bdp

Is Sirius XM Headed the Way of Old Radio?

A recap of my post from 9/12 :

"I bought as many shares as I could as the price was dropping and have no regrets what so ever. As everyone knows, the reality of the market is that rumor and irrational emotional reactions toss it about. This forces panic selling among the long holders with the short sellers and options traders cleaning up the spoils. This is just a fact with many getting caught up in the mindset of doom and remorse. Now for some personal speculation. As far as coming up with their $300 mil. and $400 mil. payments, there is no financial institution on the planet that would let this one slide into default. Especially not in the current climate. Think about it. Bankruptcy means collecting ultimately only pennies on the dollar and being trapped in years of litigation, which would throw their investment into the same place where many now hold their heads. This also would have a ripple effect across the board for them causing further reaching damage. This approach is really not an intellegent option. Mel K. is playing his cards exactly the way he should with his conservative figures and hazy confidence regarding the February payment deadline. He is leveraging Sirius’ position into a 6-month window to pressure the financiers to ultimately negotiate that “sweeter deal” Sirius should inevitably acquire. By making his announcement, he has left investors scratching their heads, with many of you playing “follow the looser” off a cliff and pulling the price down with you. With just a few words, he has effectively put pressure on the lending institution to scramble quickly to the negotiating table before the stock value and public confidence of the company that they have a huge sum of money invested in plummets even further down the tubes toward oblivion. This would make it more difficult to realize a payback of their loan investment at all. I would still look for the price to bottom out around .67 within the next few weeks before we see any steady upturn. For me, I am going to patiently hold on to my 300,000 shares and ride this one out till the end!"

Well, it bottomed out today at .68 and I bought 15500 more shares. I may ultimately be wrong, but so far all my instincts seem to be pointing in the right direction. Now for another crystal ball prediction. Siri will be trading consistently on the north side of $1 by Friday of next week. I also think that it is probable that there will be a huge surge once the refinancing terms are in place. This may take a few months, but in the meantime it seems that the shorts are exhausting themselves and the stock price will be controlled by the long holders, easing the price up to the $2 mark before the refinancing news is released. This could mean that Siri could be trading closer to the $3 mark by the years end. Just expect massive upticks like todays to repeat themselves over the next few weeks (as well as some down turns) And for the love of God... HOLD YOUR SHARES LONG LONG LONG AND DON'T PANIC!!! You know panic is what drives the market down! If you are fearful of losing your hard earned cash you should never invest in the market in the first place! After all, the stock market has become a casino with the only difference being your money does not vaporize until you cash out. My exact share count as of today is 322,554. I have another buy order in for tomorrow for 16000 more shares at .77. That will put my average at 1.29 per share and I am holding with that.