Michael Demaray

Echostar Buys Sirius Debt: Takeover Thoughts or Just a Good Investment?

A few questions:

Can you show us how you get to the 18%? If the firm goes bankrupt, there will be nothing left for equity holders -- how do all the bond holders get only 18%

Also, couldn't Ergan simply be building a blocking position in the converts whereby he refuses to do a swap and instead accelerates a default? The report I read said that he's been accumulating for over 6 months now...so he could be all up and down the debt capital structure.

Curious to hear your thoughts. Thanks.

Hedge Fund Tracking: Tilson's T2 Partners, Q3 2008

For some reason the positions T2 reports to the SEC are not necessarily those of their hedge fund. It could be their mutual fund holdings. I know this because I asked them about their view on one of the holdings you listed above and they told me they didn't own it -- they said it might be owned by Zeke Ashton in their mutual fund. Just FYI....