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Liberty Media (LMCA +1.1%) may be finally set to gain control of Sirius XM Radio (SIRI +0.8%)...
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Thursday, May 31, 2012, 2:41 PM ETLiberty Media (LMCA +1.1%) may be finally set to gain control of Sirius XM Radio (SIRI +0.8%) after filing a plan to convert preferred shares to common stock and asking the FCC to reconsider its early decision to refuse "de facto" control of the company. Lazard Capital Market's Barton Crockett sees Liberty succeeding in its initiative and finally ending the rocky tenure of CEO Mel Karmazin at the top.
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is a thriving company with good managment.
There is no compelling reason for the FCC to give liberty control unless and untill they actually have in their possesion over 50 %-- 40 % is not the new 51 % and 46.2 % isnt either.
In essence Malone is saying --look We have the physical assets in place to become the majority holder of the common stock and we have a mind to do it some time soon if we must,so why wait just give us the control now.
It doent matter that liberty has the preferred that can be converted into a majority position. If the FCC gives Liberty defato control now liberty may not actually convert the 50% of their convertible preferred because doing that forfeits some of their rights under the original agreement.
Fcc should deny liberty again.
This is a simple case of right and wrong. Its wrong for liberty to make this request now and it would be right for the Fcc to deny. what is wrong with you??!!
To use a boxing analogy Siri is on it feet ,it eyes are bright and is ready to fight but liberty yells out " hey ref every one knows that I will win eventually so just end it now ,and the ref.gives it to liberty by TKO.