Take A Look At The 12b-25 Ext: What Does It Reveal?

[siriusonthego]

Not that this ties in with anything but thought I would throw it out there. Any connection other than the obvious come to mind?


XM objects to Worldspace auction

Chris Forrester 04-03-2009

Worldspace’s managers, still drawing down millions of dollars each month as ‘Debtors in Possession’ during its Chapter 11 bankruptcy process, have managed to upset a major client in the shape of XM Satellite Radio. While Sirius now owns XM, there are still XM legal contracts in existence, one of which is with Worldspace.

The XM-Worldspace “co-operation agreement” requires Worldspace to supply 4 channels of music into the XM (and now Sirius) pay-radio system. XM, for its part, was required to share the revenues with Worldspace for these 4 audio channels, and to pay Worldspace for certain costs incurred by Worldspace in connection with the channels.

In other words here was a revenue stream for the near-bankrupt channel. Reading these assorted Court Motions can often be a challenge for a layman, but in XM’s affidavit some of the considerable frustration comes through despite the legal niceties used. XM alleges that Worldspace is now in material default for no longer providing these 4 channels. Moreover, Worldspace didn’t seemingly have the courtesy of informing XM that the 4 stations would be going dark. They just vanished from the air at midnight on Feb 6.

Cheekily, Worldspace is looking to assign this and other contacts they have with XM to a new buyer/owner when the bankruptcy process is concluded. XM is looking to the bankruptcy court to deny Worldspace its plan to assign to a new owner these contracts. XM informed the court that it believed the staff that were working on these 4 channels have been laid off.

Worldspace’s court Sale Hearing is scheduled for this coming Friday (March 6).

© Rapid TV News 2009

http://www.rapidtvnews.com/index.php...e-auction.html

[asm610]

Kassahun Kebede
Director

Kassahun (Kassy) Kebede was elected as a director of WorldSpace on May 18, 2005. Mr. Kebede is the founder and managing partner of PANTON Capital Group, a New York based credit arbitrage hedge fund established in February 2004. From 1995 to 2004, Mr. Kebede worked at Deutsche Bank in a number of positions, ending as the head of a bank-wide management task force concerned with measuring, assessing and reducing the bank’s exposures (trading and loans) in Latin America. Previously, Mr. Kebede worked in the Global Markets Division focusing on the bank’s exposure in Asia and Latin America. Mr. Kebede also served as the head of equity derivatives and a member of the division’s Management and Commitment Committees. He originally joined Deutsche Bank in 1995 as head of European fixed income derivatives. From 1994 to 1995, Mr. Kebede was head of the credit derivatives department at Merrill Lynch. From 1991 to 1993, Mr. Kebede was employed at Bankers Trust. Mr. Kebede earned a M.B.A. from the Wharton School of the University of Pennsylvania in 1991 and a B.S. in electrical engineering from Marquette University in 1985.

[john]

asm610, I posted a long time ago to "killerkaul I thought DirectV or DISH would be the perfect take over company instead of all the rest that everyone else was say would be. I gave him many reasons and even said I will not even get into content deals. The reason why is the post would have gone on forever.


P.S. you know XMSR also used to hold shares in World Space. I dont think it means anything at this point though.

siriusonthego, should have read your comment first.

[sl62]

Terranova just mentioned a March 15 rally too...there's gotta be something to it. I mean in general a rally's coming. From here, the longer we go without one, the higher we'll go when it happens. God, I can't believe I'm actually saying 2000 points only gets us to 8500. Tough pill to swallow, mates...

[asm610]

asm...

Don't tell me you're considering buying into another SatRad company in the Pinks??

sl62,

I've already got more satellite than I can take now! I am just trying to find the end of the rope....and hope there is not a noose on it for Mr.Shareholder.

[asm610]

Not that this ties in with anything but thought I would throw it out there. Any connection other than the obvious come to mind?


XM objects to Worldspace auction

Chris Forrester 04-03-2009

Worldspace’s managers, still drawing down millions of dollars each month as ‘Debtors in Possession’ during its Chapter 11 bankruptcy process, have managed to upset a major client in the shape of XM Satellite Radio. While Sirius now owns XM, there are still XM legal contracts in existence, one of which is with Worldspace.

The XM-Worldspace “co-operation agreement” requires Worldspace to supply 4 channels of music into the XM (and now Sirius) pay-radio system. XM, for its part, was required to share the revenues with Worldspace for these 4 audio channels, and to pay Worldspace for certain costs incurred by Worldspace in connection with the channels.

In other words here was a revenue stream for the near-bankrupt channel. Reading these assorted Court Motions can often be a challenge for a layman, but in XM’s affidavit some of the considerable frustration comes through despite the legal niceties used. XM alleges that Worldspace is now in material default for no longer providing these 4 channels. Moreover, Worldspace didn’t seemingly have the courtesy of informing XM that the 4 stations would be going dark. They just vanished from the air at midnight on Feb 6.

Cheekily, Worldspace is looking to assign this and other contacts they have with XM to a new buyer/owner when the bankruptcy process is concluded. XM is looking to the bankruptcy court to deny Worldspace its plan to assign to a new owner these contracts. XM informed the court that it believed the staff that were working on these 4 channels have been laid off.

Worldspace’s court Sale Hearing is scheduled for this coming Friday (March 6).

© Rapid TV News 2009

http://www.rapidtvnews.com/index.php...e-auction.html

Good find there.....every little piece of the puzzle helps!

[gina2009]

Yeah still holding, thinking about adding to it, just waiting for an opportunity. I agree with you and I am glad you set some light on last nights discussion, it got so gloomy in no time, but you revived it! I do agree with your view! Gina

[cos1000]

relmor, my intentions are to present facts as they stand before us and to not sugar coat them. I did not file an extension, the company did... I predicted that on Friday and with my best intentions told the board I was selling 2/3 of position based on that. We have been here for months trying to predict what this company is doing and how it will effect the stock price. I said what it was doing, I took action, I fully disclosed it as a play to make money, and I take offense that I am trying to spread rumor and fear here or anywhere else so that I might buy in a few pennys cheaper. Check yourself man, before you make those claims about me.... The conversation on this board, Pro or Con, is a positive process that allows for an exchange of information base on REAL EVENTS, not BS.....

I can expect irresponsible journalism from the MSM, but from a siriusbuzz member I would have to take offense to that. With no facts other than a paranoid scenario brought about my cos1000, who I might add has everything to gain by a huge drop in this stock price at this time. I would therefore also have to question his intentions as well.

[relmor2003]

relmor, my intentions are to present facts as they stand before us and to not sugar coat them. I did not file an extension, the company did... I predicted that on Friday and with my best intentions told the board I was selling 2/3 of position based on that. We have been here for months trying to predict what this company is doing and how it will effect the stock price. I said what it was doing, I took action, I fully disclosed it as a play to make money, and I take offense that I am trying to spread rumor and fear here or anywhere else so that I might buy in a few pennys cheaper. Check yourself man, before you make those claims about me.... The conversation on this board, Pro or Con, is a positive process that allows for an exchange of information base on REAL EVENTS, not BS.....

We knew they would file the extension as of Thursday. IT WAS IMPOSSIBLE to have a CC between the 1st by then. SO your "guess" on the extension is a "non event". Of course they were filing an extension. And we knew why they would. Because they needed AUDITED NUMBERS to futher the Malone deal going forward, and it would make no sense to have a CC or file their 10K prior to that. Thats the only Fact were going on. I dont remember you seeing the Q3 bk warning, and telling everyone you thought BK was a real possibility in November. Just wondering whats changed between now and then that would make you take a threat now as serious, as apposed to prior to now.
SiriusXM is playing the same BK scare game as they have been since minimum of their Feb filing. Ive said Mel is in bed with keeping the stock price low, and nothing has changed. His behavior has been NOTHING BUT CONSISTANT. If you feel bringing BK to the table is the responsible thing to do, then the responsible thing for me to do, is question your intentions, and reveal your poor timing in your trading pattern as suspicious. As you see, we are still sitting right where you sold your shares. Never dropped below .13 cents, because there was never a reason for it too. Getting Brandon on the verge of writing a BK article using nothing but the SEC filing we had seen and already interpreted as "due diligence" is suspicious. As I trust no one who thinks illogically, I did the "responsible" thing and mentioned it. Sorry, I have an obligation to the members here just like you do. It would be wrong of me to not question ANYONE THINKING CRAZY.

[sl62]

sl62,

I've already got more satellite than I can take now! I am just trying to find the end of the rope....and hope there is not a noose on it for Mr.Shareholder.

asm...

Good call...

I think we have to get back to remembering that this company was saved from what we now know otherwise was certain BK. We all thought Mel had options behind the scenes, cause he kept saying he did. What we have found out is there were exactly two options: Ergen or Malone. Not one of which leaked out until Early Feb (which still amazes me). Ergen was hostile and IMHO would have dismantled the company for parts Gordon Gekko style. Malone, for a hefty price gave the right deal (or least bad, at least fathomable in the real world). I will say this. Had not Mel already taken the $250M and with $21M looming in good faith fees on a reversal, and if no money had changed hands yet, this SP would be .05 while we wait for the rest of the details...and all of us would be gritting for a probable BK. So having phase 1 a done deal out of 2, a legit transaction already consummated, I'm heartened and have no choice but to believe in the reality of phase 2. It's coming with the price of more drama and time for us, but given my aforementioned points, I just don't see any noose right here.