Sirius Satellite Radio (SIRI) Message Board

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Technology Stocks : Sirius Satellite Radio (SIRI)

SIRI 20.68

-0.5%

Dec 22 3:59 PM EST

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To: country bob who wrote (6240)	2/7/2007 9:39:06 AM
From: i-node	Read Replies (1) of 8420

>>> I've always believed that a reverse split has been in their plans since they decided to fund their growth through dilution instead of loans and partnerships. If this is the case, I think it was a smart move. LOL. Please tell me you're not trying to suggest that reverse split, in any way, compensates shareholders for the equity they lost through dilution, right? There is a class of people who do not (or would not, if they understood it) believe that it was a "smart move". Those are the people who were shareholders at the time, and gave up 95% of their equity to the refinancing. Those people got screwed. They received a commitment that it would pay off the debt and provide enough money to get to profitability without more borrowing. Since then, SIRI has run the credit cards debt back to where they were. That class of people who should care is the stockholders on the day it occurred -- and, coincidentally, they are the very people that the BOD had a fiduciary commitment to.

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