to save the company from a bankruptcy filing. But the country's sole satellite-radio operator continues to discuss a rival offer from Liberty Media Inc., according to people familiar with the situation.
While the gap between what Mr. Ergen has proposed and Sirius has asked for is narrow, the two sides haven't reached agreement yet on other, nonfinancial issues, these people said. Mr. Ergen is prepared to let Sirius Chief Executive Mel Karmazin keep his job.
The battle for Sirius has pitted Messrs. Ergen and Karmazin and John Malone, the billionaire who controls Liberty, against one another in a high-stakes game of brinksmanship. Known as three of the media world's biggest personalities, the men have played major roles in the evolution of cable and satellite television, have long known each other and often clashed.
Mr. Ergen, who controls Dish Network Corp. and EchoStar Corp., has offered to inject about $500 million into Sirius and restructure the debt he holds in the company in return for control. The offer is contingent on the successful renegotiation of about $600 million in Sirius bank loans and about $200 million in other debt.
Under Liberty's proposal, the company wouldn't acquire Sirius outright or seek to pair it with DirectTV Group Inc., the satellite-TV provider Liberty controls. Liberty would make an investment that would enable Sirius to meet its credit obligations in return for a sizable stake, one person close to the situation said. Neither offer involves buying out Sirius's equity holders.
In an apparent effort to extract further concessions, Mr. Karmazin looked set to put off a final decision until the weekend. Sirius has until Tuesday to repay $175 million in bonds held by Mr. Ergen. If it fails to cut a deal with him or raise the money elsewhere, Sirius will be forced to file for bankruptcy, according to people familiar with the matter.
Sirius is buckling under a $3.25 billion debt load and has been unable to borrow more money in the credit markets or from banks. Even as Sirius has tried to play its suitors against each another, it has suggested privately to investors that bankruptcy might be preferable.
Such talk has battered Sirius's stock in recent days. Shares of Sirius, which has lost nearly all of its market value since July, rose two cents, or 35%, to seven cents in 4 p.m. Nasdaq Stock Market composite trading Thursday.
Most observers doubt that Sirius will follow through with its threat to seek bankruptcy protection. Such a step would wipe out its equity holders and likely leave many of its creditors, including Mr. Ergen, with nothing.
In one indication that it won't pursue a bankruptcy filing, Sirius has approached holders of about $200 million in bonds maturing in December about converting their paper into more senior debt and equity. Such a step would be pointless if the company expected to go under.
Write to Matthew Karnitschnig at matthew.karnitschnig@wsj.com
That may be Ergen. Remember, Ergen is not a "white knight"...Malone may not be either but I thought he was a better deal.
Last edited by Siriusowner; 02-13-2009 at 01:18 AM.
Yeah...I think we are getting close to a deal getting done!!
http://online.wsj.com/article/SB1234...oo_hs&ru=yahoo
Sirius XM Radio Inc. has significantly narrowed the divide in talks with satellite mogul Charles Ergen over a deal to save the company from a bankruptcy filing. But the country's sole satellite-radio operator continues to discuss a rival offer from Liberty Media Inc., according to people familiar with the situation.
While the gap between what Mr. Ergen has proposed and Sirius has asked for is narrow, the two sides haven't reached agreement yet on other, nonfinancial issues, these people said. Mr. Ergen is prepared to let Sirius Chief Executive Mel Karmazin keep his job.
Sirius XM Radio Inc. has significantly narrowed the divide in talks with satellite mogul Charles Ergen over a deal to save the company from a bankruptcy filing. But the country's sole satellite-radio operator continues to discuss a rival offer from Liberty Media Inc., according to people familiar with the situation.
While the gap between what Mr. Ergen has proposed and Sirius has asked for is narrow, the two sides haven't reached agreement yet on other, nonfinancial issues, these people said. Mr. Ergen is prepared to let Sirius Chief Executive Mel Karmazin keep his job.
The battle for Sirius has pitted Messrs. Ergen and Karmazin and John Malone, the billionaire who controls Liberty, against one another in a high-stakes game of brinksmanship. Known as three of the media world's biggest personalities, the men have played major roles in the evolution of cable and satellite television, have long known each other and often clashed.
Mr. Ergen, who controls Dish Network Corp. and EchoStar Corp., has offered to inject about $500 million into Sirius and restructure the debt he holds in the company in return for control. The offer is contingent on the successful renegotiation of about $600 million in Sirius bank loans and about $200 million in other debt.
Under Liberty's proposal, the company wouldn't acquire Sirius outright or seek to pair it with DirectTV Group Inc., the satellite-TV provider Liberty controls. Liberty would make an investment that would enable Sirius to meet its credit obligations in return for a sizable stake, one person close to the situation said. Neither offer involves buying out Sirius's equity holders.
In an apparent effort to extract further concessions, Mr. Karmazin looked set to put off a final decision until the weekend. Sirius has until Tuesday to repay $175 million in bonds held by Mr. Ergen. If it fails to cut a deal with him or raise the money elsewhere, Sirius will be forced to file for bankruptcy, according to people familiar with the matter.
Sirius is buckling under a $3.25 billion debt load and has been unable to borrow more money in the credit markets or from banks. Even as Sirius has tried to play its suitors against each another, it has suggested privately to investors that bankruptcy might be preferable.
Such talk has battered Sirius's stock in recent days. Shares of Sirius, which has lost nearly all of its market value since July, rose two cents, or 35%, to seven cents in 4 p.m. Nasdaq Stock Market composite trading Thursday.
Most observers doubt that Sirius will follow through with its threat to seek bankruptcy protection. Such a step would wipe out its equity holders and likely leave many of its creditors, including Mr. Ergen, with nothing.
In one indication that it won't pursue a bankruptcy filing, Sirius has approached holders of about $200 million in bonds maturing in December about converting their paper into more senior debt and equity. Such a step would be pointless if the company expected to go under.
Close to a deal with ecostar.
link:
http://online.wsj.com/article/SB1234...?mod=wsjcrmain
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