SIRI Intraday Updates for the Week of 3/09/09

[FoolNHisMoney]

Homer just posted this in the "At what point are We not price for BK" thread:

FWIW, this isn't a shelf registration... this is a registration statement (Prospectus) that falls under the previous Shelf.

In this situation, when XM did their exchange of the Dec09 bonds, they exchange $172MM worth of old bonds for new ones -- and gave each holder a choice of $50 or 833 shares of stock (per $1,000 Note).

Per that agreement, XM agreed to register the shares for sale. This prospectus does that.

When XM did the exchange, it was a private placement - therefore the new Notes and shares given were unregistered. This registers them.

This is not a new shelf or a new sale. Sirius gets nothing for this -- and it has no impact on the companies Market Value.

[buddylee]

Too much information to take i some times. I guess thats why I don't tell my customers how to fix their air conditioners over the phone, it's a helluva lot easier to just go do it myself, and more profitable.

[tucknroll]

does anyone get the feeling that mel is intentionally diluting to force a r/s or am i way off base here?????

[buddylee]

Mel and Liberty know what the numbers are gonna look like for 1Q and if you have to get your share count under controll what better time than right before you post good numbers that will keep the shorts out. If it has to happen thats the only way I hope it goes down, but I shure hope it doesn't.

[tucknroll]

Homer just posted this in the "At what point are We not price for BK" thread:

guess i can disregard my prior post

[Paratrooper_Rick]

Alright folks - I leave for a little while and the posts take a turn... what's the spin...?

Am I catching word something is up? What's this I am seeing you guys discuss about nefarious activity on Mel's part....

Please fill me in (I am reading back also - but a good sum up would be great)

[cos1000]

AH price is still .20 . ..killer.

Had that feeling last night " that things are a changing" and today didn't disappoint ..... Let's see if the Dog can get some respect tomorrow.... I'm looking to at least hold .20 and tease .23 before the weekend is upon us... Next week we need to hear a continued montra of apps and plans to generate alternative revenue for this "bad" dog to continue its upward push... I see three steps (pennys) forward and only a step and a half behind from here on out so long as they keep the innovations coming... Q1 is already in the rear view mirror...

They need to now continue to redefine their metrics in terms of programs to generate REVENUE and not focus so much on new subscribers through OEM or Retail in aftermarket add on units to non equipped cars. This is still important and with an Auto Turn around will bring in big gains, but its not helping right now..

Tracking their ability to generate subs from existing autos, new partnerships (DTV & Liberty), new platform apps like iPhone and other Cell Phone / Blackberry devices, MP3 and Wireless devices is the NOW thing that they need to make their mainstream Revenue Generators. This is already, as reported today in the works, and will take this company to a new level of respect if they can capitalize while others are failing to grow......... Its time to attack on all fronts......

[sl62]

guys...

IMHO...couple things..

1. You can't forget that there is still a bit of housekeeping to be done on all these transactions. Not to worry. Hey of you're just day trading a penny here or there, then play it. No offense but bringing in RS factor right here is kind of premature. And for those of you that fear RS, remember for a company NOT IN IMMINENT TROUBLE, it's not necessarily a big deal. Smart money knows that. Trust this fact: the whole world already knows Mel has the authorization that expires Dec '09. And they also know a RS will be done this year. It's no surprise to anyone. And further, this SP will be much higher than this when that split is done. As killer says: No Fear...

2. At this stage fearing a .01 or .02 drop here and there is just giving you heartburn. When a stock is moving higher it doesn't just go straight up everyday (which we all know)..but over time you see the trend and suddenly you're significantly higher. There's going to be profit taking etc...and unless you're swing trading, I say take it with a grain. Personally, I feel better about not "having" to day trade from here. I'm satisfied with the direction of things and I no longer fear stagnation or some weird sudden drop back to BK(ish) levels. So I'm probably less inclined to swing it right now. We should start to see much better action day to day with more movement so that means less just flat trading like we've been used to (hence the slow move higher)..and that also includes dips but also has us breaking into new highs. If you're day trading from here, keep in mind we've now been up 5 straight so a pull back is entirely probable.

Not much more to say. It's pretty cut and dried. If you're window is still a few months out, it certainly won't be like the past two months and the SP will see higher highs over a tranche of trading days...I know many are still jumpy and still shell shocked. It's been a pretty traumatic 6 months for us all.

[Paratrooper_Rick]

Guys...

I believe this Prospectus is old news related the Dec '09 Note deal. I have to look at it a little closer..no need to panic just yet...

>>The Shares being offered for sale under this prospectus were originally issued by us pursuant to the note purchase agreement, dated February 13, 2009, among us, XM Satellite Radio Holdings Inc., XM 1500 Eckington LLC, XM Investment LLC, and the Selling Stockholders.
Pursuant to the note purchase agreement, XM Satellite Radio Holdings Inc. agreed to issue to certain holders of its outstanding 10% Convertible Notes due 2009 (the “old notes”), including the Selling Stockholders, $172,485,000 in aggregate principal amount of Senior PIK Secured Notes due 2011 (the “exchange notes”) in exchange for a like principal amount of old notes. The exchange notes are fully and unconditionally guaranteed by XM 1500 Eckington LLC and XM Investment LLC, our wholly-owned subsidiaries, and are secured by a lien on certain real and personal property held by such entities.
In addition, we paid these holders of old notes a fee, per $1,000 aggregate principal amount of old notes exchanged, in the amount of either (1) 833 shares of our common stock or (2) $50 cash, at each Selling Stockholder’s election. We agreed pursuant to the note purchase agreement to file this prospectus to register the Shares for resale.
The exchange notes and the Shares were issued in private placement transactions exempt from the registration requirements of the Securities Act, pursuant to Section 4(2) thereof. <<

Are we still remaining calm or did Mel and staff screw us....? Just curious - I'm trying to decide if it's time to take a swig from the tequila bottle....

[Paratrooper_Rick]

guys...

IMHO...couple things..

1. You can't forget that there is still a bit of housekeeping to be done on all these transactions. Not to worry. Hey of you're just day trading a penny here or there, then play it. No offense but bringing in RS factor right here is kind of premature. And for those of you that fear RS, remember for a company NOT IN IMMINENT TROUBLE, it's not necessarily a big deal. Smart money knows that. Trust this fact: the whole world already knows Mel has the authorization that expires Dec '09. And they also know a RS will be done this year. It's no surprise to anyone. And further, this SP will be much higher than this when that split is done. As killer says: No Fear...

2. At this stage fearing a .01 or .02 drop here and there is just giving you heartburn. When a stock is moving higher it doesn't just go straight up everyday (which we all know)..but over time you see the trend and suddenly you're significantly higher. There's going to be profit taking etc...and unless you're swing trading, I say take it with a grain. Personally, I feel better about not "having" to day trade from here. I'm satisfied with the direction of things and I no longer fear stagnation or some weird sudden drop back to BK(ish) levels. So I'm probably less inclined to swing it right now. We should start to see much better action day to day with more movement so that means less just flat trading like we've been used to (hence the slow move higher)..and that also includes dips but also has us breaking into new highs. If you're day trading from here, keep in mind we've now been up 5 straight so a pull back is entirely probable.

Not much more to say. It's pretty cut and dried. If you're window is still a few months out, it certainly won't be like the past two months and the SP will see higher highs over a tranche of trading days...I know many are still jumpy and still shell shocked. It's been a pretty traumatic 6 months for us all.

Cos/Killer,

I think what the general's telling us is to hold our position. I'll man the .50 cal's on rotating shifts..... Charlie is NOT at the perimeter at this time...