In order to close the XM merger and during the time when the credit markets were tight, they had to take make financing deals impacting the share structure and issuances of shares at $1.50 to fund the merger, which brought it down in August 2008. February 2009 the high potential for bankruptcy brought the PPS to around $0.05 per share. A deal was struck with Liberty whereby they received a loan AND gave them a 40% of the company in the form of preferred shares bringing them to the outstanding share count of approximately 6.4 billion shares versus 2.5 billion at the end of September 2008.
Equivalent market capitalization comparison right after the merger versus the current market:
Yesterday's Market Close: $10.368 Billion (6.4 billion shares x $1.62) Quarter Ending September 2008 after merger: $1.425 Billion (2.5 billion shares x $0.57)
Percentage change: 728% increase since September 2008
I can answer that/ Go to google punch in stock shock, click on that page . Then play the 3 minute movie trailer about sirius and it will explain why sirius and other major companies were almost forced into closing by unlawful stock manipulation.