Time to get Sirius XM @.12

[homedawg]

10 Feb 2009 | 05:32 PM ET

Sirius XM Satellite Radio has been working with advisers to prepare for a possible bankruptcy filing in a move that could put pressure on satellite company EchoStar, which owns a substantial amount of the company’s debt.

Sirius [SIRI 0.11 --- UNCH (0) ] has been working with the restructuring expert Joseph A. Bondi of Alvarez & Marsal and the bankruptcy lawyer Mark Thompson of Simpson, Thatcher & Bartlett to help prepare a Chapter 11 filing, peole close to the company said.



The documents and analysis are close to being completed and a filing could come within days, according to a source familiar with the matter.

Sirius has also been working with investment bank Evercore Partners.

Charles Ergen, who controls a satellite-television empire including the Dish Network Corporation and EchoStar, recently acquired the majority of a $300 million tranche of Sirius debt that matures next Tuesday.



Since the news about the debt purchase has emerged, questions have surfaced over whether Mr. Ergen will make a bid to purchase Sirius. The threat of a possible bankruptcy filing could force Mr. Ergen to make a formal offer for the company now if he doesn’t want to go through an auction in bankruptcy court.

It could also compel Mr. Ergen to agree to convert his debt into an ownership stake in Sirius at a higher price than he originally considered.

[homedawg]

2/10/2009 after hours:



It's really time to get Sirius

:beer2:

[homedawg]

Panic setting in, it's time to start flippin' this! :beer2:

[homedawg]

Sirius XM is Playing a Dangerous Game
February 11, 2009 (12:25 am) Brandon Matthews

Sirius XM Satellite Radio News - SiriusBuzz

The New York Times is reporting that Sirius XM is preparing to file bankruptcy under chapter 11 and my initial reaction was one of absolute and total deflation and disbelief. I find it sickening that a company with such a growing stream of revenue could just decide to ignore its obligations and in one fell swoop destroy investors in its common stock and bonds as well. Even with sufficient cash on hand, the company it would seem, would be willing to sell out its investors for the sake of getting a free ride on the backs of those who saved and invested in its future.

The New York Times article goes on to speculate that the filing itself may be nothing more than a ploy to force Echostar CEO Charles Ergen into a potential partnership deal. I find it no less despicable that Sirius XM management would risk the savings of thousands of its investors, even if such considerations are in fact the company’s motives.

I have to concede, having followed Sirius since 2003, that the potential motive of forcing Mr. Ergen to make an offer seems reasonable. For as long as I can recall, Sirius has never leaked so much as a subscriber figure. They just do not offer any guidance in advance. The only exception I can recall was the merger rumor with XM, which I attributed to a leak on XM’s part to increase the pending offer.

In this case, Sirius provided the New York Times with a substantial news leak. In doing this, it has rendered its bonds including those acquired by Mr. Ergen worthless. Mr. Ergen now stands to lose hundreds of millions of dollars if he does not act. Sirius XM is playing a dangerous game of chess with a grandmaster of the game, and doing so at the risk of its private investors.

[homedawg]

Ergen offers troubled Sirius a lifeline:
reportsBy: Reuters | 11 Feb 2009 | 02:51 AM ET

NEW YORK (Reuters) - Satellite mogul Charles Ergen has offered to boost the capital and restructure the debt of Sirius XM Radio Inc, which has been preparing for a possible bankruptcy filing, newspapers reported.

Ergen has offered to inject several hundred million dollars of capital into the satellite radio company, though his plan does not involve buying out existing shareholders, the Wall Street Journal said, citing people familiar with the matter.

On its website, the New York Times cited people close to the company as saying Sirius has been working with advisors on a possible Chapter 11 filing, which could put pressure on satellite TV company EchoStar Corp, which is headed by Ergen and reportedly holds a substantial amount of Sirius XM debt.

Sirius and EchoStar could not be immediately reached early on Wednesday for comment on the Journal report.

On Tuesday, Sirius officials had not responded to several telephone and email messages, and EchoStar declined comment.

Sirius's total debt load is about $3.25 billion, the Journal said, and its market value has plummeted by more than 96 percent since last July.

Sirius has been working with restructuring expert Joseph A. Bondi of Alvarez & Marsal and bankruptcy lawyer Mark Thompson of Simpson, Thacher & Bartlett to help prepare a Chapter 11 filing, the New York Times reported, adding that a filing could come within days.

A Simpson, Thacher spokeswoman declined comment, and Bondi was not immediately available for comment.

Sirius has also been working with investment bank Evercore Partners, the Times said. Evercore could to be reached immediately.

Last week, The Wall Street Journal reported EchoStar holds about $400 million of Sirius XM debt and the satellite radio company led by Mel Karmazin is scrambling to raise $175 million by a February 17 payment date to fend off a possible takeover threat and avoid default.

Sirius XM has nearly $1 billion in debt due this year, prompting analysts to doubt its future given the sluggish credit market and a steep drop in car sales, the biggest source of new satellite radio subscribers.

Sirius XM shares saw a 23.8 percent increase in short interest from mid- to late-January -- the biggest increase on the Nasdaq, indicating that more short sellers were trading the stock.

Short sellers borrow shares and then sell them, waiting for the stock to fall so they can buy the shares back at the lower price, return them to the lender, and pocket the difference.

Sirius shares closed Tuesday's session 3.5 percent higher at 11 cents on the Nasdaq.

[Leafs3113]

Homedog,

Ive been looking into stocks the last couple days and was just wondering what UNCH (0) means?

Also do you see XM coming out of this hole there in? I wanted to buy some stock in them the other day at .11 cents and now at .06 cents but is it even worth it or am i just throwing money away on a company in shambles?

[homedawg]

UNCH means Unchanged from previous day close, sometimes there may be a + or - inside () For example a stock may be at .06 cents but in reality it could be @ .0610 and if it closed at .060 on previous day, it would show UNCH(+.10)

That usually only shows when the stock quote is .00 insted of quoting .000 or .0000 etc.


I bought more SIRI today @ .0550. I am chasing my initial investment of .12
Super high volume today, panic sellers and flippers right now. This stock appears to have some strong support @.06 today. We'll see what the end of day brings and I'm hoping for some good news soon! :beer2:

[homedawg]

I'm not the only 1 that's buying today:

[Leafs3113]

UNCH means Unchanged from previous day close, sometimes there may be a + or - inside () For example a stock may be at .06 cents but in reality it could be @ .0610 and if it closed at .060 on previous day, it would show UNCH(+.10)

That usually only shows when the stock quote is .00 insted of quoting .000 or .0000 etc.


I bought more SIRI today @ .0550. I am chasing my initial investment of .12
Super high volume today, panic sellers and flippers right now. This stock appears to have some strong support @.06 today. We'll see what the end of day brings and I'm hoping for some good news soon! :beer2:

Thanks alot Homedawg,

After reading this section its got me interested in buying stocks and from what ive looked into im looking into 3 stocks right now. 1. Serious XM Radio (SIRI) 2. General Electric Co. (GE) and 3. AspenBio Pharma Inc. (APPY).

Im not going to invest alot to start off, i just want to get my feet wet and start of small while trying to understand how to read the market and understand how it all works.

[Daws1089]

GE is a great buy right now leafs. The dividend is good and that company will not go bankrupt. Solid as a rock. Huge discount if you buy now or anytime in the coming months.:thumbs:

[Leafs3113]

Im looking into were im gonna go to buy them. Looking to hopefully have bought stocks in these 3 by friday.

What do you guys think about APPY? I know XM is a wait and see and Daws your great insight on GE makes me like it even more now but dont really know much about APPY.

[homedawg]

AspenBio Pharma, Inc :: Home

Investors Hub - Aspenbio Pharma (MM) (APPY) Quote


check this out too:

appy historical prices

[Leafs3113]

Aspen looks to be on the rise again after a huge hit. Looks pretty solid. Great info, your really making this easy for me.

Really liking ICON aswell there much higher than some of the one's we have talked about but it looks like a really safe bet.

[homedawg]

I sold most of my stocks when I knew obama would win. Now I am ONLY buying stocks under a buck! I thought SIRI was solid, now look at them. :bang:

There is a HUGE increase in BK filings this year. No stock is safe! :thumbs:

Just like gambling, you have a 50/50 chance of winning, just invest what you can afford to lose!

I was up 40% in the 1st couple weeks this year, but I have lost it all since then, everyone is selling, investors are flipping to fast for me to make my 100%, I need to lower my standards, and start flipping more!

GL, buy low, sell high! :beerbang:

[homedawg]

SIRI Last Price $0.0550
High Today
$0.0899
Low Today
$0.0520

276,795,472
Volume


It ended where I bought it earlier. :nuts: