fast4popper Posted February 11, 2009 Report Share Posted February 11, 2009 Yup, they filed for Bankruptcy this afternoon... 2nd largest bankruptcy in history Quote Link to comment Share on other sites More sharing options...
Jaymz Posted February 11, 2009 Report Share Posted February 11, 2009 wow didn't see that 1 happening. Guess i'll go ahead and cancel lol Quote Link to comment Share on other sites More sharing options...
F1SSS Posted February 11, 2009 Report Share Posted February 11, 2009 (edited) Just saw on the news they filed, do they own the satelites or just rent them? Edited February 11, 2009 by 03maSSS (see edit history) Quote Link to comment Share on other sites More sharing options...
Krambo Posted February 11, 2009 Report Share Posted February 11, 2009 I think Hughes owns the satellites...at lease I think I read that somewhere. I think Howard Stern needs to take a pay cut. His compensation package is crazy. Quote Link to comment Share on other sites More sharing options...
Black2003SS Posted February 11, 2009 Report Share Posted February 11, 2009 It doesnt matter. We will continue to get service. They will do a reorganization, like KMart did before Sears took over. Sirius XM will survive. Also, by filing, they will be able to renegotiate the lavish contracts they gave out over the years. When they were separate, XM and Sirius gave out those huge contracts to have exclusive rights to be competitive against each other. Kind of like two baseball teams bidding it up over a hot pitcher, only they dont turn out to be so hot. Now that they merged, go figure, they dont need to compete per se. The only major losers in the entire deal are the share holders and some of the creditors. Sure Howards contract might be get cut back. Will he leave? Maybe. But share holders who are still holding paper are out of luck. Stock is just 6 cents now ($0.06 per share). It is basically worthless with the BK filing. Sirius XM wont have to honor the stock under the BK judgement. The remaining creditors (Sirius XM has about $300 million in debt maturing this month) will get pennies on the dollar. And with over 20 million subscribers, they should be able to forge a solid plan to return to profibility rather rapidly. Quote Link to comment Share on other sites More sharing options...
fxstsmith Posted February 11, 2009 Report Share Posted February 11, 2009 I'm sure glad I bought a ton of SIRI stocks last year! Quote Link to comment Share on other sites More sharing options...
Black2003SS Posted February 11, 2009 Report Share Posted February 11, 2009 If its any consolation at all 03SSS...at least next year, you will be able to claim whatever you paid for the stock as a total loss on your tax returns. If you paid $3/share and bought a thousand shares, you'll claim $3000 loss if itemize your tax returns, which will still net you about $750 in tax savings or return...still far more than even if the stock held true at $0.06 per share. Quote Link to comment Share on other sites More sharing options...
gixxerrider Posted February 11, 2009 Report Share Posted February 11, 2009 Thinking about buying shares now at $.06 it could only go up Quote Link to comment Share on other sites More sharing options...
Black2003SS Posted February 11, 2009 Report Share Posted February 11, 2009 Thinking about buying shares now at $.06 it could only go up NOOO DO NOT BUY SIRIUS SHARES!!! The reason they are now worthless is because they NO LONGER have to honor the stock issuance. Meaning they owe the shareholders ZERO during the BK. Just like Kmart did when they filed BK, they re-issued NEW stock for new monies once they fulfilled the BK requirements for reorg. Everyone holding KMart stock before the BK got absolutely nothing, including no new stock. Quote Link to comment Share on other sites More sharing options...
gixxerrider Posted February 12, 2009 Report Share Posted February 12, 2009 thanks for that. i was going to go and see scotttrade about it. Quote Link to comment Share on other sites More sharing options...
fxstsmith Posted February 13, 2009 Report Share Posted February 13, 2009 Black2003ss I'm in a few stocks that will probably go tits up... so yeah I will be able to claim some losses next year. If anybody wants to know what stocks NOT to buy pm and I'll show you my portfolio. It's all in the RED. Quote Link to comment Share on other sites More sharing options...
cwest94 Posted February 13, 2009 Report Share Posted February 13, 2009 Black2003ss I'm in a few stocks that will probably go tits up... so yeah I will be able to claim some losses next year. If anybody wants to know what stocks NOT to buy pm and I'll show you my portfolio. It's all in the RED. I don't even want to say how much I lost in my 401k. Quote Link to comment Share on other sites More sharing options...
Black2003SS Posted February 13, 2009 Report Share Posted February 13, 2009 I don't even want to say how much I lost in my 401k. You and everyone else. I lucked out. I was laid off in April, so I cashed out my 401k shortly afterwards for a little money and to move the rest to an IRA. I ended up putting everything back in within the 90day period, so my tax return this year turned out big in my favor because of the 10% penalty with holding I had to pay, plus any federal with holding that was taken out. Sure, its money I paid out over the summer when setting up the IRA, but its nice to be getting that money back. I have it too good when it comes to finances because my mother works for a very prominent financial firm. She gives me advice all the time. And it almost always pays off. Quote Link to comment Share on other sites More sharing options...
fxstsmith Posted March 19, 2009 Report Share Posted March 19, 2009 Thinking about buying shares now at $.06 it could only go up Did you end up buying some of this. SIRI has tripled in price this week I'm now even. Quote Link to comment Share on other sites More sharing options...
slammedbowtie Posted March 19, 2009 Report Share Posted March 19, 2009 get out while you can lol Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.