To thyself be true
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I don't feel they would merge with Liberty, they would be one of the subsideries of LIBERTY like all the other companies he is involved with. The set up of a new IPO is way too expensive, and for what purpose. After all this is Chapter 11.
Just curious of any opinions on the the reverse merger idea?
What Malone might do with WRSPQ. It would be silly to spend all that extra money when Worldspace already has everything set up including shareholders. It isn't so easy to start with a virgin shell.
This could change the symbol to Liberty's Sat Radio
EXAMPLE
Going public through a reverse merger (shell), this is an example.
by Elaine Pofeldt
Who needs an IPO when you can buy a corporate shell and take your company public -- instantly?
Imagine how easy your life would be if you could simply flick a switch and raise all the money you needed to create the kind of high-growth business that would leave your competitors in the dust.
That's pretty much What Stephen Dresnick, M.D., did back in 1994. At the time, the Miami physician was running Sterling Healthcare, which staffed 44 hospital emergency rooms. Only seven years old, the company he'd founded was churning out $60 million a year in revenue. It was the perfect moment for him to branch out to more hospitals and begin purchasing some private medical practices. There was one catch: three rivals-had the same basic idea.
Dresnick knew that if he didn't raise big bucks quickly, they'd secure the best doctor's offices and emergency-room contracts before he had a chance. But he'd already exhausted his credit by borrowing to finance the company's growth. Looking for alternatives, he joined Young Presidents' Organization, a networking group for entrepreneurs. He began asking CEOs who'd gone public what advice they'd give someone who was thinking of doing the same.
One of them referred him to a lawyer who suggested a rapid-fire way to go public, called the reverse merger. It is a sort of friendly body-snatching operation wherein you buy the legal framework (known as a shell corporation, or shell) of a publicly traded corporation and have your attorney do all the paperwork necessary to merge your company into it, a process that takes you public. (It's called a reverse merger because you're backing your company into the other firm.)
Where do these shell companies come from? Sometimes people in the securities industry create them to sell to entrepreneurs for exactly this purpose. At other times an entrepreneur takes his company public, but the offering fails and he goes out of business; to recoup some of the money it cost him to go public, he'll sell the shell that remains.
Dresnick found that a reverse merger would have two major advantages for a company like his. To begin with, it was usually faster than the two more traditional ways in which entrepreneurial companies go public: the initial public offering (wherein a broker sells your stock to investors) and the direct public offering (wherein you sell shares directly to your customers). The second benefit was that because the shell corporation was already registered with the Securities and Exchange Commission, he could leapfrog most of the application process that slows down IPOs and DPOs. The beauty part was that when it was all done he'd gain the same advantages any other public corporation had, namely, the ability to use shares of his company as currency to buy other businesses.
On his lawyer's advice, Dresnick began shopping for a "clean shell" -- one that didn't come with baggage like lawsuits left over from the previous owner or shares that were sold to people who couldn't be accounted for and who could, conceivably, sell their stock without warning and drive down the price. Asking around in the business community, he found a shell corporation where someone he knew sat on the board of directors.
After his lawyer checked out all the paperwork on the shell, Dresnick took Sterling Healthcare public on the OTC bulletin board in a reverse merger in 1994, later moving up to the more stringent and prestigious American Stock Exchange. Over the next two years, the company signed contracts with 160 other emergency rooms and bought up 10 medical practices. By 1996 it had $136 million in revenue. Ultimately Dresnick's company was itself gobbled up by another competitor, FPA Medical Management in San Diego. Sterling received $220 million for its share. "I never thought it would be quite as big as it became," Dresnick says today
Doing a reverse merger can be the perfect strategy for a company, like Dresnick's, that needs to go public rapidly and is looking for some currency other than cash, usually to enable it to buy up other businesses, says Nancy Cass, an attorney specializing in securities law and a partner in Cass & Graham in Tampa, Fla. But -- and it's a big but -- they're not for everyone.
Although they're less costly than an IPO, which can run you $1 million, they're still costly. You'll need to allot between $75,000 and $250,000 in fees to the person who sells you a shell and puts your deal together, plus 5 to 30 percent of the value of the public company that the shell corporation holds, say securities-industry sources. And the price may go even higher if the shell comes with money in it, has kept its SEC paperwork up to date, or has a large percentage of shares available for you to control (ones not already owned by existing stockholders). That's not even counting what you'll pay your lawyer, accountant, and printer. According to Cass, the total tab puts the reverse merger outside the scope of companies with profits of less than $250 million, since such businesses usually can't cover the costs of being a public company
But there's another, more serious consideration -- a dark side to the shell game. If you should be so unfortunate as to buy your shell from the wrong people or simply buy the wrong kind of shell, the results could be disastrous -- to wit, your formerly prosperous company could be reduced to a pile of smoking rubble. And there's no end to unscrupulous characters, ranging from investment bankers to consultants, business brokers, and lawyers, who would like nothing better than to help you destroy yourself.
SIRI is smoking in pre-market, already over 5 Mil. traded
This is what is meant by High risk/ High Reward
Riskgrade for WRSPQ is 1944 link
http://www.nasdaq.com/services/riskMetrics.stm?&lnk=I
Riskgrade 316 SIRI link
http://www.nasdaq.com/services/riskMetrics.stm?&lnk=I
I am not sure what will happen with the stock, but the BK filing is in Chapter 11 BK protection and Liberty Media already has bought all the liabilities and assets. It will in my mind go somewhere, but not sure. Looks like SIRI/WRSPQ/ and Liberty are all in bed together, which to me is all good. That is my take on it.
...and we are in both...lol Congrats.
Malone Moves: Cable, Tickets & Sat Radio
Liberty Media’s Dr. John Malone has been everywhere this week. First came the EU Commission’s official approval of Liberty Global’s take-over of Germany’s 4.6M subscriber Unitymedia. (Whew! Only 7 years trying to get into the beer-and-brat cable market.) Next the good Dr. cropped up looking for a 35% stake in the company that will be Ticketmaster and Live Nation merged. That, the New York Post speculates, could end up putting a lid on Live Nation CEO Michael Rapino. Meanwhile, Liberty Satellite Radio is closing in on its purchase of the bankrupt Worldspace. Now all we need is a Liberty marker on that iPad.•
http://www.mediabiz.com/news/articles/?edit_id=13493
Malone Moves: Cable, Tickets & Sat Radio
Liberty Media’s Dr. John Malone has been everywhere this week. First came the EU Commission’s official approval of Liberty Global’s take-over of Germany’s 4.6M subscriber Unitymedia. (Whew! Only 7 years trying to get into the beer-and-brat cable market.) Next the good Dr. cropped up looking for a 35% stake in the company that will be Ticketmaster and Live Nation merged. That, the New York Post speculates, could end up putting a lid on Live Nation CEO Michael Rapino. Meanwhile, Liberty Satellite Radio is closing in on its purchase of the bankrupt Worldspace. Now all we need is a Liberty marker on that iPad.•
http://www.mediabiz.com/news/articles/?edit_id=13493
I am glad I bought more before the news hits.;o}
I am glad I bought before all the news hits.;o}
Liberty just received $4 Billion Dollars in all CASH as of today
Posted by: foxy
Date: Friday, February 19, 2010 1:23:14 PM
Post # of 15265
Liberty just received $4 Billion Dollars in all CASH as of today, 2-19-2010.
Now Think hard people. $$$$
Who cares some of you might say. !!!
http://www.rapidtvnews.com/index.php/200912015337/sirius-xm-will-link-with-worldspace.html
Liberty owns 40% or more ?? of SIRIUS XM already, Liberty as of today 2-19-10 just received $4 BILLION Dollars in CASH. now what in the WORLD !!! Ha, Ha no pun intended do you experts think Liberty will do with some of these extra Billions. Humm now think hard. ??
Lets all face it, SIRI's future is already LOCKED in, look for Sirius XM to now go , very soon now World Wide !!!, IMO , now think of all the 80 to 250 Million more Subscribers IMO , new SIRI Subscribers to come. World Wide. IMO
Now start to Think Dollar increase's, not 3-cent up or 2 cent down, none-sense already.
Liberty owns 40% of SIRI; just last week Liberty bought out 100% of Global Worldspace, and as of todays 2-19-2010 news just out, received $4 Billion in Cash. now put 2 & 2 together and can't you people see $2.00 to $5.00 range or more a share, coming sooner then some of you might think. $$$$ IMO
My god !!!!! THINK !! the future Growth of SIRI, not just Local US Growth potential. Think!! WORLDWIDE $$$$.
Think in Dollars, not mere Cents. None-sense. IMO
Just bought more but they were broken up in 2 orders. They must have been waiting for shares.
CNBC had good to say about SIRI, but that Mark Haines had to chime in with I wouldn't know how to use it in my car. I have heard him say he had Sirius in his car many years ago.
Technically I was on the money: After Hours
Last: $ 1.08
I'll change my prediction to $1.12..all good.........lol
This is siri one year ago, Liberty/Siri and WRSPQ will shoot like a rocket if these guys get together.
I predict it will close at $1.08 today.eom
eastunder-Nice article like winning..lol
Today is my 1 year anniv. of buying SIRI. Fitting it is passing a dollar.....:o}
I really want to hear Mark Haines eat crow besides Kramer of course.
People are buzzing about WRSPQ. Found this prediction about tomorrows premarket
Many think SIRI is going to go over a dollar tomorrow
Most likely OVER A DOLLAR IN PREMARKET 16-Feb-10 07:29 pm
1. NOLs
2. Merger Synergies
3. Canada Growth
4. Iphone and Blackberry APPS
5. SIRIUS XM and
6. Liberty/Worldspace In a "Going Global Venture"
7. AUTO Sales coming back
8. Old cars with AM/FM being crushed daily and replaced with NEW CARS with SATRAD.
"Stock Shock" Movie about Sirius XM Stock to Screen at L.A. International Women's Film Festival
Activist documentary about Wall Street and Sirius XM is racing up the red carpet toward indy awards.
Director Sandra Mohr takes Wall Street to the Movies
FOR IMMEDIATE RELEASE
PR Log (Press Release) – Feb 01, 2010 – When director Sandra Mohr decided to find out why her family's 401(k) was looking more like a 201(k) she probably had no idea she would be exposed to the corrupt underworld of hedge funds, criminal market managers, and greedy legislators. So what's a director to do? Make a movie about it, of course.
She's in good company. Michael Moore, Oliver Stone and Ridley Scott are all working on films about stock market manipulation and Wall Street schemes. But Sandra Mohr's “Stock Shock” was first out of the gate. The film will be featured at the "Los Angeles Women's International Film Festival" which takes place March 26-April 1st, 2010 at the Laemmles Sunset 5 Theaters in Hollywood, California.
The movie exposes a technique known as naked short selling, which has resulted in the collapse of the stock value of some of America’s most promising public companies. Sirius XM, often labeled as one of the most manipulated stocks in the market, is dissected in the movie. "Stock Shock" interviews individual investors who saw their stock price hit a high of $9.00/share and then plummet to a horrifying low of 5 cents in 2009.
Investors and fans of the movie claim "Stock Shock" has spurred a grassroots movement helping convince the SEC to address the issue of abusive naked short-selling. Since the movies release, Sirius XM stock has seen an increase of over 1000 percent.
It's no wonder. The reviews are impressive:
"Shocking and eye-opening!" says Jane Velez-Mitchell, Host of Issues on CNN Headline News.
"Stock Shock deserves an Academy Award," says radio host Jim Puplava of the Financial Sense Newshour.
Sirius soars on Canadian success
Mark Redmond is the CEO of Sirius Canada Satellite Radio.
JON TATTRIE
METRO CANADA
February 15, 2010 7:00 a.m.
Sirius Canada Satellite Radio is getting seriously big, as the four-year-old company cruised past the million-subscribers mark recently, and CEO Mark Redmond plans to take the company wider and deeper into the lives of Canadians.
“It was our most significant milestone to date,” he says. “It reiterates what we’ve believed all along, which is that this technology and service (has) a tremendous market opportunity.”
The final growth spurt to hit a million came during a recession that saw auto companies take a beating. That didn’t faze Sirius, though a big chunk of their business is getting satellite radios into cars.
“We were able to grow not only our revenue and subscribers, but also improve our financial position,” Redmond says, boasting of being cash-flow positive for a string of quarters now. “We are profitable.”
Redmond, who was born in Halifax, worked for 17 years with Thomson, a global player in digital video, before joining Sirius U.S. He spent a year there learning the satellite radio ropes before returning to Canada to launch Sirius here in 2005.
Sirius Canada’s licence was finally approved in September 2005 and they launched on Dec. 1. “It was a mammoth undertaking,” he recalls.
His goal then was to build the brand so Canadians knew what Sirius was offering. Now that one in thirty of us have signed up, Redmond credits the product itself: 120 channels, mostly commercial-free, covering sports, talk, entertainment, music and, of course, Howard Stern.
“You can listen to it from coast to coast, so if you get into a market like Halifax, where your choices become limited, we bring in 120 channels of variety and content. At $14.99, it’s a pretty compelling offer,” he says.
The goal now is to keep those million clients — Redmond says customer satisfaction is better than 90 per cent — to draw more and get existing clients to add services to the cottage, RV, boats and secondary car. Sirius recently released an app for the iPhone and iPod Touch that lets subscribers listen on those devices.
Asked what Sirius is working toward now, he says, “The next million. Hopefully it will come a little quicker.”
http://www.metronews.ca/edmonton/work/article/451984--sirius-soars-on-canadian-success
GOLDEN TICKET possibility!!! Has anyone here thought of this?
If all goes well with our shares and things move forward with Liberty, they might decide to do a forward split. After all the float is so low, they will need more shares.
Then we all will retire.....lol
Lots of big guys adding link
http://www.mffais.com/siri
Plus Liberty hurrying to get Worldspace organized. Tues. will be interesting on both accounts......;o}
These warrants have a blocker. Here is what I think they are saying in bold.
Item 4. Ownership
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.
(a) Amount beneficially owned:
As set forth in the terms of the reported Warrants, issued June 13,
2009, the number of shares of Class A Common Stock into which such Warrants are
exercisable is limited to the number of shares that would result in the
Reporting Persons having aggregate beneficial ownership of not more than 2.49%
of the total issued and outstanding shares of Class A Common Stock (the "2.49%
Blocker").
As set forth in the terms of the reported Warrants, issued June 1,
2007, the number of shares of Class A Common Stock into which such Warrants are
exercisable is limited to the number of shares that would result in the
Reporting Persons having aggregate beneficial ownership of not more than 9.99%
of the total issued and outstanding shares of Class A Common Stock.
Therefore, as of December 31, 2009, subject to the 2.49% Blocker on the
Warrants, issued June 13, 2008, each Reporting Person may have been deemed the
beneficial owner of 2,032,704 shares
==============================
Highbridge Capital Management, LLC is the trading manager of
Highbridge International LLC. Glenn Dubin is the Chief Executive Officer of
Highbridge Capital Management, LLC. The foregoing should not be construed in and
of itself as an admission by any Reporting Person as to beneficial ownership of
shares of Class A Common Stock owned by another Reporting Person. In addition,
each Highbridge Capital Management, LLC and Glenn Dubin disclaims beneficial
ownership of shares of Class A Common Stock owned by Highbridge International
LLC.
=================================
Item 5. Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following: [X]
Did same as you and I don't want to sell any of my free shares on SIRI, rather sit on them. Wish I had funds would add also...lol
eastunder-Excellent info, thanks.
Lots of buzz on SIRI board them going global via WorldSpace. By the way Chapter 11 is restructuring protection type of bankrupcy.
He could get some of his pay in stock options.
Great article turbodog. eom
Last years was beginning of March, at least it look like it was in the historical.
I do and it could go higher, have seen SIRI spike in both directions very fast. It is such a liquid stock so traders can move it quickly.
Siri is exciting stock and a fast moving one, guess I went into overdrive. You want to give me caffeine on top of it, I'll fly to the SIRIUS star in the sky and no one will see me again...lol
Oh my my mind is on other things, so sorry, thanks for doing your work so well!!!
Eastunder, You are correct..;o}
Tomorrow the 5th on CNBC, 9:30 AM.