SIRI Intraday Updates for the Week of 2/16/09

[Bulldog17]

Fox Business News JUST announced that Liberty Media is "very near" a deal with Siri.......

[Siriusowner]

New to the site. I love the insights, thank you all.

Perhaps I'm just being naive but with the recent S&P upgrade and multiple firms drastically increasing their holdings in SIRI, do we still need to worry about BK?

Yes. NEVER BLINDLY TRUST THE RUMORS OR NEWS. Leave that to the pros. I will trade tomorrow but only if we have confirmation by SIRIUS that they will not declare BK tomorrow.

[Sworntwofun]

maybe they will make a formal announcement tonight!

lets hope so!

Thats from fox news

[Hopeful]

This line here stikes me as interesting...

"In other words the shares may be almost worthless, but at least they give investors a finger-hold onto the business as it emerges from its debt-burden."

Does that mean that if the creditors had the judge throw Mel out the shares would still be worth something??? Wouldn't the moment they file chapter 11 plumment the shares to 0?

http://www.rapidtvnews.com/index.php...edged-out.html

Sirius-XM CEO Mel Karmazin looks to be in personal troubled waters. The Wall Street Journal says a group of Sirius investors, already unhappy with the evaporating share price, are out for blood.

Today is the day (Feb 17) for Sirius-XM, when it must pay up $175m to Echostar, which holds the pay-radio company’s convertible bonds due to be redeemed today. The word on the street is that Karmazin has secured an investment stake from John Malone’s Liberty Media to help meet the Echostar obligations, and thus give Sirius a little breathing time.

We will know more later on Monday evening, or early Tuesday when Sirius will likely make an SEC filing as to its intentions. Most observers see Liberty (itself not exactly flush with spare cash) to fund a loan in the shape of a senior secured note.

But if that cash is not paid over then Sirius-XM might well end up filing for Chapter 11 bankruptcy. Which is where the investors group get tetchy.

"Creditors will act quickly and definitively if they perceive that management is (not) acting ... in the best interest of the estate," the Journal quoted Edward Weisfelner, a partner with Brown Rudnick LLP - the law firm representing the creditor group - as saying. In other words the shares may be almost worthless, but at least they give investors a finger-hold onto the business as it emerges from its debt-burden.

Meanwhile, the Sirius-XM and Liberty deal is understood to mean there will be a closer working relationship with DirecTV.

[Siriusowner]

Why it's important knowing if they can come up with the $175 million....

I just got off of the phone with Libor and we both agree that It is very important because Mel's back wouldn't be up against the wall in these negotiations and it could buy more time. The most important thing is avoiding BK and the shareholders surviving to fight another day...

Unless you intend to use that information to file a lawsuit if they file BK then it is irrelevant right now...

[SiriuslyGay]

First post. 53k shares @ .24. Looking for green this week.

[Demian]

Who dropped coverage or lowered their price target recently? Why is Yahoo showing a one year price target est. of 32 cents?

[Siriusowner]

Fox Business News JUST announced that Liberty Media is "very near" a deal with Siri.......

Oh, the guys that were negative this morning ? Let's see, if in 2 or 3 hours they do not come with: "Well, it seems that everything has been all media generated and SIRIUS is closer to BK than what we thought"...I will send them an e-mail to make sure they did not fall asleep...

[SiriuslyGay]

http://www.fool.com/investing/genera...in-sirius.aspx

[winagain35]

http://online.wsj.com/home-page
Check out the breaking news banner on the WSJ... I'm a little concerned about the language: Liberty Media near deal for major stake in Sirius XM; deal would save Sirius from bankruptcy.

A major stake? I'm worried about what that might mean. This deal may not be as rosy as we're all hoping.