Will Tate Approve Radio Merger with $20 Million Fine?

[update below] With four of the five FCC commissioners having cast their votes, two in favor and two against, the audio entertainment world is now waiting on FCC commissioner Tate to cast her deciding vote. The events of Wednesday actually help us better understand exactly where the merger stands. The fact that democrat commissioners did not wait and delay the process by 10 days bodes well for the process.

Thus we wait on commissioner Tate, and a number of headlines, some of which are Howard Stern type material, come to mind.

• “Tate Is Late, Sirius (SIRI) and XM (XMSR) Expecting”
• “Tate Plays Hard To Get”
• “Tate Will Be Casually Late For The Event”
• “Can’t Consummate Without Tate”

The list could go on and on, but the bottom line is that commissioner Tate is holding all of the cards. In the minds of many, the outcome is already known, it is just a matter of how much Tate grows the pot in the process. Most think that Tate will not be too greedy, but only time will tell.

The positive in recent events, is that once Tate votes, the process is complete. People are now betting on the mindset of Tate, and her decision could come at any time.

Update:

According to the Wall Street Journal, FCC commissioner Tate is set to approve the proposed merger of Sirius and XM with a fine of $20 million that is said to resolve several enforcement issues surrounding satellite radio.

Should this news be accurate, the satellite radio companies now have the green light to move forward with their merger.

Once the deal is consummated, each share of XM will receive 4.6 shares of Sirius.

Position: Long Sirius, XM.

Comments

[User 225305]

The Wall Street Journal must have the inside jist because they definetely wouldn't be putting their credibility on the line by making the comment about Tate and imminent approval. I just hope that there are no more stipulations when the merger goes through.

[knb979899]

About time !! all it took was a payoff to the FCC jerks!

[Indian Joe]

The day has arrived! Go girl give us the "YES" vote!

[Doobz26]

I wish she'd just freakin' vote already. $20 mill? Like the companies haven't been punished enough by this painfully long process. Seriously. These commisioners just seem out to make a name for themselves. 15 months ago .. or however long it has been we all could've seen a 3-2 vote along party lines. I can't believe it took this long.

[ace22]

Greedy as s politicans!!!

[Newtoit]

Being new to the market but long term Howard fan, Can someone tell me what will happen to my 10,000 shares of Sirius. Above story suggests XM will receive 4.6 shares of Serius

[Doobz26]

If you only have SIRI nothing should change. XMSR stock will be converted to SIRI stock. Each XMSR share will turn into 4.6 shares of SIRI.

[stinkaroo]

Nothing will happen as far as your ownership of Siri. You will still have 10,000 shares but hopefully they will be worth more than the current $2.68 per.

What that Wall Street article also mentioned that scares me is that the NAB could, and likely will, file an appeal with the DC court of appeals which may be them enough time for the November elections. If Obama wins the election, Martin will be likely replaced by a Democrat which gives them the majority in the FCC and then they will block the merger. Aint that something?

[Doobz26]

C'mon... don't go sayin that stuff!!

[MathmanProphecy]

Do shareholders or customers have any legal recourse against the FCC? Seriously. Do they? None of their actions have had the consumer in mind. As a Sirius subscriber, I couldn't wait for the merger to go through and the manner and reasoning with which the FCC dragged its feat is sickening.

[cos1000]

stinkaroo, When Tate votes yes the deal will be consummated without delay by the companies. Short of some sort of injunction, which would not be granted given the DOJ approved the deal after reviewing for 15 months, NAB is wasting its time and money. There isn't any way that a judge will undo these merged companies once the deal is done. Relaxxxxx! We're almost done.

[cos1000]

WSJ Marketwatch:
9:17 AM ET FCC chair says agreement reached to OK XM-Sirius deal

Here we go!

[NormanQ]

GIVE ME $20 FRICKEN MILLION DOLLARS AND I MIGHT VOTE FOR YOU.

SICKENING.

[killerkaul]

Cos1000....... what do you think of long term hold, on siri stock, based on stinkaroo's "appeal" scenario? When you have time, no hurry.

[User 232001]

Why didnt the FCC tell SIRI & XM 15 months ago that the pricetag for their merger was 20 Miliion. They would have paid it.
FCC = The SDARS Mafia

[killerkaul]

Cos1000......... just saw your reply to stinkaroo above. Thanks.

[hair pie]

Enter your comment hereIf they approved the merger why is the stock down 30 cents?

[killerkaul]

siri and xm dropping quite a bit the last few minutes.........odd!..... a buying opportunity????

[Doobz26]

Only down 30 cents in pre-market trading. Woo-hoo. I'm so sick of this stock it's unbelievable. That is why the pop will be limited. I don't think I'm the only one feeling this way. Hopefully there is a pop. I suppose the $20 mill price tag is too much for wall st. to handle. Maybe Wienke talked. The sky is falling. The end of the world. Soon as this sucker hits $3.91 i'm out. (If it ever does.....).

[cos1000]

A lot of "Wall Street" faithful "Sell on the News" and move on. After yesterday's pop "Day Traders" take their profit and move on. The stock price is seeking equilibrium on the spread. Hang in there and we should be up by the end of the day. Buy Low / Sell High , might be the last time you get to Buy Low.

[cos1000]

At 2.58 for SIRI, XM is worth 11.86. XM is a Buy.

[omagod500]

WILD TRADING!!!!!!

[Doobz26]

Wow. How many articles out there say we are "almost" there. bla bla... WOULD TATE PLEASE VOTE ALREADY!!! i want to see an article that says "tate votes yes." please...

[stinkaroo]

I was just quoting the Wall Stree Journal article. They got that scenario from a former attourney of the NAB. Again, the lawyer clearly says that the strategy of an appeal is not to overturn the decision because that is very unlikely to happen. The strategy is to try to delay the merger until Jan and hope that Obama wins and replaces Martin on the FCC board with a Dem.

[stinkaroo]

To me, that reads that Tate's vote does not mean the next step is consumation bu rather waiting out an appeal... if the NAB does actually appeal. It was a prediction of a former NAB lawyer and who knows how credible it is. But how can any of us doubt that it can happen considering the shananigans we've all witnessed during this debacle of a merger?

[omagod500]

I am an attorney, and in my humble opinion an appeal would not "hold up" the merger - the NAB would have to file a lawsuit and ask the judge for a preliminary injunction blocking the merger - the one good thing about our judicial system is that, despite what people may think, judges are often very good at their jobs and (notwithstanding the supreme court) are less about politics and more about justice. Kind of refreshing.

[stinkaroo]

So the Wall Street Journal didn't do their research? I just thought that was a credible enough rag to trust that if they printed that it was possible... then it's possible. I'm not an attorney and certainly no expert on appeals or injunctions, but I can read and there are certain sources I trust... Should I not trust the WSJ? Seems that experts are popping up here saying that what they printed as a possible scenario is not possible at all... if what yall are saying is gospel that is.

[Doobz26]

So this is s it I guess... this is what we've been waiting for for 17 months. And we're down 7 cents. How exciting.

[stinkaroo]

Yes, the lettuce is approved but alas it is also rotten.

[omagod500]

Stinkaroo - just my opinion, and I admittedly do not deal in matters of national importance - but from a legal standpoint the fact is the mere filing of a lawsuit does not hold up the merger per se, a judge would have to issue an order, and there would need to be cause to do so - here I cannot see it - though the NAB will certainly have their day in court to argue that it exists. That being said I cannot see why this took the time it did already - I just hope the judge does not golf with the NAB or the FCC.

"Should I not trust the WSJ?" I'm sure you've heard this before - don't believe everything you read, even in the WSJ...

[omagod500]

For example look at the at the article that just came over Marketwatch -
"XM-Sirius deal could be bad for consumers"

[RReagan]

Just a reminder, the best one was Jim Cramer saying this SIRI stock would double on the announcement, and that is when the stock was around $2.90 per share!!

[RReagan]

omagod500 - There will be a number of those saying the merger is bad. If they are wrong, its no big deal, if they are right, they can say I told you so and get some publicity.
Now you can get Stern, Oprah, NFL, and MLB all on 1 radio and 1 subscription. How can that be bad anyway for the consumer? On my home tv cable, I can get ESPN, CNN, FOX, and all other channels without having to use 2 different cable providers. It just makes sense. The competition is the ipod, regular radio, and others for SadRadio and its Direct TV and fiber optics for cable.

[cos1000]

stinkaroo, no more gospel than their scenario, but use some common sense. Possible is not probable. That's what I'm saying.

oma

[hair pie]

I have a Honda that has Xm radio in it, but since I didn't want XM I purchased a Sirius radio from Best Buy and it is hooked up very shitty and I get alot of static, now if the merger is through will I be able to get Sirius through the XM receiver that is already installed so i will have a better connection.

[Abe]

What is the price of sirius going to be when XM shares halt trading and SIRIUS/XM are one company?

[Doobz26]

By the way... That $19.7 mill isn't fines but rather "voluntary" contributions to the U.S. Treasury. What a crock of crap!!!

[stinkaroo]

cos. I didn't really offer a probability factor. I did state that if it is possible then don't be surprised because I'm all surprised out after following this train wreck for so long. I do think that if it is possible, then expect it... I guess the possibility, for me at least, is the real question. Certainly none of us expect the NAB to NOT exercise a "booby-trap" if it is available to them... right?

[Doobz26]

If it is possible for NAB to file an appeal they will do it. And whether or not it has merit or not it doesn't really matter. Stock price will stay depressed as long as any type of B.S. is going on.... maybe that is why it's not "popping" today like we all thought it would. Still no "official" approval yet though... i'm getting fed up. big time.

[killerkaul]

C0s1000.......... just bought another 241s. of xm at 10.00. Need to find something to sell, so I can buy more.

[bababoooie]

The spread will bring SIRI down... Keep an eye on XM. SIRI shouldn't rise again until spread is met. Unless I underestimate the buying power of the emotional trader.

[The Vicarof Value]

Why are you buying more? The stock has already peaked.

[omagod500]

Bababooie speaks the truth - anyone looking to get in right now would be wiser to buy XM - the only action Sirius is gonna see until the merger is consumated and XM ceases to exist is day traders and short term buyers selling and taking their profits. Unless the spread equalizes out, which it will if enough people are purchasing XM - as I type that figure is $11.96 (with Siri at 2.60).

[Blah, blah,et cetera]

Hairpie - No, you'll have to buy the "interoperable&qu... radio when it is eventually available, unless they decide to simulcast channels on both services, which seems like a good idea for sports and Stern/O&A. Most of the music channels are duplicative and most of the rest don't get more than a few thousand listeners, so why bother?

As to the lawsuit questions, as a securities lawyer this is not my area, but as I understand it, the NAB would have to prove an immediate and irreversible harm to get an injunction. Since this merger could theoretically be undone, that is probably not going to happen. I'm not sure if the NAB could appeal either/both of the DOJ and FCC decisions. I suppose they could initiate private antitrust action, since the DOJ review is intended to protect consumers, not competitors. Either way, any lawsuit on a subject this complex and a merger already exhaustively vetted by two federal agencies will take several years to wind its way through the system. Then, even if they win, what are the damages? The USFL sued the NFL, won, and was awarded $1.00 (by statute damages are tripled, so they got $3.00). If the goal is to delay the merger, I don't see how it works. If the goal is to get damages, well, it may possibly cost SiriusXM (or whatever they go by at that point--GoogleRadio?), but so what?

I say, rest easy. You can sue anyone for anything. It usually comes to nothing except legal fees for both parties.

[163888]

My god, What the hell did I say, yesterday. Give it time besides you guys, we have said all along it would not go more then up to 3.8 thats really not that far away. Tyler has said it, watch for the NAB to come out with this crap, about a law suit, it would effect the stock price. Be smart, if you cant be that then have common sense.

stinkaroo, go to the WSJ article look what I said yesterday under "jt". I am not a lawer and I said the same thing "omagod5oo" said. God dam common sense thats all it takes. You can also go to the Sirius Buzz forums, zurcran, homer and I, talk about this in more detail. homer985 as usual gives a detailed lay out (goto "NAB: National Appealing Broadcasters?") All in all it says what I was saying on the WSJ article.

[omagod500]

Talking to subscribers mostly (and maybe investors who might think this means something):

Is anyone else's receiver acting strange? Mine did the "updating channels" thing yesterday, which it has done once or twice before in the three years I have owned it - then it did it again today, and when it did it today it reset my reciever, and I lost all my presets and all artists and songs stored to memory...

Is it possible to add an artist or song without catching it on the radio and storing it to memory?

[hair pie]

Mine updated yesterday at 7 at night, but my receiver worked fine all morning, besides the static I get in my car

[Freep]

I admit I am confused as to why SIRI was selling for more 2 months ago before the merger agreement than it is right now. It just doesn't make any sense to me

[hair pie]

Being a young guy and having a large portion of my savings in Sirius just hoping to make a couple of extra dollars, these past two years have been rough and I think I've been growing alot of grey hair from watching these ups and downs every day.

[omagod500]

The market is dead today, no one is buying - hopefully there will be alot of free cash from all this selling to throw at Siri when the "final announcement" finally comes out...

[oregonduck]

I am also a lawyer who does admistrative law as well as litigation. Under Federal Administrative law, the NAB would file a petition for Judical Review with the DC court of appeals and would have to ask the court for a stay of the FCC decision. They would have to show a strong probability of success.

These are hard cases. The FCC would be represented by the US Solicitor Generals office and they would be bound to defend the decision. The Standard of Review, becuase this was a fact intensive review, is "abuse of discretion" and "substantial evidence"--that is, if there is a "scintilla of evidence" that supports the findings of the FCC that it was in the public benefit to grant the licence amendment to allow both XM and Sirius to have a license, then it will be upheld. The courts cannot substitute their judgment for that of an agency. They can only review errors of law. The FCC did not make independent legal findings related to the issue of whether XM-Sirius was a monopoly. That was the Justice Department. Since the Justice Department is not pushing the issue, it is a non-issue. A non-governement party does not have standing to bring a antritrust claim in an FCC administrative licensing proceeding, IMO. With the fact that it is a "concent decree",--basical... a contractual agreement between XM-Sirius and the FCC that also makes this really hard to appeal for the NAB. That is why they are so pissed.

I think that a lawsuit will go no where. When I advise clients to do an appeal of an administrative case, we always have to appeal on issues of legal error. This is a case where there is no real legal error.

[User 232143]

can someone explain why on news yesterday that Tate will probably say yes SIRI goes up $.27 but today when it comes out that Tate says that she will say yes it goes down $.20???

[RReagan]

Good question User 232143, and also, how will the 4.6 share for each SIRI share be factored into this? At $2.50, you would think XM would be at $11.50. Does this somehow equate at some time, especially when XMSR stops trading? When will that be?

[cos1000]

oregonduck, Thank you, omagod, and blah, blay for taking the time and giving us your legal perspective. I invest in research and then probability. I can't consider every possibility that might happen. Money is made on what common sense and probability dictate.

As far as trading today goes, as I said earlier and others above have added, the stock price of both companies is seeking equilibrium around the spread. I agree that after the pop yesterday with SIRI that any further rise will not take place until after XM stops trading. That's why earlier I said XM is a buy.

Killerkaul I think you'll be please when the deal is done with you XM purchase. We need Tate to vote and all of the Opposition whining to settle out.

[oregonduck]

I would not rule out a judicial review by the NAB. I think they are desparate to do anything and will file it the same day the order is entered by the FCC.

I think it is likely and that the press will make a big deal out of it. That is why XM is moving fast to consummate the deal by selling bonds to refinance notes so that they can argue to a court that they would be irreperrably injured by a frivolous judicial review and request for a stay by a non-party appellant. It is hard to say how the street would react. We need to have lawyers by the Sirius and XM people jump in prepared to argue that any appeal would be frivolous and merely seen as a politically motivated attempt to make the cost higher to subscribers and ruin the football seasons of XM and Sirius subscribers. They nees to have the PR people on deck.

[oregonduck]

To blah--the DOJ decision was an internal decision not to stop the merger. I dont think that it was an admistrative order. If it was, I cant see that it was appealable. In any event, it is the Government that pursues antitrust cases to stop mergers, not private parties. Private parties can sue companies for illegal competition and to break up an existing company, I beleive, but I dont think they can force the federal government to stop a merger if the Federal government makes an internal decision that it does not want to. The FCC decision was based on a licensing issue--1)Was it in the "public interest" to grant a licence to both Companies as one, 2) Were there any regulatory issues to be resloved, such as fines 3) How much spectrum should be leased and what conditions should be placed, etc. These are all regulatory, as opposed to legal issues. There is no legal analysis by the FCC. They have full discretion under their rulemaking and enabling authority given to it by Congress. A court cannot invade that discretion, unless the angency makes an inproper conclusion of law or violates the Constitution. Since there are no Constitutional issues at state vis a vis the NAB or any other parties AND there were no issues of law as the FCC can determine what is in the "public interest" in their minds, any administrative review would be futile.

[stevemcc]

www.istockanalyst.com/...

[omagod500]

There is a long trail of caselaw regarding judicial review of regulatory agencies decisions for those interested, and much of it involves decisions by the FCC.

Working off memory - the landmark case is Chevron v. EPA, (pollution bubble case). More recently there have been many cases involving the FCC. The most important one (i think it was Brand X Cable v. FCC or something similar) involved the FCC's classification of cable modem service as an information service rather than a communication service for the purpose of the Telecommunication Act of 1996, which meant that the cable modem companies did not have to share their lines with smaller startups, as phone companied do. Brand X challenged the FCC's decision all the way to the supreme court and lost, if i remember correctly. I welcome any corrections.

The funny part is you can see that the FCC has a history of playing for the big guys (NAB) by beating down the small guys (SIRI) with their decisions.

I guess here (assuming Tate approves) supporters of sat radio should be please that they approved the deal at all.

[killerkaul]

Cos1000........... I'm hoping so.........the spread seems to be holding fairly steady vs narrowing, as xm keeps dropping in lock-step with siri. ................. siri dropping was expected ......... xm at 9.74 is a little puzzling. I would think it would be rising on buying to the spread. What am I missing.

[budman227]

the goverment is like the mob, they want there cut too! 20 million, havent these company's payed enough? and all these conditions they want! where were all the conditions when exxon mobile merged? how about puting a price freeze on that for 3 years! It's all about who can give the most money. people need to wake up and see whats going on in government!!!!

[Doobz26]

Still no official vote from Tate??? wtf.

[bababoooie]

Doobz26-
Attorneys for the FCC, XM & SIRI will have a flurry of paperwork to define the where, when, how, and who's of providing the 19+ million to the government. Don't expect the official announcement from the "commish" until Friday at the earliest.

[hair pie]

Sirius took a beat down today

[Doobz26]

That was a fun day.

[163888]

Holy moly, I did not even need a law degree to come to the same conclusion as 2 lawers. How many times will common sense be proven. Thanks guys it is nice to have the exact information though.

[ServedCountry for26 yrs]

Budman222, you are absolutely correct. The people of this country have become complacent on what the hell is going on in Washington and beyond. I am disgusted with both parties. It just doesn't work and I am not sure if it ever had since I am only 59 years of age. Can anyone really put there finger on an Administration in recent years, that actually was able to get things done in an effective matter. It's a quagmire in the political arena and until they change a whole lot of practices in government, things will not change very much for the better. I am in computers and when you have a problem you perform "ROOT CAUSE ANALYSIS". The essence of this is to find the most influential factors that are causing the problem(s) and address those first. Then you tackle the others until you reach the "LAW OF DIMINISHING RETURNS". Meaning that the extra effort is too costly to fix the pending problems. Believe it or not it works all the time if you approach it correctly. My question is why can't these principles be implemented in Government. Actually I know the answer; it's because of corruption caused mainly by "LOBBYIST". If we find a replacement to "LOBBYIST CONTRIBUTIONS" that would be a good start. Theoretically no one should be obligated to another. We all know that this would not work perfectly because the world is not a perfect place; however it would cut down on a lot of frivolous and dragged out battles along party lines. Just look at the Financial and Energy problems that our country is facing. Most of these problems could be circumvented and/or decreased. I would cite oil because it turns my gut just thinking about all the bullshit involved. However I will cite the Fannie and Freddy fiasco. I wonder how many US citizens realize that the government gives Fannie and Freddy preferential treatment. First of all they lend to them at a lower rate than any other financial institution, so that they can in return lend out the same money at a rate which will give them an advantage of larger profits. Secondly they are hardly tax at all on their revenues. It's amazing that they still find a way to fuck it up and need the US Citizen who pays taxes to bail them out. What a crock of shit. Let's do the "Root Cause Analyze" that I previous mention. Hum! ... What could be the problem! Could it be the lack of properly regulations? Prior them announcing this, I knew this for years because I use to sell Real Estate and the Banks were bad then. They just became more outrageous and went berserk with their screening practices. What pisses me off is that we have to bail them out. I say let some of them fail, have another fire sale and reward the banks that followed more ethical practices. My next actions would be to fine or imprison those or flagrantly violated set forth banking practices. Let's hope that the Banking Commission had some in place. I would mention the lame duck head of the SEC, but I am going well beyond my original intention of addressing the merger issue. Hell, I didn’t even mention it. Perhaps it's because I have authored many Blogs and have written many letters to Senators, Attorney Generals, Congressman and other government officials such as the infamous FCC. I received only one reply that had merit and that was from Senator Frank Lautenberg of New Jersey. I commend him on his timely and personal reply to my compliant regarding how this merger has been used as a political platform. I'm done and let's hope this epic is done by tomorrow. It has downgraded the Novel by Haley "Roots" to a novel. Just hold on to your chair. Let's hope that the previous opinions noted by some folks that have legal experience are accurrate. As Dandy Don Merrith on Monday Night Football use to say after a blow out was in the making. Call in the dogs, put out the fires, the hunt is over!

[novistor]

holy cow that was a long one

[cos1000]

Killerkaul, we could be in a situation that Brandon on Sirius Buzz discussed yesterday. Tate gives her vote after market close on Friday, XM's price on the merger is set by Sirius's close, the companies consummate the deal over the weekend, and XM stock is held from trading on Monday. As Sirius's stock price drops, they get to buy XM at a discount. Check out Brandon's article on SiriusBuzz.com for a more detailed discussion. Also the companies have not released the details of the deal yet, the market in general today was destroyed and tomorrows another day. Hang in there buddy, this is the "Longest Yard" of the deal.

[novistor]

I still can't understand why ? why ? with the big , bright, rainnbow in virtual view, why ? is siri taking a hit a day or so before the big announcment?

[hair pie]

It sucks that we lost all the gains today, so if the announcement comes out tomorrow and we get a nice pop all we will get back are the gains from Wedensday.

[Freep]

I have a feeling we saw the long awaited pop yesterday...and lost most of it today. Why would there be reason for a pop if it already a done deal?

[killerkaul]

Cos1000............ let"s say siri dropped to 2.00 at friday's close........ trading stops on xm...... monday's owners of xm would own shares for 9.20, regardless of what they bought them for on thursday or before? {2.00 x 4.6 =9.20}?

[oregonduck]

There actually is no "official" vote from anyone. They are writing a concent decree that will be entered as a final order of record with the findings and decisions of the FCC and the fine imposed. This was actually smart of the comissioner and XM becuase it made the decision pretty much iron clad. They are paying far less in fines then they would have paid in extra concessions. I hope that this is borne out in the press and in the earnings CC on the 28th. That is why we may see a more gradual rise in price. Analysts will start to fall into line as the guidance starts to come out. Legal analysts should have the same conclusion about any judicial review as I do. (no matter what some silly shorts may say) Also, the impending SEC decision on shorting that will apply to the broader market will make it very difficult for investment bankers to short Sirius. Small investors will still be able to by using Etrade, but that really has no effect on the stock price as much as the big traders do. I think that we will se a sustained uptrend as the upgrades start to come out and now is the time to start to buy. At least, that is what I am doing. There will be fluctuations, as always, but XM/Sirius has turned the corner.

[163888]

God dam oregonduck where you been we need that tech data. nice to see you back after your month off.

[163888]

Killerkaul, Holy crap I did not think of that. I think that could happen

[cos1000]

That's what Brandon was talking about. It's good for the long term investor but not for the quick money folks.

[Merger Mania]

$2.68 at the close on Wed. Is this the pop we've been waiting for!!!!???

[killerkaul]

Let's hope we see a rise of at least .50 on xm friday. That would put a stop to that devilishness. XM is at 9.89..........2.47 for siri at 10:26 PM thursday evening......... not too far from my 10.00 buy today. Of course siri going positive friday would also cure a lot of ills. Run Blue Dog Runnnnnnnnnnnnn!!!!!!!...

[oregonduck]

Interesting..above the clutter, the Wireless guys are piggybacking the pending approval to get some spectrum for themselves.

fjallfoss.fcc.gov/prod...

This is an interesting move becuase they want rulemaking on this now by the FCC. This could be why there is some delay in the decision. That would REALLY screw the NAB big time and take out any monopoly argument. Also, it shows how much spectrum is valuable and just how many cards satellite has to play with. I dont think the market understands this.

Also, Reuters upgraded to Neutral. Not covered at all. Only the downgrades have gotten any press.

[Blah, blah,et cetera]

O-Duck - Interesting. Thanks very much for the insight. I spend most of my time dealing with the SEC, who never make any findings, don't understand their own rules, and regulate through backdoor tactics like inquiry letters. The FCC may be politicized and corrupt, but it sounds like at least they get their sh*t together when the time comes to issue findings. Maybe there is hope after all.

[163888]

O-Duck, I like that more, then the other name.

Yes and if you did not go missing for a month you would know we covered it, but please no more information like that until the decision, please.

[Tyler Savery]

Merger Officially approved on July 25

[killerkaul]

C0s1000,163888,Tyler..... anyone!!!!! The Big Blue Dog has won the race of his life! He's eating a big thick t-bone, as we speak!! Long Siri!!!!!!!!!!!!!!!!!!...