Sirius XM Nears Top of Shorts List

The short positions for equities in NASDAQ have been published and once again, Sirius XM Radio (SIRI) is near the top of the list. From September 15th to October 15th, short interest increased roughly 33,000,000 shares and now stands at about 232,000,000. This places Sirius XM shy of only Level 3 (LVLT) in terms of overall short interest.

Sirius XM, which has a shareholder meeting in late December, and which has not yet announced a date for Q3 earnings, has been a target for shorting for quite some time. Despite what appears to be heavy shorting, institutional ownership stands at 54% according to NASDAQ.

On Friday Sirius XM stock saw a mini rally, and appeared to have bounced off of the .25 cent mark. To technical traders this could represent a buy signal if certain criteria are met, but the behavior of the markets lately makes it very hard to determine if a bottom has happened.

Position - Long SIRI, No Position Level 3

Comments

[CaptKim:]

Has any of the investers ever thought about a class action suit against the people who control sirixm or an investigation commision? We will all end up like enron

2008 Oct 27 12:23 AM

[shure46:]

seriously depressed -- stop wasting space telling us to stop wasting space , thank you

2008 Oct 27 01:18 AM

[shure46:]

pig farmer - one day you are going to trip and fall in your pig pen , get knocked unconscious , and get eaten by your pigs .......we may be "tards" , but you are a fucking turd .........and I will risk banishment to tell you that

2008 Oct 27 01:50 AM

[holdon:]

s162, was it the proxy or margin call due market close friday?

2008 Oct 27 01:55 AM

[shure46:]

ok now back to siri ........Is it possible ( this is just a very marginal guess ) , that the IB's would like to accumulate our shares cheap ???? Is it possible that another sinister plan might be to smoke us out of our shares , and then all of a sudden siri is the new darling on the market ??? By some great news all of a sudden .......remember , these guys CREATE the news with their actions sometimes .........

I know that is probably a very unlikely scenario ....but is it a possibility .....I don't put anything past wall street when it comes to manipulation

2008 Oct 27 02:12 AM

[163888:]

sl62, What in this statement is false?


frankiec, You are correct. what you see here are people that are pissed they sold for a loss. Most hear keep saying Mel has said nothing about the refinancing. Dhaa did they miss the 10 times he discussed it. For the few who did not miss it, they are not pleased that he is just talking about it and saying he will take care of it they want action, well how much more action or confirmation do you need then Mel saying he plans on taking out the Feb. converts using COH for half and a bank loan for the rest. That while GS would like to just reconvert the old converts that is not what Mel wants to do. You cant get any clearer then that, yet many still thought and talked about back then, bankruptcy was a possibility. Then people want to piss and moan about Mel calling them unsophisticated. I for one agree with him, It was not hard for me to figure out that the Feb. converts were not a big deal way back when this crap about bankruptcy was being talked about because of the Feb. debt. Reply |Report abuse

2008 Oct 27 06:59 AM

[163888:]

P.S. sl62, who was the only one who told you people the Feb. converts were not a problem when they first came up. Now even the analyst agree with what I told you people, although they are now moving to the credit due in May. As I said for good reason then as now they also will be delt with, matbe not on the best terms but in this market that is to be expected.

2008 Oct 27 07:23 AM

[163888:]

Also as for unsophisticated look at what mark2003awol is saying;

"NEVER TRUST A COMPANY THAT SUES ITSELF!"

He is refering to a case that never included SIRI as a matter of fact the SIRI law suit came way after this case inwhich a judge told the firm that represented Brockwell in its suit with SIRI it could not practice in its state for 5 years, because it was shown that they were going after legal fees. Something they have been doing to many different companies and not to give the companies they sued a free pass on other things. It was never shown that the other companies were in with the law firm, as a matter of fact it was because of the company being sued, is why the law firm was brought to justice, they never wanted to be sued and were as mad as anyone that the firm was doing it just to get the millions legal fees.

2008 Oct 27 07:36 AM

[163888:]

To answer some questions many that sold their shares for a loss ask me how can I be so positive about this company and Mel. Well lets first start with Mel, since coming to SIRI Mel has grown subscribers from 200,000 to 8.5 million. He has cut cost by factors not fractions (and if you are fimilar with the 10-Ks then you are able to see that). He was also able to take out his only real competetion by merging with them something only a very few thought even possible. Now the company, this company now holds more spectrum then all the radio station compined. They will also be able to transport that content anywhere in the world at a very low cost considering the cost of building the infrastructure (China, India, ect.,ect.) where radio is the main stay of media.

That said I have not seen any credible evidence that Mel is a criminal or has done anything except to keep SIRIXM alive in a very difficult time. As I have said before most companies and CEO are given a few quarters before shareholders and analyst judge how good or bad they are doing with a merger. Thats right people a few quarters, not a few months.

2008 Oct 27 08:08 AM

[cos1000:]

163888

Good Morning. All the legitimate concern was generated when the Proxy Statement for the annual shareholders meeting was released on Thursday, 10/16, after hours and their hasn't been a comment from the company since. Delisting rule changes came the day after but still no word. Dilution of shares with a reverse split and no comment has people spooked. Your comments are known but at this point until the company speaks up.... Fear is in Control. I am still waiting for 3rd quarter and a financing discussion before I worry any more about this whole thing. I've come to far to not see it through.

2008 Oct 27 08:28 AM

[siriusly de...:]

163888,

I love your optimism and want to believe,

But, you have to explain the stock price to me. Why is it so low and why hasn't Mel defended it.

My opinion, Mel lent the shares to be shorted, and that's why we are where we are. AND, Mel has let the shares fall.............That is just about fact......SO, how can you NOT have doubt in Mel's integrity? He lent the shares KNOWING this would happen to his shareholders.

How do you explain that????

2008 Oct 27 08:44 AM

[163888:]

cos1000, I totally agree. The thing that gets me is that while there has not been anything said about the proxy, that is still no reason to take conjecture and conspiracy to a totally new level. I will admit that Mel may not be in the best position to be able to refinance the debt and is looking for all possible ways. He may not want to come out and say this stock delution is the only other option until it is. I dont know but while I believe the Feb. converts are taken care of that there is still some concern on the Dec. ones. I found it interesting that they go all the way up to Dec of next year, when the Dec. converts are due. Considering the credit markets are the way they are, he may feel this to be the best way to take them out. I believe it would be the cheapest way. But there I go doing something I just accused others of doing ** conjecture** with no real common sense behind it.

2008 Oct 27 08:49 AM

[163888:]

siriusly depressed, As for the price being this low I do think it is a combination of things not the least of which is the melt down in the entire market because of the credit market which has a direct effect on SIRIXM so that alone makes it doubly worse for SIRIXM. The lending of shares was reasponsible for it going from 2 dollars down to 1.5 or 1.3 the rest though was the panic set forth by people saying it was delution of the stock which it was not then you had GS jumping in with their grim news and people believed them yet they are the one that have the most to gain by getting the PPS so low (which makes it harder to get any financing) that Mel would have no choice but to reconvert GS old converts for better terms. There are plenty of people here that helped as we can see even people that used to be bullish on the stock sold on some of the most deceptive news I have ever seen. That should be no surprise considering the news never did its job because they wanted Obama in the White House.

2008 Oct 27 09:01 AM

[163888:]

sl62, By the way you used a analogy of a cat 5 hurricane and me being the one that does not pay attention to the facts and is then cought off guard. Well my friend that person is you. You are the one that assumes things without having facts to back you up. In this analogy it is me that looks at the radar screen to see if a hurricane is really on its way or not or were it will hit, while you assume that because there is a strong wind that blows through and some dark clouds you evacuate.

2008 Oct 27 09:12 AM

[163888:]

I do find it unbelievable that in two down days so far that SIRIXM is holding its own. That may not last but is interesting none the less.

2008 Oct 27 09:37 AM

[killerkaul:]

Good Morning all...................... Just me and the Big Blue Dog here in the tall grass, still taking it all in and waiting for a point to buy back in. We much appreciate the info being put forth. Wishing you all the best! Take heart. killer.

2008 Oct 27 09:52 AM

[cos1000:]

Level ll is telling me that we are going to have an up day today, ,35 -37, unless something changes. There are still a lot of shorts that need to cover, not in a panic, but cover none the less. As with longs, shorts only make money when they buy and sell to capture their profits. As I said before, if there is manipulation by the shorts then eventually a percent of them are going to cover (buy) and hold Long for a bit before selling and shorting again.

2008 Oct 27 09:59 AM

[cos1000:]

killer.....

Good Morning, this is a crazy market but Friday would have been a good time to nibble back in. IMHO the stock went to .202 in premarket and there is a lot of Fear here... capitulation looks like this..... I think we will retest again after 3rd qtr results are announced, day or two after.

2008 Oct 27 10:10 AM

[cos1000:]

I'm off to the other article, bye now

2008 Oct 27 10:11 AM

[Sherwyn:]

Excellent, relmor! You are always right on. I love to read your comments.

2008 Oct 27 01:18 PM