Time to get Sirius XM @.12

[homedawg]

MFC Global, Barclays among big Sirius XM debtholders
Wed Feb 11, 2009 4:11pm EST


NEW YORK, Feb 11 (Reuters) - MFC Global Investment Management and Barclays Global Investors may be among large debtholders of Sirius XM Radio Inc (SIRI.O) targeted by EchoStar Corp (SATS.O) in a potential bid to control the satellite radio company, investors say.

Deutsche Asset Management, Putnam Investment Management, MFC, manager of various John Hancock funds and Tattersall Advisory Group were among the biggest holders of Sirius's actively-traded 9.625 percent notes due in 2013, according to Thomson Reuters data and company filings as recent as November.

Bondholders contacted by Reuters declined to comment or say whether they have been approached by EchoStar chief Charlie Ergen, who reportedly has been accumulating Sirius debt in a potential bid to control the company. For details, please double-click: [ID:nN10305535]

"He may be approaching other bondholders with the idea of buying their bonds or coordinating their action," said Jean-Marie Eveillard, co-manager of First Eagle Global Fund, under the investment advisory firm Arnhold & S Bleichroeder Advisers. "We look at it as a positive."

Some large bondholders of Sirius XM debt told Reuters they welcomed a potential takeover of the company by EchoStar.

"It looks like Ergen is interested and in an indirect way trying to take control of the company," said Eveillard.

He also noted he holds Sirius bonds, but has not been approached by EchoStar representatives to buy up any debt.

"He knows the business, Ergen is an astute businessman and if he can find a way to reduce debt, that should be good for bondholders and investors," Eveillard said. "We would not mind being equity holders once he controls the business."

Sirius' 2013 notes have been among the most actively traded since The Wall Street Journal reported last week that EchoStar holds about $400 million of Sirius XM debt. The satellite radio company led by Mel Karmazin is scrambling to raise $175 million by a Feb. 17 payment date.

CreditSights, a research firm, said that 2013 bond may be most advantageous to EchoStar because it would have a more senior claim in the event of any bankruptcy.

The 2013 notes soared to more than 40 cents on the dollar on Monday before falling to about 37 cents on Wednesday with yields of almost 42 percent, according to MarketAxess data.

David Novosel, a credit analyst with Gimme Credit, said if the bonds reach even more distressed levels, it may mark an opportunity for EchoStar to accumulate even more debt.

"My guess is EchoStar won't be too aggressive because they can wait and get this on the cheap," Novosel said.

Other holders of the company's debt include AllianceBernstein, Eaton Vance Management, OppenheimerFunds, Fidelity Management & Research Co and Seattle-based Edge Asset Management, according to Thomson Reuters data based on the most recent company filings.

"We have material insider information and cannot comment on the deal," said one John Hancock portfolio manager who declined to be named.

Other company representatives did not return phone calls seeking comment or declined to comment.

[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:

[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:

[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]

AspenBio Pharma, Inc :: Home

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


check this out too:

appy historical prices

[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.

[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]

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.

[homedawg]

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

[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:

[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]

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.

[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]

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

[homedawg]

2/10/2009 after hours:



It's really time to get Sirius

:beer2: