I was at the office earlier this week. I was not looking for blockbuster inside info, just a general feeling at the company. I had a chance to speak to some people I hadn’t spoken to before (casual conversations in the hallway). The biggest issue right now is Apple. Everyone’s estimates (SONY/BMG, Universal, SCMI) were based on the assumption that Apple would play ball much sooner. They haven’t. Until they do, things are going to grind along. We continue to get bigger names, but we will need many more before the company can reach its potential. The negotiations between the record labels and Apple continue. Until those are resolved, I don’t think a massive roll out is going to happen. When will it happen? Ask Apple.
I asked about cash and was told they did a private placement of SunnComm restricted shares to carry them until the “big” financing deal is done that will allow the merger to continue. The merger is still being funded with the shares of MediaMax that Sunn holds.
It is all taking longer than anyone has wanted. But, everyone I spoke with felt comfortable with the stability of the company and they are continuing to make positive gains. I am not buying more at this point, but I am not selling either. If I didn’t believe this management team was going to take this company forward, then I would get out.
tj
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