Yes
No
Unsure
Willing to wait and see
In an interview which aired on CNN Mel stated that:
"I expect you to believe everything I tell you until I lie to you once and then don't ever believe another word I say".
The following is a link to the interview.
http://edition.cnn.com/2008/BUSINESS...zin/index.html
Last edited by J56D; 10-17-2008 at 03:54 PM.
Watched the video. I guess hes right we cant believe him ever again.
so far he has not lied about the things that have concerned me so I voted that ill wait and see...
as far as I am concerned, he has not lied yet, and I am willing to wait and see what he says in the Q3 conference call.
There's a difference between flat out lying and having the answer changed due to various reasons that are outside the control of the company.
If Karmazin says that he will not do a reverse split and the market sinks hard for various macro issues and it becomes even more difficult for them to obtain financing on a timely basis -- which keeps the stock at a very low level to the point that they could get delisted... then he's forced to do a reverse split, does that mean he lied?
When Karmazin said that he will not issue a new convertible to the holders of the current maturing ones, because it's not in the best interest of the company -- if he's forced to do it because the debt market tanks, does that mean he lied?
Of course not. This is business. Things change and answers change... that's why investing is risky. But just because the CEO says one thing then is forced to do something else due to reasons outside of their control... doesn't mean they flat out lied to you.
Beyond that... like the others, there are things that are important to me and things that are not. I do not believe that he lied to me about the things that are important. The things that are? Nope... businesses have to continue to evolve around what's happening at that specific time. Forecasting the future is one of the most difficult things to do in business sometimes -- especially when the economy is questionable and unpredictable and even more so difficult when you're dealing with a high risk investment that has not turned a profit yet.
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delistings not for 180 days. Thats half a year to get over a $1. To put the proxy out when were at .37 cents boggles my mind. Its like they want the PPS to go lower. Also at .37 why is there no insider buying???????? Mel buys in the $1.30's but not at .37 cents?!?!?!?! Something aint right here.
I am skeptical at this point but will reserve judgment until Q3 smoke clears, shareholder meeting is done, and good estimates of Q4 become available.
What did he lie about? This is just silly...
Will someone please tell me what he lied about?
Asking for the authority is not the same as doing those things. He needs to have those options available when dealing with financing negotiations and with any possible delisting extentions with the Nasdaq.
Has a reverse split happened?
Have the Feb.'09 converts been extended and not taken out?
Has there been more dilution?
He has not lied, so there is reason to take Mel at his word. Do you really think that Mel wants the company to fail? He does not want SIRI to fail. He does not want the shareholders to suffer. Mel does not control the stock price. His job is to grow the company and execute the businesses promise. He has done that. Look at the sub and revenue growth! The cost savings and synergies from the merger will be huge and have been way underestimated. Mel will get the financing. I don't believe that there will be anymore dilution. The Feb. '09 converts will be taken out and the stock will recover long before delisting woud ever be an issue...
The market can be very irrational to the upside and the downside...
I vote that he has not lied...
dnay:Originally Posted by dnay1969
delistings not for 180 days. Thats half a year to get over a $1. To put the proxy out when were at .37 cents boggles my mind. Its like they want the PPS to go lower. Also at .37 why is there no insider buying???????? Mel buys in the $1.30's but not at .37 cents?!?!?!?! Something aint right here.
1) They prepared and released that statement before the NASDAQ released their announcment about changing their rules on listing requirments.
2) The vote for all of this has to happen at an investor's meeting. They had to have a meeting this year because they canceled the other one. Their only other option would have been to hold ANOTHER meeting in January or February in order to get this thing passed, and these meetings and sending out all of the proxies costs a pretty penny. What is the use of ANOTHER meeting when it is only to vote, and obvsiously no new information would be out?
3) Why NOT release this at this time? At $.037, the downward pressure is minimal, and the upward potential is great. Let's say that Sirius has been making some gains, but it still JUST under $1.00 at $0.90. Do you think THAT is a good time to release this? Of course not. This seems like the most logical time to release this, when the markets are crap and there really would be no real consequences.
4) At the end of each quarter, there are blackout dates where officers cannot buy/sell any securities. Past that, they have to be VERY careful about buying/selling shares near any major annoucments (such as combined channel lineups, earnings conference calls, etc, etc, etc, etc) due to the fact that it could be considered insider trading. How do you think it would look to shorts if Mel buys $5 million in shares, and in 2 weeks surprises to the upside in the Q3 CC? Can you say lawsuit? What would YOU say if mel SOLD today, and then Q3 was worse than expected? Can you say lawsuit?
Q3 ended 9/30/08
Q3 CC should be first week of November
Mel speaks at another conference sometime in November
Annual meeting is 12/18/08
Q4 ends 12/31/08
Lots of events happening for them to be able to schedule a buy and not make it look suspicious.
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