Sirius XM Issues 67 Million Shares to Gain Breathing Room 116 comments
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In a move that appears designed to give the company some breathing room on the $300,000,000 financing due in February of 2009, Sirius XM (SIRI) has issued 67 million shares of stock. The move retires about 10% of the converts that are coming due in the next 5 months.
While the dilution typically is not seen as good news, it would appear that this activity was made in an effort to perhaps facilitate a finalized solution to that part of the debt that needs to be refinanced. The company filing states:
“We issued an aggregate of 67,038,070 shares of our common stock, par value $0.001 per share, in exchange for $30,500,000 principal amount of our 2½% Convertible Notes due 2009 (the “2½% Notes”) beneficially owned by institutional holders.
We did not receive any cash proceeds as a result of the exchange of our common stock for the 2½% Notes, which notes have been retired and canceled. We executed these transactions to reduce our debt and interest cost, increase our equity, and improve our balance sheet. We may engage in additional exchanges in respect of our outstanding indebtedness if and as favorable opportunities arise.
The issuance of the shares of our common stock was made pursuant to the exemption from the registration requirements of the Securities Act of 1933, as amended, contained in Section 3(a)(9) of such Act.”
Position - Long SIRI
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This article has 116 comments:
I especially like the line "We may engage in additional exchanges in respect of our outstanding indebtedness if and as favorable opportunities arise."
If you take away the .425B estimated savings our new number would be 1.07B - .425B = .645B.
And you guys thought all hope was lost!!
they just sold 1 more best of sub .. knock off another 0.00000002B from the debt!!!
Killer. . . .
The Blue armour just came in from Ceradine. I didn't think that ceramic was strong enough. But it shure stops those AP rounds in test!!!
A. 30.5 million of the Feb 09 debt has been paid down in exchange for 67,038,070 shares of SIRI at near its current value of 0.38 a share.
Q. Why would these bondholders agree to convert at this point?
A. The share price of this newly merged company is at a historic low, since these particular bondholders have opted to convert, I am assuming that they feel the share price will increase from hear and they can profit from ownership of the stock.
Q. How does this bondholder know that the PPS will go up from here, and why would Sirius be so ready to allow a convert when its shares are priced below book value?
A. The share price is depressed because of uncertainty about the ability to refinance the debt due in 2009. HMMMM If I was a lending institution that just recieved 67 million shares in a company with share prices depressed on worries about debt, I would alleviate those worries and watch my 30 million investment double, triple or better, just by lending more money to Sirius XM. It is like legal inside information!!
Those are my 1/20th of a siri share (2 cents)!
GO TO SIRIUSBUZZ.COM . . . THE LINK FOR THE INTERVIEW IS ON THE RIGHT SIDE OF THE PAGE MIDWAY DOWN. IT IS SIRIUSBUZZ RADIO SPECIAL EDITION OCT 21
MEET BACK HERE AFTER YOU HAVE LISTENED
VOTE NO TO EXPANDING STOCK ISSUE !!!
VOTE MEL OUT !!!
This guy Mel is a crook!!! I have lost over 300,000. and avg down to 2.50 and see I will never break even with Mel driving this lemon. His planned deception has destroyed this stock.
I wish SIRUS would go Chapter 11 Belly Up. But I never want to see Mel get control of this company or any other, ever again. Mel is a crook!
Chuckle and brag as you wish. I know some people here love the pain of others. But for you guys that care about SIRUS, VOTE NO to the SPLIT!
Mel wants a penny stock, lets drive it down to 0.01 and give him something to remember. He need a lesson in how to treat stock holders, the true owners...
All I see on this board are the same people crying about how they lost money. Get over it. why don't you put your mind to work on how to make the money back. Why don't you put all this negative energy into your profession.
Quit all your crying!!!!!!!
At least relmor, cos1000 and some of the others are rational.
I have called and emailed SIRUS about the SPLIT. I was nice. But in 3 days they have not returned any of 11 calls or responded to 6 emails.
Mel SIRUS has not responded. They dont care! They know they are screwing us. It was always the plan to screw the stock holders...
VOT NO TO THE SPLIT. Let SIRUS stock go to .01 cent. What more do we have to lose? Mel is a crook. Kill his stock and SIRUS. Give Mel somthing to remember!!!
I wish to remind you that continuing to invest is not the same as punishing a crook. Most here will get over it. But we all wish for crooks to be punished. IMO, Mel is a crook.
More again, VOTE NO to the split. Then get over it...
Do you really think he cares? He wants this company to survive.
if you vote no to the split you are going to destroy the company and force BK. they are getting everything set in case they need to use the RS. my thinking is that it will not come to that. I could be wrong but I think they will be able to handle the debt without the split.
Getting this ok'd by the shareholders puts more in his arsenal.
don't think for one second that he would want all this work he has done with the merger for nothing.
Vote yes and at least we have a chance
1. They issue the new shares
2. Use that money to pay off the debt they have coming due in 09
3. With the money they save the synergies, plus not paying on the debt they bank money,
4. Then with that money plus the money from new subscribers, they purchase back the outstanding shares.
I know it is not that easy but no one could predict the turmoil that the credit markets have become.
That would be my attempt at righting the ship and making this company continue and increase shareholder value.
At this point I have decided to stay long. No guts No Glory!!! Losing all my investment would not bother me as much as if the stock turned around and I missed out on it.
Yes Sir, Kill SIRUS dead for being crooks. I hope the product will come back under new managment and name. But punish Mel, and Blackstone who planned this mess.
Want to hear the truth about Mel and SIRUS plan? Have a listen to this Buzz Interview.
www.blogtalkradio.com/...
Sorry folks for being so voiced, But cooks steam me up and IMO Mel is one very bad guy. You must listen to the interview for the real scoop on the SPLIT and the plan to go private. Plan to bust the stock holders...
People are being very irrational about this situation....
Automatically thinking the worst....
There has been much worse news about SIRI than this and everyone has gotten through that....
c'mon
It appears to me that this stock is going to RS , and go down even more ..............but if we vote no to the RS , or issuance of new shares , what's left ????? BK ?????? That's even worse !!!!!!
Tuesday October 21, 9:53 am ET
Sirius exchanges debt for shares as leverage concerns loom
PHILADELPHIA (AP) -- Sirius XM Radio Inc. swapped $30.5 million of its debt for company stock, as the satellite radio provider moves to shore up its balance sheet.
The New York-based company exchanged the debt held by institutions for 67.04 million common shares, according to a filing with the Securities and Exchange Commission made late Monday. The debt is a portion of the $300 million in 2.5 percent convertible notes due in February.
ADVERTISEMENT
The exchange translates to a value of 45 cents for each share received by debt holders. Sirius shares closed at 39 cents on Monday, up a penny. The company disclosed the deal after the market's close.
The debt holders stand to clean up once Sirius executes a 1-for-10 to 1-for-50 reverse-stock split before the end of 2009.
Sirius put forth the reverse-split proposal, which will boost the stock price by reducing the number of outstanding shares at the ratio indicated, in a proxy filing last week to be voted upon at its Dec. 18 shareholders meeting.
The company said its shares have to stay at $1 or higher to continue listing on the Nasdaq.
Sirius said it did not receive any cash from the debt swap and noted that it might make other exchanges as opportunities arise.
Sirius faces $1.1 billion in debt coming due next year. The company is seeking to save $425 million in 2009 from its July merger with XM and trim its debt burden to reach profitability.
AVOID SIRIUS STOCK!!!
Mel is a crook! He is putting the entire debt on the back of the long term stock holder. He planned it.
Let SIRIUS go BK. I don't want my 300K back from this crook. I want Mel nailed to a cross and justice!
LOL watch as is trades short after the split and then Mel will buy up on the cheap and go private. Crook!!!
mark2003awol,
I feel bad that you lost that much but if you don't want the shares give them to me. crook or not i want my money back.
no one knows the inner workings of a company and why they do things they do. he knows a lot more than us.
Give Mel a break. he just merged the company a couple of months ago. has a lot of debt and he needs time to sort out the merged company.
if anyone can do it mel can. But to sit here and rip him is mis-guided.
Hang in there everyone and we will see come the end of the 4th quarter what the company looks like.
mark2003awol,
I feel bad that you lost that much but if you don't want the shares give them to me. crook or not i want my money back.
no one knows the inner workings of a company and why they do things they do. he knows a lot more than us.
Give Mel a break. he just merged the company a couple of months ago. has a lot of debt and he needs time to sort out the merged company.
if anyone can do it mel can. But to sit here and rip him is mis-guided.
Hang in there everyone and we will see come the end of the 4th quarter what the company looks like.
Avoid Sirius at all cost. To much out now on a plan to deceive the stock holders. Bad, very bad risk!
And I am very long...
Instead, write Mel a nice flowery letter, tell him what a great job you think he’s doing, how none of it is his fault, and ask him pretty-please to “unseal” the copy of his deposition taken in the Brockwell suit.
It may take a little time for Mel to get back to you on that one. He will first have to ask his boss, Mr. Black, if it is ok with him?
As to lawsuits . . . Hartleib had zilch to do with the FCC approval delay; DOJ slam-dunked it; FCC politicized it. Go Google Georgetown partners Brownbach, Snow et al, ok?
Next, the appeal of the approval. Are you actually sitting there at your keyboard honestly believing that Hartleib thought he would win the appeal and overturn the merger.
It is called exhausting legal remedies . . . why? DISCOVERY!! You get to put the other side under oath and ask questions; you get to look at the other side’s papers. Hartleib’s legal filings are purely strategic and have nothing to due with delaying approval or effecting share price. NOTHING.
I have no doubt that the next move will be a smear campaign on Hartleib. Sirius XM couldn’t put together and execute an effective retail marketing campaign post merger (to the guys in Radio Shack . . yes, the merger was approved a few months ago; ya musta missed the big promotional ads) but they will no doubt muster the resources to smear Hartleib.
Keep an open mind folks and do your own independent research . . . that is all that is being asked.
——————————————————————...
Management’s Inconsistent Actions
Makes you wonder what they will do next……….
XM Radio (SIRI), Citing Management’s Inconsistent Actions
JANCO downgrades SIRIUS XM Radio Inc. (Nasdaq: SIRI) Buy to Market Perform, citing significant uncertainties in the market place and concerns about management’s inconsistent actions.
JANCO noted that SIRI converted $30 million of 2009 debt at $0.45 per share, inconsistent with comments by CEO Mel Karmazin that he was confident that he will be able to refinance the $1 billion of debt due in 2009. The firm commented, “SIRI historically has stated that they did not want to dilute the existing shareholders with an equity raise. In addition, we were of the understanding that SIRI was going to wait to disclose third quarter results as well as possibly fourth quarter subscriber additions before they actually went to the debt markets. We thought if the results showed progress, it maybe a more opportunistic time to raise the debt. We have to admit that SIRI’s recent moves have surprised us, especially before the third quarter earnings release, and not necessarily consistent with previous statements.”
JANCO also notes that SIRI’s preliminary proxy sounds alarms of dilution and a reverse stock split. The firm said historically, reverse splits have caused overall declines in value.
JANCO also said there is still the possibility of another capital raise in 2009.
Class action Lawsuit may be forming against Sirius Management. Issue outstanding and key words: merger competency, merger financing, incompetent management, collusion, deception, and failing to perform duty to protect stock holder interest.
Long term investors mat contact savesirius@gmail.com for the possible class action.
Vote no to split.
AVOID Sirius Stock
You said.....................
no one knows the inner workings of a company and why they do things they do. he knows a lot more than us.
Give Mel a break. he just merged the company a couple of months ago. has a lot of debt and he needs time to sort out the merged company.
if anyone can do it mel can. But to sit here and rip him is mis-guided.
Hang in there everyone and we will see come the end of the 4th quarter what the company looks like.
.........................
I'm trying not to lose my head in all of this. In fact, over the past 2 days I've almost made the same post as you just did word for word.......
But holy cow,,,,,,Is Mel a mastermind that we're going to follow to the holy land OR is he a mastermind that's leading us to hell????????????
I'm trying to keep a clear head here and stay optimistic but there's some pretty smart people on these message boards who are speaking with pure LOGIC and ZERO emotion.............Yo... can't ignore or explain every bit of the mountain of evidence against Mel at this point.
I've tried to keep the same calm, patience & optimism through ALL of the bad news week after week, month after month, and now year after year .......
NOW, after these last 2 days, those feeliongs have changed,,,,,I'm now feeling ignorant and irresponsible for staying the course any longer......
I couldn't imagine jumping off now after everything and then seeing the stock jump....it would kill me......But what signs are there of that happening??? Is the financing done, advertising coming next week, sales are through the roof, no more dilution, and Mel is keeping all of this a secret??? of course not...
On the other hand, how do you close your eyes and say "MEL KNOWS WHAT HE'S DOING AND I TRUST HIM" any longer???? Then watch the little money you have left get cut into quarters AGAIN when all the writing is on the wall???
LOL, LOL :) Yes. I was very optamistic and loved Mel. But, I see now we have been fooled by a master crook with a history of this same activity. Now, knowing the history, I feel very foolish.
Vote no to the Rev-split.
AVOID SIRIUS STOCK
Three years I've been battling this nightmare. Dumping more & more money all the way.
I can't even stand to hear STERN's voice any longer knowing he's living beyond his wildest dreams with MY money. We're supposed to feel liberated WITH Stern and his wonderful and successful new show. It's great for all of us... Yea, my ass.....I'm not laughing at his show anymore knowing SIRI has made him rich while SIRI robbed me.......
I will not take you seriously nor will i ever take you seriously basically because you said you don't want your $300,000 back you want to put Mel to justice....
first of all.... Nothing is set in stone, Mel isn't a bad person yet.....
He never lied when he said it would be easy to refinance the debt.... It would be easy... but the terms would be no better than they are now... and voila, we are in this same position with all you morons pointing at Mel again.....
Second.... I agree with 163888.... Even if the Stock is diluted to pay off debt.... if the RS happens after that there is nothing holding the stock back....
Everyone says they will just short the stock back down here....Well F That, it would almost be impossible.....
--- The company would have gotten rid of their debt issue....
--- There would be very few shares outstanding....
--- And the company by this time (with no/little debt on the books) Should easily be turning a profit....
so you guys can keep preaching that the world is coming to an end, and keep saying VOTE NO... I WANT MEL'S HEAD FU%& MY MONEY...VOTE NO
I will use MY OWN JUDGMENT and look past these issues.....
I think a few others on this post are with me....!!!!
Based upon the interview.. The litigation could cause a stay of any descision on the issuance of new shares or any type of split. Litigation is a lengthly process that has may effects. One benefit of an effective lawsuit is a restraining order. The order would be challenged and potentailly cause a delay in the conflict of the stock. Hartlieb's accusations are true and to the point. They have merit and I believe would be considered substantive enough to get that restraining order. The issue of professional plaintiffs is a more overiding issue. The action by one of these professionals could bring Hartlieb's efforts to a screeching halt again. Mr. Hartlieb attorneys's should do all shareholders a favor and withhold any verbage announced on suits until they are filed in a court of law. I believe the saying "once burnt, twice shy" fits here. The Debt holders will renegotiate with the current rules in place, it is to their benefit. The dilution of the stock is a very real possibility. A twenty to one split would make the most sense and you would then see a precipitous drop similar to the Nortel Networks action two years ago when they only performed a ten for one. The stock experienced a two month climb that only brought it to levels it experienced one year earlier, only to drop to 8% of the Split value. A reverse split at this time would put the value of SirusiXM at A MARKET CAP OF 91.2M. The only consolation would be an immediate rise in the stock due to the elimination of the debt. The Nortel Network scenario may not play out the same for SiriusXM. There may be no fall after the initial rise, but then again the fall may happen right away.
I would think that this action to restrain the split would be a good thing. The abilities of Mel are adequate to come up with creative financing that would not involve stock. OEM kickback negoations, Ad dollars for the sports channels. Maybe even takling a page out of Ioaccoa's book and have exec's take a $1 yearly salary for the short term. This one is not over yet.
Hey Killer, how's the dog look like in a legal pin stripe suit?
What truck did you just fall off of?
I'm not a trader, i'm an investor and Mel isn't quite as noble as you suggest......
He's now a proven liar.
What would you do different to turn Siri around from it's current state?
I like your point. Any day trader without a long term avg of 2.55 share value would like your opinion.
However, All the long term investment in SIRUS will get wiped out. A rev split over 10:1 will put the break even point way over 20.00 a share. Not even Comcast has been over 20.00 a share in the last 10 years.
What is a long term investment? Like man, my retierment! Do I have another 300,000.00 to regroup in the new Sirius issue? No!
To find now that this was the plan, WOW! We were all decived by a crook. Hear the plan for yourself on Sirius Buzz at www.blogtalkradio.com/...
You said "not take you seriously". Join the class action if your long like me. Yes, I do want my money. But, I know I will never get it back from the stock with this crook as the CEO.
You said "Nothing is set in stone". Well 64,000,000 share issued Monday. They never got to the truble of asking for thing they do not want to do. Mel has a history of doing this same thing. Yes his companies all make money for him and kill the first 2 or 3 sets of stock holders. But, dont take my word for it. Listen to the Buzz Interview.
Vote no to the Rev-split.
AVOID SIRIUS STOCK
The average shareholder who's ridden this ride believing that Mel was looking out for them is probably sitting at around the $2.50 p/s range. We will not see that sp for YEARS if we ever do see it at all.
Mel has an agenda to take over XM from the beginning, and at any cost. This agenda was never shared with the owners of the company.....US!
But we have time and maybe it will turn around. If Mel gets blocked, he will get real finnancing. His plan was to screw the stock holder. If we can stop it and make him work for his bonus, we all win.
If I am wrong, I will dance necked in the street and invite all of you over to point and tell me I am a jerk. Oh, and I will apolagize... hehehheheh LOL...
Wanted to say a huge thank you for all of the info you are trying to bring to this forum--the most important being the M. Hartlieb audio from today. Wow. I was sitting there listening to him and I was hearing almost everything I wrote here over this past weekend (all weekend) after we received the Mel Proxy bomb. I knew immediately after reading that Proxy, the party was over. It was the whistleblower that brought the true picture of Mel to the forefront--and now all the pieces fit together. You have helped not only confirmed that, but by exposing Hartlieb to this forum, you uncovered so much more to the story. As if I, Mr. Harlieb, you or others here who are getting soberingly real about the gravity of this situation needed any more confirmation, along comes that WSJ article and now the Janco info. I have to say. I've been trading in the market now for 10 years and have seen many an upgrade and downgrade from analysts...and heard many reasons for those changes. I HAVE NEVER heard what Janco has written about Mel and the company. This just keeps unwinding day after day now. I am really starting to feel bad for anyone here who is considering buying more stock at this point. I won't tell anyone to sell because that's a private decision and each of us will have to look in the mirror one day when this travesty reaches its conclusion but I at least urge those here to consider not buying anything new (at least at this point). If there is some kind of bounce, there will be time to jump in. But to get in and watch right now is extremely dangerous. The action on this stock in my opinion points to it being DOA--which is exactly what Mel has in mind. I'm still waiting for the first October short interest to be reported. That may give some further insight. I see SIRI closed at .36 today, down another .03. Let's see where they are end of week. But back to the radio program, I can't help but think about something. On Tyler's radio program, he said he has had a number of interactions with Mr. Hartlieb. Tyler had to have known about even some of what Mr. Hartlieb was thinking, doing behind the scenes--esp. as it involves potential criminal actions from SIRI and Mel. One wonders why Tyler never did an article to bring that perspective to light for other shareholders to read about? Or did he? I only started posting here in August so I don't know before that. But Tyler says he's an objective reporter...I hope he didn't omit this. I hope there was an article back there somewhere I am not aware of. If not I'd have to say wtf??
Sirius Subscribers Lose NBA Programming Following XM Merger
By Eliot Van Buskirk October 20, 2008 | 12:28:55 PMCategories: Satellite Radio
Xm_sirius Despite assurances that all satellite radios sold by Sirius and XM would be fully compatible with a merged Sirius XM service, owners of certain early Sirius radios cannot access programming they could access before the merger.
A Listening Post reader described via e-mail how the merger blocked his ability to listen to NBA broadcasts on his Sirius radio device, an older model.
"Back in March ['07] you and dozens of others reported that Sirius announced that they were guaranteeing their equipment would not become obsolete as a result of the merger," wrote Tom Bellucco of Webster, New York. "Sirius lost NBA programming, but says 'Have no fear! It's on XM, so you just need to add the Best of XM package to get it back.'"
But for Bellucco, that upgrade was impossible using his existing equipment: two Audiovox SIRPNP2 receivers, two car kits, one house kit and three boomboxes for his children's rooms.
"For only $4 a month, [the upgrade] is worth it," Bellucco explained. "However, my radio is not capable of receiving XM programming. It says so when I try to upgrade. So, I say, my radio has become obsolete. It is no longer capable of receiving NBA programming as a result of the merger."
Sirius XM denied that claim to Wired.com via e-mail. "None of our radios were made obsolete by the merger. Zero," wrote a spokesman for the company. "Any XM radio gets XM programming and any Sirius radio gets Sirius programming, same as it ever was."
And that's true ... in a sense.
What has changed, at least as far as NBA games go, is what constitutes a Sirius channel and what constitutes an XM channel. Basketball games were on Sirius channels, now they're on XM channels. Sirius and XM were not supposed to be communicating strategically during that period for antitrust reasons, so the NBA apparently had its own reasons for switching from Sirius to XM.
"In a very quiet fashion, Sirius lost the NBA," said Ryan Saghir of OrbitCast, which covers satellite radio issues exclusively. "And in a similarly quiet fashion, XM signed on the NBA. And I think that was pretty much separate from the merger itself, and it was simply a contract issue where, for some reason, they went from one service to the other. But the earlier chip generation of radio has a [smaller] capacity of channels. From a consumer standpoint, yes -- the merger essentially has lost the NBA [for many Sirius subscribers]."
Sirius subscribers with older radios have reason to be upset about the switch, says Susan Kevorkian, consumer audio analyst for IDC. "It's misleading to customers, who originally subscribed to Sirius because they wanted to get NBA, to switch the network without duly informing them," she told Wired.com. "If that indeed is the case, it's poor policy on the part of the satellite radio provider at a time when they need to not only retain existing customers, but also expand the install base of users. Word of mouth would be another way to do that, and they won't get good word of mouth if existing customers aren't happy with what they're getting. At the end of the day, they have to be consistent in their messaging — and that's a big inconsistency."
Xmsirius_2jpeg Since car manufacturers often buy satellite radio chipsets far in advance of installing them in new car models, new car buyers could be subject to the same channel capacity limitations that bar them from subscribing to "Best of XM" from Sirius radios.
The Sirius XM spokesman essentially admitted as much. "Almost all our radios today are capable of receiving the 'The Best of the Both' packages," he wrote. "But some radios, including some early-generation Sirius radios, aren't capable of getting 'The Best of XM.' As you know, with all consumer electronics, features and capacity have improved over time with each generation."
For the most part, we agree that most of Sirius XM's radios are merger-proof, in part because they're capable of receiving these "Best of" channels. But Sirius' "guarantee to its more than 12 million listeners that existing radios will not become obsolete if the merger is approved " rings a bit hollow to early adopters who subscribed to Sirius in whole or in part due to its NBA programming, regardless of how it happened.
There is a possible fix: Sirius XM could rearrange its existing channel offerings and possibly renegotiate its contract with the NBA so that subscribers with limited-capacity radios — including those who signed up when the NBA was on Sirius — would be able to continue listening to basketball games. Whether Sirius XM finds that to be in its best interest from a business perspective, remains to be seen.
"You're definitely going to have a lot of basketball people feeling slighted because of this — especially people who don't have a qualified receiver," said Saghir. "What I don't know is if Sirius and XM are providing any special offers as a result, to maybe appease these people. I'm sure they're trying their best to make sure they keep every single subscriber they can."
Just fyi...Mel has already stated publicly (last week) that SIRI is unable to get regular financing becaue the best he can get is LIBOR +6 or 7...which is way too high for the amount of money they would be financing. What is clear to me now is that this was his option right before the merger too so...that means he lied about that there wasn't enough time to get it done. He never intended to do it period so he stuck to the original plan (which was to do what he called "ugly financing") of the convertible bond with the hedge short on the common (which is mainly why the stock sits here at .36). Mel never told his shareholders directly that his choice of financing the merger would, by very nature of that kind of deal, would kill the price of the common stock (to levels we still don't know how low yet). It took that nut Jim Cramer to tell the world of that deal and what it means to the common. Of course back then none of us believed the short would be as bad as it has been so we carried on averaging down, buying more and more stock. But my point here is...
If the 8B shares OR reverse split are voted down it will leave Mel in a corner. No other options IN MY HUMBLE, YET SOMEWHAT EXPERIENCED OPINION, but to file for bkprotection. Regular financing is off the table--period. My disclaimer here is I'm not telling you to do anything one way or the other, I'm just trying to provide imformation.
From your info, the merger was wrong to do. Again deception over and over again. Very sad.
Ok, he says no terms for finnancing. Other ways exist. Worst case, sell 10 percent of the company or maybe give Mel his 8 billion shares. But no rev-split.
Vote NO REV-SPLIT
I feel like we are about to enter the 12th and final round of a heavyweight fight. For 11 rounds, mel has been flicking-out a stinging left jab in my face . . . he has had me on the ropes, but i didn't sell my shares . . . he has had me jelly-legged . . . but still I held my shares . . . when we got into a clinch he whispered in my ear you're "unsophisticated," kid but still I held my shares.
So now the bell rings to start the 12th round . . . I am trying to stay rational but Mel is way ahead on points and about to get on his bike. What else can I do . . . I need the knockout. If I leave myself open and get knocked-out, so be it . . . I went out punching. If Hartleib can help me land a haymaker . . . I'll put'em in my corner.
I will not stay sitting on the stool yelling "no mas"
Folks should also examine the recent auditing firm change. That gets buried in the headlines compared to the reverse split and new equity. Check out the U.S. CEO of the new auditing firm. Ask what his connections are to Henry Paulson. Ask why the change and the timing of the change. Form your own conclusions . .
I am also amazed by JANCO's remarks. It is quite unusual. It is almost as if this company is speaking with two voices?
(Private note to Mel's screeners: Remind Mel to pick-up "Leon's" dry cleaning on the way home tonight . . .)
Every one of us that has put faith in Mel , is now sinking , and he doesn't care ........just go back to that interview with Cramer a while back , Mel is horsing around , having a jolly time , spinning BS ......comes on for a few minutes to pretend to care , and then it's off to the Riviera or something ............If this company was going to pull through this with common shareholders intact , he would be saying so ...........but he is very very quiet , because all he can do is lie some more
Here is what I see , IF , Hartlieb's claims have credibility ( and I think there is some credibility there , maybe not 100% )
OK - Siri issues 3.5 billion more shares , does a 20-1 R Split ......PPS = 5 bucks maybe ..........Optimistic forecasts now flood the airwaves " Siri is on track !!!!! " ........dumbasses like you and me buy up all those 3.5 billion shares ....it spikes to 6 bucks .........and from there it shorts right back down to .37 again !!!!!!! OK , realistically 2.00 ......NOW , the company goes private , and everyone has made a killing EXCEPT you and me .........AGAIN
One of the other interesting things for me about Mr. Hartlieb's radio appearance was that he referenced a class action suit from my past (that I was a part of) against the old Redback Networks (former ticker rbak). I've quickley alluded here that I've been through something like this before...it was with Redback. They were in the TCom equipment space. I would up losing a nice chunk of change on their reverse and eventual bk. More classic company mismanagement and greed.
There are so many shady companies on the street..
Btw... Mr. Hartlieb's info of Mel being brought on board to take this companmy private makes all the sense in the world. Look at the stock since Mel joined the company in Nov. 2004. He has killed the shareholder from day one and now it makes sense why. Just look at a chart since he joined the company. Also, another thing I wrote is clear as Mr. Hartlieb also believes ...that Mel is using the economic downturn to smoke screen his master plan. I say he has colluded with IB's to get this while thing done and then either BK or go private. And IB's told him that heavy sh%t was going to unravel right now because they all knew what Lehman was doing, what Bear was doing and what Fannie and Freddie were doing. Funny how the only IB's left standing are Mels creditors. Why else would a company agree do a financing deal knowing that it would kill its common? He is super slippery...
The bond holder took the 0.45 because he was a hedge fund with a short position thats been open since before the merger. Possibly Cididel who specializes in Merger Arbitrage where they went LONG XM and short Siri before the merger with the plan to use the converted XM stock to cover their short position. But when the stock went from $1.80 offer on the merger to opening at 1.50 there was no reason to cover the short. The stock hasn't had many up days that would cause a short to cover his position since the merger.
The other option is the bond holder didn't have a CDS swap to insure his bond and he is now afraid Siri will file Chap 11 and he will lose his money in the bond, so by taking the loss of 18% a share on the convert, he doesn't worry about a 100% loss on bankrupcy..
If this stock ever RS splits above $5 a share, I will INSTANTLY go on my scottrade acct and short the heck out of it, unless Mel is removed. He always says one thing and does another with bravdo that turns alot of investors off.
who in the heck is running the day-to-day operations of this company?
and keep this Scott Greenstein guy off the television. this company needs to put forward a fresh young face . . . a guy with some energy . . . not a crabby old accountant type slunched over in his chair
and Mel's better public speaking days are way behind him. get rid of the foam poster boards & easles and get somebody who knows how to run a power-point. please.
even if you disagree with my position on management, we need a succession plan now. the face of this medium has to eventually shift away from Mel & Howard anyway . . . everytime steve jobs loses 2 pounds apple craters.
where is the "hip" factor . . . where is the connection to the consumer?
where is the PR . . . any PR? anything? could somebody at least call the retailers and explain how to sell the product??
guys . . i'm not trying to yell fire in the crowded theatre. I am holding and voting my shares. I think the problems can be corrected but that may require a change. Shareholders have the power to demand that change.
I'm starting to think the threat of BK could be a smoke-screen to get scared longs to vote yes. The credit markets are thawing . . .
I have to believe there will be other, viable, means of handling the debt if the company is forced to consider those options. . . . including using some cash-on-hand and some of Mel's own cash which he publicly offered to do. That takes care of FEB. Mel also said publicly that May debt gets extended (another public proclamation Mel; no wonder he's been so quiet lately) and we will see what we will see in Dec '09. The lending environment is sure to be much kinder by then.
The reverse split is not needed . . . you said so yourself on Cramer Mel. you said investors aren't restricted from buying your shares. Turn a profit and the shares will sell. We are going to have PFCF for '09 right Mel? right? you did say that right?
But . . . . Does mel/leon already have the needed votes to ram it through? Probably so. Hence the need for intervention.
So In brief: I am now long Siri with average price .63. starting in late September. I have followed Siri for along time. When I say long I mean 3 years plus. My long investment now is substantial. I have a substantial belief the company will survive (barley perhaps, but that in itself is a huge triumph) by continuing to react in a dynamic way to market conditions. This is a new market with a tough road to traverse for survival– nobody knows or has a clue what will happen next month. It may get worse. I am not hung up with what Mel said 2 months ago and now maybe changing his mind with the rapid dynamic decline in the financial markets. Mel has not been perfect. I have not been perfect buying stocks. Running my business.
The upcoming quarter may not be the disappointment many think. It’ also may. No matter, I believe the stock is priced now for disappointment. I believe people are taking money out of Siri and investing in other stocks with better outlooks. (I am long 12 different stocks at the moment and short 3.)
I live on the West Coast. I am surprised how many I am seeing turned on to the product in the last 3 months. The new subscription for online listening has been picked up by so many friends I have lost count. (Someone create a better way to track Satellite ratings already...geeze ) I also hope in the future Siri will focus on being a ‘content company' and the manufacturing side is shifted to strategic partners.
This company needs to resolve the debt. When and if a bull market happens it can move fast. I do not see a bull market for this year. For now - Survive. Survive. It makes us all sick just how much time and energy the company has to focus on securing the debt with the ongoing world economic conditions.
Your dreams die with Bankruptcy and I cannot believe some are hoping for this out of spite. I do not wish for the many employees of Siri XM to lose their houses because you lost money in the stock market.
Bison, I am long and believe the company is doing the best it can in the worst of economic conditions we have seen in this life time. And I mean Worst! Some think Siri exists in a bubble and making their own trouble. Don't buy what you cannot afford to lose. This is a spec stock for sure. Don't expect to make your money in a day or a month. 3 year outlook for me. JMHO.
PS Mel is not a crook. I am sorry some posters continue to spam just that.. I am sorry you lost what you lost... but wanting the company to go bankruot is effed up thinking. Anyhow, You made your point over and over and over and over and over Mark2003. Please do not poison the board. Thank you.
Everything you just read is one dudes humble opinon.
Rah Rah Rah Mel. Say the Sirius goons...
If your a long term Sirius stock holder you have nothing more to lose by BK. So, kill this pig and the crooks plan. Vote No 8 Billion shares and No Rev Split!
Vote NO to the Rev-Split.
Vote No and goons be dam.
The Reverse split worked for Nortel (for a time) and it will work for Sirius.
The subsequet downfall of Nortel was due to their accountants. Investors getting wind of accounting improprities drops the share price like a riock. Lets hope that the change of accounting firms will not uncover any improprieties that may have been applied by the XM management. If all numbers add up from the XM side of the shop, then the reverse split in this case is a tool I think that the option of doing the reverse split is a gun that can be held to the head of bond holders.
Just remember this people,
Just because you are paranoid,
it does not mean that people aren't out to screw you!
Run Blue Dog Run!!!
If I didn't own, I wouldn't post!! (let alone read!)
My average in is $2.30.
and yes I noticed siri went down to .33 today ..........I think the big boys know to just slowly trickle down patiently , while we all hope and pray for a pop that never comes .......slowly go lower , because they know a big drop will panic everyone
I am stubbornly , and stupidly holding still , when my gut tells me this stock will dilute and then compress into oblivion , in order to bring in a fresh round of suckers to finance the next 3 years of waste , and then drive it down to a 2.00 pps takeover ........THAT is what my gut feeling is telling me ....
I am going to wait longer before I sell ( maybe ) ....it's tough , but losing another 6,000 is almost irrelevant to me now .......although that would pay off my truck !!!!!! ...........which of course would mean I spent 56,000 dollars to pay off my F-150 that originally cost 19,000 !!!!!! damn , I shoulda bought a hummer
Having said that , ya , the people wanting BK are definately going off the deep end
.63 is a cake walk in 3 years , even with dilution and RS ........3.50 ???? I'm screwed
The debt holders stand to clean up once Sirius executes a 1-for-10 to 1-for-50 reverse-stock split before the end of 2009.
163888 mentioned the phrase I have been searching for this whole time... and I couldn't think of it till now.....
You guys are making a mountain out of a mole hill right now... Nothing bad or abnormal has happened yet... The price is going down just as fast as it has been
You are all paranoid.....
The markets go down + Credit Crisis worsening + SIRI Down = Mel is a Crook
That's some logic for you
You're someone a guy would want to have in his platoon. You hang in there man. It is a difficult time we all face--esp. in the face of such overwhelming evidence now pointing to impropriety, collusion and premeditation, yet also in the face of such a still decent product, sub base, wide-reaching spectrum and potential. It's a drag this all even had to come this far. This should have been such a better experience for us all.
I like Sirius Roadkill's analogy of the 12th round. That we are. The bell has just rung, ding, ding and it's Mel against a mob of formidable shareholders. I know no matter how this ends, it won't be pretty for either side...
As a POSITIVE side note for a change, as I am writing this I just saw a Jeep spot that finally alluded to Satrad as a feature. I have been wondering why auto spots were not mentioning this in their spots. In the jeep commercial it even had a little yellow <<xm>> logo animating as a lower third. So finally!! I was like, why are they not selling this service? Well, looks like they are starting...Ok back to the ugly side...
The ugly side is the path Mel has chosen with stockholders of this company (all provable to-date). He has used ALL of us and abused ALL of us--and no matter what happens, it DOES NOT make it right. Some or many may decide to ride through this storm and let the chips fall where they may--and to some degree, that's true spec I guess. Seas can get rough in spec land as we all know, and they have. For me though, there's a huge difference between rough seas and a 60 foot wall of water that threatens to wipe me out of the game. This company and product will survive no question, it's a monster. In fact, it will very much thrive eventually. The question now is only how it will get to that place and what will happen to current shareholders in the process, IMHO. I wish all here the best in doing what's best for their own investing strategies. I would suggest that in any case where tough decisions have to be made, two things must happen: 1. A decision must have a solid root, foundation and proper motivation and 2. It also needs to be unequivocal without regret, no matter the resulting circumstances. I've enjoyed communicating with many of you here. I'll still be around and watching all of this unfold with you--and may yet strategically be back by your side through ownership, if only temporarily. I'll never again make this company a long-term play. It's a trader if there ever was one and initially will be a great short after the reverse...I'll be waiting....I will now hold Mel's IOU until the time and point of my choosing. Then, I will take back from him what is rightfully mine. Mel, you can bet on that, baby. In the meantime Mel, you have my money but starting today, you can take no more. I was laughing at you today Mel because you dropped without me today--first time in quite a while Mel!! I'm now replanted in some better, more fruitful places. Places that have good management and shareholder respect Mel. Something you know nothing about. Even before you rev split though Mel, I will be watching you..close...daily. Slip up, and you and your cronie shorts will begin paying me back sooner than you think. I'm right here laughing. As the merger and breaking your shareholder's backs was your obsession, you are now my obesession. I can see my money from here Mel, and I'm making my plans to come get it. I have time..I now have my safety from your evil deeds, and I will be laughing at you and your big mouth from the tall weeds. Have a good night Mel. Sleep tight.
p.s. if things do eventually devolve into lawsuits here, etc...I am more than happy to provide assistance with information, opinion, or construction. Just let me know.
We all know the risk. But we expect the game to be fair. Mel and Blackrock conspired against the share holders from the begining.
The word is out on Mel's decetion plan. This stock will drop like a rock now.
Lawsuits are building. We will not beat the vote and stop the rev-split. But, we will see Mel in court.
Vote Hell No to the Rev-Split
Votr No to the 8 billion in new stock issue.
Big NO to RS
Not sure whether it was a merger condition to bring this situation so that people forget about the torturous merger process till election and finally release the BLUE DOG to run. Both win.
Anyhow, again BIG NO to RS.
If they approve the share increase, there will be a total of 8 billion shares. The 1:20 reversal will bring that amount down to 400 million. 160 million are already spoken for (by us for example) at the new price of roughly $7.20. Now they can bring the new shares to the institutions in large chunks and at discount. No one is saying that the remaining shares will be dumped on the open market; that would be idiotic. Institutions buy for the long-haul. Why would they be interested in buying? Simple. You now have a debt-free company with a small float which will be making 2.4 billion in revenue (by today's conservative estimates). Keep in mind that this revenue number will be much higher when the auto market rebounds, the economy improves, satellite radio catches fire, and the merger synergies start to blossom. At six dollars and change this is a no-brainer for the institutions.
I have said that I support Michael's right to his legal actions, but did not feel that they ran parallel to my own goals for investing in this company. I like others are concerned, you would have to Brain Dead not to be.
I do not at this time subscribe to the group thinking that Mel is a Crook. The future will determine that in the reality of this company's performance and how the common shareholder prospers. Please don't bother rehashing all the claims of his public pronouncements in the past, I heard them already. I can read. We are living in an ever changing business and economic environment and that statement is not me making excuses for his poor public speaking performances. They have been terrible.
I think that the company needs to make whole any subscribers whose programming was diminished by the merger. This is simply a matter of calling customer service and voicing your complaint for them to have the opportunity to upgrade your receiver. Receiver's in autos, as I have are going to be another problem. My chipset in my Mitsubishi, 2007 Outlander, cannot be upgraded to Best of Both. In all fairness I have not had the time to address the issue and haven't been motivated because the Best of XM doesn't thrill me anyways, but for some this could be very annoying.
I am still waiting to hear from the company before I decide what to do with my shares. They will be releasing numbers shortly, lets hope we have something concrete and positive to talk about in the near future. I am still optimistic, and may be an idiot, at this time. "It ain't over til its over and I don't care what round it is."
........ Given Sirius XM's low stock price, Mr. Karmazin said he would love to take the company private. But given the state of the credit markets, "How do you find [the money] today?" If the company were generating positive cash flow, which he expects it to do for the full year in 2009, privatization would become much more feasible, he says.......
The important facts on the Boards appear to missing. Generating Positive Cash Flow for the full year then privatization....... Nothing about doing it now, driving the price of the stock down or anything of that kind.
....... Meanwhile, Mr. Karmazin's focus is to shore up investor confidence by refinancing $300 million in convertible bonds that come due in February, replacing them with bank debt. Last week, he told investors that he had already begun a series of meetings with banks. "They didn't want to hear that we're having discussions," Mr. Karmazin said. "They wanted it done." While the refinancing is a priority, Mr. Karmazin says he wants to arrange it at favorable terms; the last time he renegotiated debt in a hurry -- in July, the day before the merger closed -- the stock price dropped 16%. .........
And at his last speaking engagement he addresses the debt and if you listen closely you'll hear he now says they are in negotiations with their "debt" holders. Didn't say banks that time. I didn't take that as a positive sign. yeah they might get it re-negotiated... but at what cost to the common shareholder?
You win a prize...thanks for being realistic for the sake of accuracy. Mel distinctly said, "we're talking with our debt-holders, and I'm confident we'll be able to work something out." Quote and un Quote.
He also said concerning other lenders, "I'm only able to get LIBOR +6 or 7." Way too high. Also if anyone here still believes this crock:
>>"They didn't want to hear that we're having discussions," Mr. Karmazin said. "They wanted it done." While the refinancing is a priority, Mr. Karmazin says he wants to arrange it at favorable terms; the last time he renegotiated debt in a hurry -- in July, the day before the merger closed -- the stock price dropped 16%. .......<<
I would look at little closer at the facts. Who besides a conspirator, would "negotiate in a hurry" when you had 1.5 years in a holding pattern to have ALL FAVORABLE financing in place (for the company in shareholders) ready to pull the trigger. And if that IS how you do business, you suck as a businessman. Sorry. So in Mel's case, he's either a conspirator or he sucks at what he does. No other options are possible.
For the love of god, Mel did this once before exactly the same. He will not bank finance this if we let him do the split. Mel is a G D crook.
I am very long and ver foolish for not investigating Mel befor this time. I don't know what it is going to take to convence you optomistic fools.
I will be posting for no other reason but to save others from this crook. This stock is going to sink like a rock. Mel is going to split the value out over and over again until the debt is paid. Long term investors are going to lose money every time in Sirius.
Lots of great ways to finance this debt even without a bank. Mel had a plan and he is a crook. I will be seeing him in court!
Vote Hell No to the REV-Split!
Vote No to the new shares!
Vote Mel out!
If it means anything, I think you made a wise move. This action, merely buys an insurance policy to something extremely unfavorable. I feel like at this point I'm more than happy to trade what goes on my ScheduleD, for that insurance. And hey, if this stock does turn around in this iteration, there will be plenty of time to get in a realize a good part of the upside. But at least it will be a known quantity. I have no ill-will towards anyone who still wants to do this play in one move but I also think doing it in 2 moves allows some peace of mind. Also someone here sais at one point that the new Pres. would be doing an extension of that 3K annual write-down up to 15K, since people have losr so much money in the financial crisis. Even if they make it 10K it will help. I can't see them not doing some amount to help the entire country. So just as Mel is using the crisis as his smokescreen(IMO), we also benefit-- right time, right place to assume a substantial loss...however the best news is (more right place right time), with the floor of the overall market still down, there are plenty of elevators with their doors open waiting to take passengers back up--helping us recoup much much faster. Fortunately, SIRI didn't take us out by themselves (which could have easily happened), while everyone else was still at normal levels. That would have sucked--so a silver lining there.
In the meantime...thanks for your camaraderie here, keep the dog fed and happy and I'll be seeing you in the tall weeds. staking out Mel and Co.
What happens to the 200 million shorts that are on the books currently after dilution and/or a RS ?
Steve
or you can call 212-584-5100 and ask for IR.
Vote Hell No to the REV-Split!
Vote No to the new shares!
Vote Mel out!
Just for the future...I recommended a ticker a while back that I think bears watching at these levels...
btw...I agree with you 100%...
I think siri might be a sreaming "buy" one day , after all the smoke clears , and a new compressed / diluted PPS of 2.00 emerges
My parachute is on tight , and I am at the door .....hesitant to bail just yet
But I think the old blue dog has now ......GOT the "runs"
and although the proxy proposals are bad .......BK is death
I hope I am not royally messing up by waiting to see how -- cost savings , earnings , and debt management -- looks in the near future
I am whygotomars@yahoo.com , Mike
The word is out. Mel is a crook. Folks are dumping SIRIUS but no takers...
Bid: 0.33 x 543500
Ask: 0.33 x 12100
Pink sheet is for Crooks. NASDAQ may have given a break but Sirius should be delisted because of this stock deception. Mel the word is out and your history!
VOTE NO TO Rev-SPLIT
VOTE NO MORE SHARES
VOTE MEL OUT
The bond holders want to renew a new term. No BK as the bond holders can do this again. Mel, (for good reason) does not want to do this. But he has not done his work in the other 30 ways to get this debt done.
Mel had a plan to ( like he did in his last compnay) off load the debt on the loyal stock holders. We must stop this from happening again!
Ok? Please be nice.
VOTE NO TO Rev-SPLIT
VOTE NO MORE SHARES
VOTE MEL OUT
We don't want it. But, it probably is the last resort for Mel. With bond holders wanting to renew, No BK will happen, period.
We don't want the shorting on the Bonds. Shorting is an insurance policy. But it does not need to drive the PS down. With no looming dooming debt double speak, this company is a cahsh cow. You can not short a stock down with good news.
Mel could and has been offered lots of ideas to get the debt done. So much so that they dont even answer the phone or return emails because they know they are wrong. SIRI Paul Blaylock His direct number 212 584-5174.
Mel wants to and will try to do as planned. He wants to do the same thing he did in his last company. He wants your money.
VOTE NO TO Rev-SPLIT
VOTE NO MORE SHARES
Thanks and hang in there no matter what happens...I'll be around...will keep your info...
I sent the following email to SIRI this AM. Within 30 minutes they replied asking me for a phone number that I could be reached. Within the hour I received a call.
"Please explain to me how dilution followed by a reverse split isn't a death spiral for shareholders. Won't you in effect be setting up a situation that will allow short selling to occur again in a larger scale than SIRI is currently in and drive the stock down again thus killing the shareholder?
Email to Siri 10-22-08
Great customer service, I only wish Mel would provide the same.
Oh yeah... he said that the shorts would be beneficial for the stock to offer liquidity??????
I'm still long and planning on going to NYC for the show.
30 to 1 Rev split
Value ,33 * 30 = $ 9.90 share after split
Most Long are min 2.50 a share now
Investment break even 2.50 * 30 = 75.00 share
Us loyal dedicated long investoers will lose 65.10 per share after the split
Then they will short the 9.90 back down and we lose again.
Mel has 30 ways to get this done. But he is doing his same old trick again and screwing stock holders. No BK possible! The Bond holders would step in to force the new terms 3.9% they want . No court would grant chapter 11 with bond holders willing to do the funding.
Thanks for voting Yes and helping Mel screwing US!
VOTE NO TO Rev-SPLIT
VOTE NO MORE SHARES
Frankly I'm not sure I can handle much more of this "beneficial liquidity" !!!!
I'm drowning already !!!!!!
And your post is valuable , because it sort of confirms the , " Dilute , R-Split , and then Short into oblivion " , Theory ............Then at the 75% reduced PPS ..........Takeover @ 2 very diluted bucks per share
Or another scenario ....GS knows after the split and dilute , the masses are going to short the heck out of Siri ..........they might just try to pull a fast one .........all of a sudden Siri is the next best thing to sliced bread , and wham , they make another killing the other direction
I only wish Mel Karmazin had HALF your guts , honor , loyalty
We would all sleep well tonight
What It Is Ain't Exactly Clear
It's Time We Stop Children , What's That Sound
Everybody Look What's Goin' Round
We were singing that one May Day in DC in1970's
Yeah well.. back from my flashback...I wish I had of been able to write my exact conversation with the Siri guy . Unfortunately I can get a bit ADD when I'm flying down the Interstate and talking on the cell. But hey... I never expected to even get the call!
I do remember there was a certain tone in his voice , like begging me to vote yes. Maybe he needs to feel he will have job security by " spewing the party line". Not certain. All I know is I certainly couldn't have a conversation with him as intelligent as a number of the guys on this blog. It was mainly to express in writing my displeasure and "take" on this recent Proxy.
Still contemplating what I'll do w/stock. Got clearance from the Mrs' to do the NYC thing solo if necessary, (although a family Christmas trip would be nice).
Babbling now.
Later.. and thank to all who are sharing knowledge, ideas and comedy.
Was previously 127981. Not 284089. Shit now I'm confused :)
The above post was a response to Shure46
What ifff.
Dilute gets voted no overwhelmingly
RS gets voted no overwhelmingly
Mel/board gets voted out or some substantial amount of discontent shown.
May be an absolutely stupid question but I've got thick skin.
Koop
>>> you need to separate "THE COMPANY" from "YOUR SHARES".... they are not one and the same. The company may very well survive, but that does not mean YOUR SHARES that you own right now will be worth much. I've been saying this for 4 months.