OKMONEY's Comments RSS Syndication from SeekingAlpha.com http://seekingalpha.comuser/149781/comments http://seekingalpha.com/article/130532-why-the-spike-in-sirius-xm-s-short-interest?source=feed#comment-460831 460831 Sun, 12 Apr 2009 17:08:22 -0400 http://seekingalpha.com/article/127352-is-palm-doomed-if-the-pre-bombs?source=feed#comment-438987 438987 Tue, 24 Mar 2009 21:40:01 -0400 http://seekingalpha.com/article/127272-attention-sec-sirius-trading-issues?source=feed#comment-436587 436587 Mon, 23 Mar 2009 11:04:59 -0400 http://seekingalpha.com/article/127352-is-palm-doomed-if-the-pre-bombs?source=feed#comment-436377 436377 Mon, 23 Mar 2009 09:35:56 -0400 http://seekingalpha.com/article/126582-e-trade-more-good-news?source=feed#comment-431469 431469 you're another poster who does not know the difference between "mortgagor" and "mortgagee". Look it up; educate yourself. BTW I'm way long ETFC; have been since 12/07


On Mar 18 06:43 PM wholesalecd wrote:

> OKMonkey wrote: ETFC still is itself a subprime mortgagor...
>
> First of all learn to spell and do a little research. Actually you
> don't even have to do research to know ETRADE isn't doing Sub-prime
> mortgages any more.
>
> So you lost on your shorts I take it....??????
> ]]> Wed, 18 Mar 2009 18:56:00 -0400 you're another poster who does not know the difference between "mortgagor" and "mortgagee". Look it up; educate yourself. BTW I'm way long ETFC; have been since 12/07


On Mar 18 06:43 PM wholesalecd wrote:

> OKMonkey wrote: ETFC still is itself a subprime mortgagor...
>
> First of all learn to spell and do a little research. Actually you
> don't even have to do research to know ETRADE isn't doing Sub-prime
> mortgages any more.
>
> So you lost on your shorts I take it....??????
> ]]> http://seekingalpha.com/article/126582-e-trade-more-good-news?source=feed#comment-431465 431465

On Mar 18 09:41 AM User 378476 wrote:

> Wrong! Etrade no longer deals in subprime - sold all of this to
> Citadel. Tell the truth okmoney - gesshh. Those notes are due in
> 2014 and on top of that the company has 1 Billion in reserves - very
> good Texas ratio and delinquencies were just reported way down so
> they can use the reserves for profit taking. The stock is over the
> hump.

USER378476:
Learn the difference between the words; "mortgagor" and "mortgagee". When you've mastered that distinction read my post again; then, read JBMARIA's post to find the "truth". ETFC owes just like a subprime mortgagor, just like I said.
]]> Wed, 18 Mar 2009 18:53:05 -0400

On Mar 18 09:41 AM User 378476 wrote:

> Wrong! Etrade no longer deals in subprime - sold all of this to
> Citadel. Tell the truth okmoney - gesshh. Those notes are due in
> 2014 and on top of that the company has 1 Billion in reserves - very
> good Texas ratio and delinquencies were just reported way down so
> they can use the reserves for profit taking. The stock is over the
> hump.

USER378476:
Learn the difference between the words; "mortgagor" and "mortgagee". When you've mastered that distinction read my post again; then, read JBMARIA's post to find the "truth". ETFC owes just like a subprime mortgagor, just like I said.
]]> http://seekingalpha.com/article/126582-e-trade-more-good-news?source=feed#comment-431124 431124

On Mar 18 11:14 AM jbmaria wrote:

> So,as of now they are on the hook for:
> "1) The $1.9 billion in principal does not include the $121.0 million
> of capitalized interest in November 2008, which resulted in $2.1
> billion in principal of springing lien notes outstanding to Citadel
> as of December 31, 2008."

Thanks JB; I can always count on you for the true facts. ]]> Wed, 18 Mar 2009 15:00:58 -0400

On Mar 18 11:14 AM jbmaria wrote:

> So,as of now they are on the hook for:
> "1) The $1.9 billion in principal does not include the $121.0 million
> of capitalized interest in November 2008, which resulted in $2.1
> billion in principal of springing lien notes outstanding to Citadel
> as of December 31, 2008."

Thanks JB; I can always count on you for the true facts. ]]> http://seekingalpha.com/article/126582-e-trade-more-good-news?source=feed#comment-430407 430407 Wed, 18 Mar 2009 09:36:16 -0400 http://seekingalpha.com/article/119685-does-ergen-have-enough-leverage-to-play-out-his-sirius-hand?source=feed#comment-384997 384997
Value your opinion, but, all that is lost in bankruptcy ( a successful Ch 11 reorganization) is debt and the current shareholders. This ain't no chess game or countermove "it's the real thing, baby". This is a loser dies game.


On Feb 10 06:33 PM sl62 wrote:

> Well, it wasn't CHTR last week, but now it is! SP just tok the next
> step down...where you go when the NY Times reports you are talking
> to BK attorneys.
>
> The backside of this whole thing is since Mel and Charlie are rivals,
> would Mel actually do this just to stick it to him? I still just
> can't see it given the risks at losing subs, losing their sports
> contracts, losing way too much. This has got to be a counter move
> and nothing more...]]> Thu, 12 Feb 2009 00:08:57 -0500
Value your opinion, but, all that is lost in bankruptcy ( a successful Ch 11 reorganization) is debt and the current shareholders. This ain't no chess game or countermove "it's the real thing, baby". This is a loser dies game.


On Feb 10 06:33 PM sl62 wrote:

> Well, it wasn't CHTR last week, but now it is! SP just tok the next
> step down...where you go when the NY Times reports you are talking
> to BK attorneys.
>
> The backside of this whole thing is since Mel and Charlie are rivals,
> would Mel actually do this just to stick it to him? I still just
> can't see it given the risks at losing subs, losing their sports
> contracts, losing way too much. This has got to be a counter move
> and nothing more...]]> http://seekingalpha.com/article/119685-does-ergen-have-enough-leverage-to-play-out-his-sirius-hand?source=feed#comment-384988 384988 Been in the bankruptcy business for 32 years. Liquidation or reorganization both result in equity holders being wiped out. SIRI is not a liquidation candidate. Senior debt (bondholders) will become the shareholders in a reorganization.


On Feb 10 05:45 PM between the hedges wrote:

> My understanding is that there is a clear difference between a filing
> for liquidation - where the company closes shop and folds - and a
> reorganization - where debt is reorganized. My understanding is
> that in a reorganization, the shareholders keep their shares and
> the company gets to redo its debt under more favorable terms. I
> think that this is a ploy. Be careful shareholders or you will end
> up selling cheap, similar to the Wachovia Wells Fargo scenario when
> Wachovia went cheap and people panicked out. Hang tight and ride
> it out. Like I say, the share prices are already at bankrupcy levels.]]> Wed, 11 Feb 2009 23:52:29 -0500 Been in the bankruptcy business for 32 years. Liquidation or reorganization both result in equity holders being wiped out. SIRI is not a liquidation candidate. Senior debt (bondholders) will become the shareholders in a reorganization.


On Feb 10 05:45 PM between the hedges wrote:

> My understanding is that there is a clear difference between a filing
> for liquidation - where the company closes shop and folds - and a
> reorganization - where debt is reorganized. My understanding is
> that in a reorganization, the shareholders keep their shares and
> the company gets to redo its debt under more favorable terms. I
> think that this is a ploy. Be careful shareholders or you will end
> up selling cheap, similar to the Wachovia Wells Fargo scenario when
> Wachovia went cheap and people panicked out. Hang tight and ride
> it out. Like I say, the share prices are already at bankrupcy levels.]]> http://seekingalpha.com/article/119685-does-ergen-have-enough-leverage-to-play-out-his-sirius-hand?source=feed#comment-384981 384981
You hit the proverbial nail on the head. You're analysis is 110% on the money.


On Feb 10 02:24 PM dayworker wrote:

> At this low PS it's either a takeover or BK. I've said that all along.

>
> With the income stream it's a perfect takeover, unless management
> wants
> to keep it for themselves and goes BK. That's why who ever drove
> the
> PS down did it knowing in the future it would be to their advantage.
> It
> wasn't just the shorts trying to turn a profit, there were plans
> in the works
> by different players to get SIRIUS. With $2.7 bil income stream it's
> a gold
> mine. All they have to do is get rid of the shareholders and debt
> by BK
> or low ball buyout and their home free. Their not playing this for
> shareholder interest. They just use stock investors for the capital
> they
> need and jettison them when they can get away with it.]]> Wed, 11 Feb 2009 23:37:18 -0500
You hit the proverbial nail on the head. You're analysis is 110% on the money.


On Feb 10 02:24 PM dayworker wrote:

> At this low PS it's either a takeover or BK. I've said that all along.

>
> With the income stream it's a perfect takeover, unless management
> wants
> to keep it for themselves and goes BK. That's why who ever drove
> the
> PS down did it knowing in the future it would be to their advantage.
> It
> wasn't just the shorts trying to turn a profit, there were plans
> in the works
> by different players to get SIRIUS. With $2.7 bil income stream it's
> a gold
> mine. All they have to do is get rid of the shareholders and debt
> by BK
> or low ball buyout and their home free. Their not playing this for
> shareholder interest. They just use stock investors for the capital
> they
> need and jettison them when they can get away with it.]]> http://seekingalpha.com/article/116959-sirius-xm-gets-some-breathing-room-from-delisting-freeze?source=feed#comment-368536 368536
What other financing is possibly and realistically available to SIRI other than DIP financing? TARP?


On Jan 28 10:06 AM rtatp31 wrote:

> With the potential for delisting way out to 2010 we should be in
> good shape once we are able to get all the debt under control/refinanced
> plus a positve cash flow should drive the stcok up well above a buck-with
> no need for a reverse split-this is really great news. Unless of
> course they want it over five to get higher instituion intrest. Either
> way looks like bankruptcy is out of the question--really really great
> news]]> Wed, 28 Jan 2009 10:15:08 -0500
What other financing is possibly and realistically available to SIRI other than DIP financing? TARP?


On Jan 28 10:06 AM rtatp31 wrote:

> With the potential for delisting way out to 2010 we should be in
> good shape once we are able to get all the debt under control/refinanced
> plus a positve cash flow should drive the stcok up well above a buck-with
> no need for a reverse split-this is really great news. Unless of
> course they want it over five to get higher instituion intrest. Either
> way looks like bankruptcy is out of the question--really really great
> news]]> http://seekingalpha.com/article/116959-sirius-xm-gets-some-breathing-room-from-delisting-freeze?source=feed#comment-368479 368479

On Jan 28 09:28 AM Sirius sucks wrote:

> If Sirius does a reverse split, I bet a hundred million dollars the
> shorts will push the stock back below a dollar in less than 6 months.]]> Wed, 28 Jan 2009 09:43:00 -0500

On Jan 28 09:28 AM Sirius sucks wrote:

> If Sirius does a reverse split, I bet a hundred million dollars the
> shorts will push the stock back below a dollar in less than 6 months.]]> http://seekingalpha.com/article/114411-2008s-etf-dogs-could-be-2009s-opportunities?source=feed#comment-354337 354337

On Jan 12 09:58 PM PastTense wrote:

> commonsense1211: The banks have too many buddies in both the Republican
> and Democratic parties--as well as in the Federal Reserve. So no
> matter how badly they do; they will get bailed out.]]> Tue, 13 Jan 2009 09:58:37 -0500

On Jan 12 09:58 PM PastTense wrote:

> commonsense1211: The banks have too many buddies in both the Republican
> and Democratic parties--as well as in the Federal Reserve. So no
> matter how badly they do; they will get bailed out.]]> http://seekingalpha.com/article/114447-8-ways-to-make-sirius-better?source=feed#comment-354290 354290 Tue, 13 Jan 2009 09:22:06 -0500 http://seekingalpha.com/article/114283-fed-up-with-sirius-childish-customers?source=feed#comment-353815 353815

On Jan 12 08:38 AM ????????? wrote:

> not sure if there's anything more childish than bragging that your
> business deals in the millions. you must have some insecurities
> to mention that insignificant detail. sirius customers have every
> right to threaten the company with action if changes are made that
> they don't like. your argument that sirius customers should not
> complain because sirius is such a great product is in your own words,
> "childish."]]> Mon, 12 Jan 2009 16:58:59 -0500

On Jan 12 08:38 AM ????????? wrote:

> not sure if there's anything more childish than bragging that your
> business deals in the millions. you must have some insecurities
> to mention that insignificant detail. sirius customers have every
> right to threaten the company with action if changes are made that
> they don't like. your argument that sirius customers should not
> complain because sirius is such a great product is in your own words,
> "childish."]]> http://seekingalpha.com/article/114179-circuit-city-s-potential-buyers-offer-hope-for-sirius-investors?source=feed#comment-352926 352926 Mon, 12 Jan 2009 00:31:13 -0500 http://seekingalpha.com/article/114179-circuit-city-s-potential-buyers-offer-hope-for-sirius-investors?source=feed#comment-352728 352728 Creditors are divided into classes. For example, secured, priority, unsecured and equity holders. Most often a Chapter 11 debtor is tremendously handicapped by its security agreements, mortgages, lock box requirements and various other forms of securitization of its assets such that secured creditors run the show in a Chapter 11. The very first hurdle is the use of "cash collateral". It's hard to think of a business entity that has not mortgaged its accounts receivable and inventory; that's "cash collateral" when the inventory is sold or the account receivable is factored. The Debtor-In-Possession cannot use cash collateral without permission from the creditor secured by the accounts receivable, inventory or other "cash collateral" items. If that creditor refuses to grant permission it's a trip to the courthouse. I don't know the specifics in Circuit City's case, but, clearly the creditors secured by items that can be turned into cash collateral agreed,but you can make book on the stranglehold provisions in the agreed order allowing Circuit City to use cash collateral. In essence the cash collateral creditors want to be made as whole as can be and only give up enough cash to keep operations generating their cash. Creditors secured by fixtures, real estate and other personalty want a section 363 sale of CC's assets [a sale free and clear of any liens or other encumbrances which will attach to the proceeds upon sale], or, a conversion to chapter 7, liquidation. Senior unsecured debt, bondholders usually end up as the only shareholders if a Plan is confirmed. Unsecured creditors, vendors, services, independent contractors, etc are usually SOL. Priority creditors, taxes, employee contribution plans, wages, rents, get paid before senior debt and unsecured creditors. You can bet there have been a few plans thrown around in CC's case but you've got to watch what you say and to whom because the Disclosure Statement has yet to be filed [yes, there's a case number; has been since the moment it was filed]. The disclosure Statement has been likened to a prospectus. The "Absolute Priority" rule says a Plan cannot be confirmed unless all prior superior classes of creditors have approved the Plan by a majority vote. So, the unsecured creditors cannot get a Plan approved unless the bondholders also approved the Plan. It gets a little sticky here because the absolute priority rule only applies to an "impaired" class of creditors, i.e. they'd be in a lesser economic position than they were before the 11 was filed. A court can "cram down" a plan even if an impaired class votes against the proposed Plan if it's in the best interests of all creditors; rarely happens. In CC's situation I think they're just running the clock selling all the inventory they can and will eventually end up being converted to a chapter 7. Quite frankly, from a purely economic perspective Sirius is an ideal chapter 11 candidate with a high potential for a confirmed Plan: Secured creditors stay in place, being secured by the subscription revenue stream; bondholders become stockholders; unsecureds go fly a kite. Mel is either a genius or is replaced, makes no difference because a year after emerging as a reorganized entity Sirius gets recapitalized by floating a new common stock issue. Economy might be good by then; a successful secondary, really an IPO, would put the old bondholders, now shareholders on easy street. How's that for financing the debt that comes due in February.]]> Sun, 11 Jan 2009 17:56:15 -0500 Creditors are divided into classes. For example, secured, priority, unsecured and equity holders. Most often a Chapter 11 debtor is tremendously handicapped by its security agreements, mortgages, lock box requirements and various other forms of securitization of its assets such that secured creditors run the show in a Chapter 11. The very first hurdle is the use of "cash collateral". It's hard to think of a business entity that has not mortgaged its accounts receivable and inventory; that's "cash collateral" when the inventory is sold or the account receivable is factored. The Debtor-In-Possession cannot use cash collateral without permission from the creditor secured by the accounts receivable, inventory or other "cash collateral" items. If that creditor refuses to grant permission it's a trip to the courthouse. I don't know the specifics in Circuit City's case, but, clearly the creditors secured by items that can be turned into cash collateral agreed,but you can make book on the stranglehold provisions in the agreed order allowing Circuit City to use cash collateral. In essence the cash collateral creditors want to be made as whole as can be and only give up enough cash to keep operations generating their cash. Creditors secured by fixtures, real estate and other personalty want a section 363 sale of CC's assets [a sale free and clear of any liens or other encumbrances which will attach to the proceeds upon sale], or, a conversion to chapter 7, liquidation. Senior unsecured debt, bondholders usually end up as the only shareholders if a Plan is confirmed. Unsecured creditors, vendors, services, independent contractors, etc are usually SOL. Priority creditors, taxes, employee contribution plans, wages, rents, get paid before senior debt and unsecured creditors. You can bet there have been a few plans thrown around in CC's case but you've got to watch what you say and to whom because the Disclosure Statement has yet to be filed [yes, there's a case number; has been since the moment it was filed]. The disclosure Statement has been likened to a prospectus. The "Absolute Priority" rule says a Plan cannot be confirmed unless all prior superior classes of creditors have approved the Plan by a majority vote. So, the unsecured creditors cannot get a Plan approved unless the bondholders also approved the Plan. It gets a little sticky here because the absolute priority rule only applies to an "impaired" class of creditors, i.e. they'd be in a lesser economic position than they were before the 11 was filed. A court can "cram down" a plan even if an impaired class votes against the proposed Plan if it's in the best interests of all creditors; rarely happens. In CC's situation I think they're just running the clock selling all the inventory they can and will eventually end up being converted to a chapter 7. Quite frankly, from a purely economic perspective Sirius is an ideal chapter 11 candidate with a high potential for a confirmed Plan: Secured creditors stay in place, being secured by the subscription revenue stream; bondholders become stockholders; unsecureds go fly a kite. Mel is either a genius or is replaced, makes no difference because a year after emerging as a reorganized entity Sirius gets recapitalized by floating a new common stock issue. Economy might be good by then; a successful secondary, really an IPO, would put the old bondholders, now shareholders on easy street. How's that for financing the debt that comes due in February.]]> http://seekingalpha.com/article/114179-circuit-city-s-potential-buyers-offer-hope-for-sirius-investors?source=feed#comment-352608 352608 Sun, 11 Jan 2009 15:39:36 -0500 http://seekingalpha.com/article/114172-looking-for-opportunities-in-an-irrational-market-place?source=feed#comment-352592 352592 Sun, 11 Jan 2009 15:25:20 -0500 http://seekingalpha.com/article/113004-sirius-xm-an-equity-adrift?source=feed#comment-345714 345714
You forgot the obvious: Sirius won the battle but lost the war. Just what shareholders need, a phyric victory.]]> Sun, 04 Jan 2009 16:36:30 -0500
You forgot the obvious: Sirius won the battle but lost the war. Just what shareholders need, a phyric victory.]]> http://seekingalpha.com/article/104947-the-reagan-counterrevolution?source=feed#comment-301513 301513 Sun, 09 Nov 2008 21:50:27 -0500 http://seekingalpha.com/article/96369-options-trader-friday-outlook?source=feed#comment-260128 260128 Sat, 20 Sep 2008 14:02:33 -0400 http://seekingalpha.com/article/93358-what-would-alexander-hamilton-think-of-today-s-market?source=feed#comment-242938 242938 Mon, 01 Sep 2008 00:39:27 -0400 http://seekingalpha.com/article/93221-leave-sirius-alone?source=feed#comment-242221 242221 Sat, 30 Aug 2008 13:09:22 -0400 http://seekingalpha.com/article/91744-e-trade-financial-carries-high-risk-reward?source=feed#comment-235274 235274 Wed, 20 Aug 2008 22:00:07 -0400 http://seekingalpha.com/article/87653-illegal-short-sellers-may-face-rico-indictments?source=feed#comment-218991 218991 Thu, 31 Jul 2008 01:32:32 -0400 http://seekingalpha.com/article/87172-sirius-sm-merger-finally-approved-and-it-only-took-493-days?source=feed#comment-215267 215267 Sat, 26 Jul 2008 19:07:52 -0400 http://seekingalpha.com/article/87172-sirius-sm-merger-finally-approved-and-it-only-took-493-days?source=feed#comment-215244 215244 Sat, 26 Jul 2008 17:56:16 -0400 http://seekingalpha.com/article/87172-sirius-sm-merger-finally-approved-and-it-only-took-493-days?source=feed#comment-215145 215145 Sat, 26 Jul 2008 13:47:30 -0400