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Sirius/xm Is Researching Bankruptcy

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This is hot off the news press, as of about an hour ago.

SiriusXM is researching bankruptcy and is expected to file Chapter 11 in the next few days. What does this mean for current subscribers?

Chapter 11 is "restructuring and reorganization" filing, however, 99/100 times (exceptions being airlines and companies with great business plans not during a recession) the companies progress into Chapter 7 and liquidates all assets.

 

To make this story more convoluted Mr. Ergen of Echostar (dish network) purchased up convertible debt that Sirius owes in Feb and May. This is a sign of a hostile takeover, probably to gain control of Sirius ground repeaters. If Mr. Ergen gains control of Sirius through bankruptcy court, all Subscribers will most likely be wiped out and you will lose all money.

 

Keep an eye on this because us owners that have sirius could lose out on $$$.

link to new york times

http://www.reuters.com/article/mergersNews...030553520090210

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I just read that, they must be desperate for cash

 

About a week ago I was informed I would have to pay an extra 3 dollars a month for internet listening - this is on top of the 3 dollar price hike I paid about 2 years ago, on top of the 1 dollar increase from the original 9.99 a month that included it for free in the beginning.

 

However if I signed a 2 year + contract at the current rate I could keep internet, so what do they do? cancel XM82 which after the merger became online only, now they've gone and fucked more

 

yup, I think my XM time has come to an end

 

over 1 billion in debt this year? how the fuck can you have that much debt, oh right, because instead of commercial free music you pay dj's and talk show people 10's of millions of dollars for CRAP

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hwo the fuck can they be?

 

oh right, fucks like howard stern and those dj's they think people want. talk shows, news shows, and sports channels have only increased my hatred for sat radio. and something like 20 million dollars a year for howard stern, are you fucking kidding me? even with commercials he use to generate maybe 500k in rev, maybe. and everything he does sucks ass now anyway

 

I'v turned on xm almost every day this week looking for something good, trying to find any reason to keep it, and I just can't. I think at the end of the month I'll be cancelling

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Im pissed, debating uninstalling from my jeep and seling, but its a slightly older unit, whats in the millenia I doubt I could sell, its first gen and you would need an older dual lead antenna to even use it

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Yea, ugly business. Last outpost for free media...unfunded by the government.... and the FCC finds a way to impose rules in the merger so that both companies could survive. Free speech as long as you can afford i guess.

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