Crash and Burn 2001 Message Board

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Strategies & Market Trends : Crash and Burn 2001

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To: Dale Baker who started this subject	7/11/2001 12:10:12 PM
From: Dale Baker	of 207

Just starting to look at SIRI, an old story I haven't followed in a long time. Their tangible value is tied up in their property and equipment. Interest expense is only $15 million per quarter plus $10 million in preferred stock dividends - so they could probably last a long time even with little or no revenue. Depends on how much operations and marketing cost them once they get cranked up. They burned almost $40 million in SGA and engineering development in the first quarter. Further input welcome on this one if I missed something. When you add up operations, debt service and eventually principal repayment, it is hard to see SIRI making it without a huge subscriber base.

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