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cos1000: I continue to think the vast majority of the shares listed in the 13F are held by GS as nominee for beneficial owners apart from GS. These would be all the various types of institutional investors as well as a few wealthy retail types with accounts at GS.
Aug 26 21:35 pm
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All Comments by BURTBECK »Sirius XM Cramer Wars Part II [View article]
I think I have my decimal point OK and if so the total adds up to (my corrected total) 9.513 million shs pre merger 6/30/08., about 6.3% of the company. Note GS is not listed as owner in the Yahoo "insider" pages, which supports my above thinking.
If they are in fact true beneficial owners of these shares and are same time involved in a shorting strategy, all short positions up to this 9.513M share total are "against the box", are a 'wash', and pointless.
My bet is the GS company DOES own the $127.7M mkt val of the 2/09 cvts as an investment and any shorting of the common ---arb activity against this position--- makes sense, although even the sagacity of holding the cvts is mitigated by the slim 2 1/2 percent coupon and the big market price movement needed to get to $4.41 conversion.