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

[OldDruid]

up baby. .1373

[AmenhotepIII]

Crap....there's so many threads I can't find the one where everyone is talking about the 2nd half of the deal being done. Isn't this REALLY good news?

[bababoooie]

Crap....there's so many threads I can't find the one where everyone is talking about the 2nd half of the deal being done. Isn't this REALLY good news?

Icing on the cake will be the 4Q report. I'm Positive Malone saw it!!

[relmor2003]

This will be my last post on this now WORTHLESS THREAD, as I stated yesterday and the day before it was a WORTHLESS THREAD.

BOOOOOOYYYYYAHHHHHHHHHHH BABY
I love to tell you I told you so, so Ill tell you now
I told you so. What you get for listening to "fearmongering" and not me and others with common sense.

I offically retire this thread.!!!!

[FoolNHisMoney]

FoolN...

This is my point. We know all these facilities are interdependent so to speak. But that has nothing to do with the going concern. Don't lose sight of that Mel has actually until 4/15 to have all items in place. Further, I wrote two days ago that GM's 10K and issued concern clause was based as of 12/31/08. It did not take into account what they are right now seeking to secure in aid from Gov (which though probably will happen, is not secured yet). That is important. If all is equal according to GM's reporting, KPMG will not opine on anything other than "as the BOOKS look as of a certain date." In this case 12/31/08. But unlike GM, even if KPM issues a concern clause based on those books, Mel already has his deal in place ready to go. Given that IN HAND (not still seeking), though we may still get a concern, it may be accompanied by a clause that includes the current deal. I'm not sure an auditor is allowed to to such a thing. But here are the options:

1. They issue the warning with no caveat. In that case it's up to all debt holders invlved to understand the curent deal. If they feel all is satisfied by the deal, they waive any covenant triggers and all deal components trigger and all are happy.

2. They issue the warning with a caveat citing the deal in hand. This automatically triggers al deal components without any potential drama of #1.

3. If allowed, they take into account current deal funding in their equation and come up with no going cncern warning at all..which of course is best case and which triggers all components and most certianly pops the SP the highest.

Further my question to cos1000 was not looking for interpretation or implication. God knows Brandon's done all that we can handle by now. I was asking for the specific clause referring to the May debt that said it needed to be done by March 17 for the deal to go through. I don't see it in the 12b filing or anywhere else.. I also didn't read in that filing that company was having trouble renegotiatng the JPM $250M facility..I'm just asking where that specific concern came from, that's all...

SL, I don't think there is a specific clause that states "done by 3/17" in exact words, but the iterpretation comes from this paragraph in th 12b-25:

Management has not yet completed its evaluation as to whether substantial doubt exists relative to the Company’s ability to continue as a going concern for a reasonable period of time. A significant element of that evaluation relates to uncertainties associated with funding of amounts stipulated in the aforementioned Investment Agreements. These uncertainties may not be resolved by the time the Company files its Form 10-K with the Securities and Exchange Commission. In the event such uncertainties remain unresolved, management anticipates that KPMG LLP’s auditors’ report relative to the Company’s 2008 consolidated financial statements will contain an explanatory paragraph indicating substantial doubt about the Company’s ability to continue as a going concern.

The bolded line can only be read that the Liberty Investment Agreements must be completed by the time of filing. And Liberty's Investment Agreement is contingent on extending JPM debt. I don't think anyone has raised concerns about the JPM facility - that's been my point all along. There is no credible BK threat unless someone has evidence if this.

[choirgirl]

Hey Gina.
Let me guess, you spend 12 hours at Frankfurt International, my hometown.
Are you by any chance Italian ?
Good to talk to you, by the way my name is Petra.

[edeyoung99]

This will be my last post on this now WORTHLESS THREAD, as I stated yesterday and the day before it was a WORTHLESS THREAD.

BOOOOOOYYYYYAHHHHHHHHHHH BABY
I love to tell you I told you so, so Ill tell you now
I told you so. What you get for listening to "fearmongering" and not me and others with common sense.

I offically retire this thread.!!!!

Rel- You have indirectly made me a wealthier man. S162,cos,killer,bunch of numbers, cos(yes Cos)... Thank you all for your educated guesses, shared knowledge, and due dilligence.

Killer- You dog creeps me out. Thank you all!!!

[choirgirl]

GM is down today and bk is more likely than ever. Just heard the negotiations between GM and the German goverment are postponed, some very harsh remarks by goverment officials.
The State of Hesse offered up to 5B to take over Opel and their sisters Saab and Vauxhall, but GM can't sell because they don't own it anymore, it belongs to the Treasury already ( plants,buildings , even the patents ).
Graf zu Guttenberg is on his way to talk to Geithner this weekend.
If they get a deal together, this would be good for GM and would this be good for Sirius too, or is this not that important /

[gina2009]

Hey Gina.
Let me guess, you spend 12 hours at Frankfurt International, my hometown.
Are you by any chance Italian ?
Good to talk to you, by the way my name is Petra.

Hi Petra, No not Italian but I was raised in an all girl catholic schools and I speak french as a second Language. Yes Frankfurt, I was able to get out for few hours but didn't really see much and was constantly thinking I need to get back to the airport for I didn't want to miss my plane. Next time I will stay few nights. Not from Europe so I will let you guess! I think if GM survives it will be good news for Sirius.........Good talking to you! Gina

[sl62]

GM is down today and bk is more likely than ever. Just heard the negotiations between GM and the German goverment are postponed, some very harsh remarks by goverment officials.
The State of Hesse offered up to 5B to take over Opel and their sisters Saab and Vauxhall, but GM can't sell because they don't own it anymore, it belongs to the Treasury already ( plants,buildings , even the patents ).
Graf zu Guttenberg is on his way to talk to Geithner this weekend.
If they get a deal together, this would be good for GM and would this be good for Sirius too, or is this not that important /

Choirgirl...

Great info! Not surprised..And yes, they will get a deal done and yes, it's important they do. U.S. cannot afford to let GM go under. It would be suicide right here. NO way does GM go BK here.

And yes, that Applois has a great kick (and fast!). That Wagner was cool. That night we were there , we were told all they were serving was their Applois cause there were like two owners and one only served beer and one the Applois or something like that. The meal, atmosphere and everything was delicious