Sirius Satellite takes another pounding

HBombToo

from CBS MarketWatch:
Sirius Satellite (SIRI: news, chart, profile) dropped almost 12 percent to $2.06 on heavy volume. The company has proposed to sell 75 million shares of its common stock under as yet to be determined conditions. The New York satellite radio services provider also named Michael McGuiness a director. McGuiness is a portfolio manager of W.R. Huff Asset Management Co. LLC. Sirius added that The Blackstone Group LP is considering transferring about 57 million Sirius common shares to its limited partners in the near term.


I hope they pull through even though I'd probably buy XM. I just like to see competition benefit the customers... just ta let ya know the Blackstone Group are some "serious" players in the investment community.

HBomb

Dr. Spec

Man, where you been, Henry? Thought you fell over the falls or crashed on the way home to PA.

We missed you last week and raised a glass in your absence. Maybe another time.

Good to see ya back on the forum.

Doc

HBombToo

Originally posted by Dr. Spec
Man, where you been, Henry? Thought you fell over the falls or crashed on the way home to PA.

Doc

Doc, thanks for the welcome back but you would not believe what happened to us that day. Further delays of the flight left us scratching our buts for an additional amount of time but we worked through all that. The kicker though is that about 10 miles from the PA boarder the New Your State Troopers had a security check, "Road Block with spotter's", checking seat belts. Man they held us over for another hour runing the Missouri Licenses, checking for Drugs and Alcohol, general colostomy then fined us each 50 bucks for not having on our seat belts.

Does anyone now weather or not New York and Missouri are considered a compact state? The compact state deal is a method in which each state communicates and enforces violations in each others state. If MO and NY are not I many consider just saying EFFYA NY I'm not paying!

Outside of all that a bunch of friends found out that I was in PA and OH BOY they all showed up unexpectadly. I could not have been more happy or surprised. I was 1 DRUNK and HAPPY HBomb!

It was nice being away from the office and clearing my noodle but my first day back has been a wirlwind and I'm going to have ta get drunk tonight. The Evil Twin will be surfing later.

HBomb

burdette

Sirius recapitalized this Spring and reduced its debt load considerably. The interest expense was killing them. But, they've diluted the common shares to the point that valuation is going to remain low... they have very little cash flow from operations, and stock price (as well as basic survival) is dependent on cash flow. EBIDA is negative and declinging.... that isn't good. Analysts are currently rating them a "hold"... take that as you will given that analysts kept rating Enron a "hold" or even "buy" up until the day before the bankruptcy.

With Blackstone holding 6%-7% of the stock, they are in a strong position to ... well, not that they can determine Siruis' fate, but the market will be watching what Blackstone does with their holdings. If Blackstone sells, the market is going to sell in a frenzy and the stock price is going to fall further. BUT.... that won't really matter if the Company can get its expenses in control and can start generating some cash. It has only 29k+ subscribers nationwide.

madmax

I have XM. It doesn't leave much to be desired. Sirius can fail for all I care.
madmax

DarqueKnight

Originally posted by HBombToo
If MO and NY are not I many consider just saying EFFYA NY I'm not paying!

Henry,

The "compacts" or "reciprocal agreements between states" as they used to be called have been largely replaced by a national traffic offenders database. A state's motor vehicle department pays a voluntary yearly subcription fee. What the subscribing states get for their money is that out-of-state offenders cannot renew their driver's licenses in their home state if the offender's home state is also a subscriber to the system.

I would be very surprised if New York is not a subscriber to the system. If Missouri is not currently a subscriber and subscribes in the near future, you could end up paying a bigger fine, plus a fee to have your driving priveleges "reinstated" in the state issuing the ticket.

How do I know all this? One of my friends got a speeding ticket in Virginia in December of 1991. He was living in Illinois and had an Illinois drivers licence. When he got back home he called the Illinois DVM and they told him they didn't have a reciprocal agreement with VA.....so he said "EFF VA". When he went to renew his drivers license in Chicago in June of 2000, both Illinois and Virginia were then subscribers to the national database. The Virginia ticket from 1991 came up. Sooooo....instead of the original $42 fine, he had to pay $156 due to additional penalties and interest.

Supposedly, the "real" targets of the national database are interstate truck drivers, many of whom (used to) escape paying traffic tickets by using a bunch of drivers licenses from different states.