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  1. dmo2424 is offline
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    03-04-2009, 09:55 PM #41
    why so desperate Brandon? Homer don't you think Mel will likely find a way to get JP Morgan to extend the May debt and problem solved? I think we'll be "ok" don't you Homer? Brandon is making everyone suicidal

  2. JohnnyIrishXM is offline
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    03-04-2009, 09:57 PM #42
    Calm down everyone,it's all about making it look the worst for the star content that MEL is trying to renegotiate new terms.(MLB,HOWARD<OPRAH<MARTHA)also to appear reasonable in their avoiding having to go to the shareholders with Malone deal.Also it says if provision is waived(going concern)of which i;m sure Malone will do.Remember in ln last week's CC with Liberty Maffei said he likes sirius's bussiness model and wished Mel good luck in renegotiating terms of content,which is dragging expenses through the roof...Just my HO
    Also i posted this concern on monday after i read the sec filings,it's all Gamesmanship here,with our money or as wall street says OFPM(other fing peoples money)
    Long 400k at .26

  3. Siriusowner is offline
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    Joined: Nov 2008 Location: The Oil Patch, Texas Posts: 922
    03-04-2009, 09:57 PM #43
    I am beginning to see the same distress and despair as before the Malone deal announcement...I don't understand why but that is what I see.

  4. homer985 is offline
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    03-04-2009, 09:57 PM #44
    Quote Originally Posted by Brandon Matthews View Post
    Revenue seems ok but they attribute it to the merger, probably best of subs.
    No, what they mean by that "that it doubled" -- is because prior to the merger it was Sirius alone -- then after the merger it was Sirius plus XM... thus their revenue will double.

    I agree that the outlook is negative, but there is nothing contained in the lanugage that gives a hint that subscribership was negative during the quarter. I won't say it won't happnen, but I'm not convinced that it did happen.

    As for impairment charges -- Sirius has already written off most of the cost of the XM Goodwill charges. And even if they are taken, they are typically understood by the market.


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  5. homer985 is offline
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    03-04-2009, 09:58 PM #45
    Quote Originally Posted by Hopeful View Post
    I agree that BK may be back on the table, however it only appears to be on XM's table?
    No. The default would be for the parent company with the recent refinancing.

  6. cos1000 is offline
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    03-04-2009, 09:59 PM #46
    Going Concern is a regularly applied concept to assessing a business' ability to do business in the future. It is regularly included language in loan / investment documents that shows that Malone is doing his DD in extending the loan and taking an equity position. KPMG's assessment along with Management, that Sirius Xm will not be able to maintain itself as a "Going Concern", in this case because of insurmountable May $250M debt, is the paragraph we are hoping to keep out of the 10K. This "Going Concern" clause is probably in other investment documents that Sirius and Xm have with other lenders. That is why this paragraph is so important to not have your Auditor put into any 10K, and why SXM says in the 12b-25, that without waivers from lendors that it could cause other defaults. This was always a contingency and why I felt a 10K extension was not good.

    Quote Originally Posted by asm610 View Post
    cos 1000,

    Based on that definition, how is it that Liberty was allowed to put verbiage in the deal that stated a going concern kills the deal. Something smells rotten right now.....and they get a premuim for cancelling the deal as well......I'm really PISSED OFF right now!

  7. asm610 is offline
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    03-04-2009, 10:01 PM #47
    All I know is when you couple that with this from the 8k of Feb:


    We paid Liberty Media Corporation a structuring fee of $30 million in connection with the Sirius Credit Agreement. In addition, we will pay a commitment fee of 2.0% per annum on the unused portion of the purchase money loan facility. If, prior to December 31, 2009, we elect to terminate the Investment Agreement (as defined below), the lenders under the Sirius Credit Agreement may require prompt repayment at 105% of face amount.

    The loans under the Sirius Credit Agreement are guaranteed by Sirius Asset Management Company LLC and Satellite CD Radio, Inc., our wholly owned subsidiaries. The loans are secured by a lien on substantially all of our assets. The affirmative covenants, negative covenants and event of default provisions in the Sirius Credit Agreement are substantially similar to those in the Term Credit Agreement, dated as of June 20, 2007, among us, the lenders party thereto and Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent.

    It really pisses me off! As I stated earlier..I will be standing in line with Relmor...if they pull this bullshit to go file a lawsuit! They had a clean way out forall of us and chose to go the riskier route!

  8. mogami is offline
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    03-04-2009, 10:03 PM #48

    float

    LOL I just noticed that Sirius has twice as many common shares compared to Ford Motor Company.

  9. JohnnyIrishXM is offline
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    03-04-2009, 10:04 PM #49
    May debt is not the problem right now,it is that with oem and car sales crashing,hence rev's are going down faster than forcasted,it is the expenses that must be cut GOING FORWARD,as that is the concern for staying in bussiness right now..The auditors can see that plain as day..

  10. yomann is offline
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    03-04-2009, 10:04 PM #50
    I will buy if the media puts a twist into this and uses it to squeeze more longs out sending the sp to sub .07 yo

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