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Technology Stocks : XM Satellite Radio Holdings Inc. (XMSR) -- Ignore unavailable to you. Want to Upgrade?

To: pcstel who wrote (567)	4/24/2003 12:30:18 PM
From: pcstel	Read Replies (1) \| Respond to of 3386

We will just add this one to the "creative wordsmithing collection" "Press Release Source: XM Satellite Radio Toyota to Offer XM Radio on All-New 2004 Camry Solara Coupe Later This Summer" Sounds like it will be offered on All of the New 2004 Camry Models.. But, when you read the fine print.. ""We're thrilled that Toyota has decided to make XM available on >>the all- new Camry <<< Solara coupe,"" So the Camry is all-new, where as the headline is a bit deceptive indicating Toyota will Offer XM Radio on All - New Camry Solara's. PCSTEL

To: pcstel who wrote (567)	4/24/2003 9:52:36 PM
From: i-node	Read Replies (1) \| Respond to of 3386

Can you please provide a link to a statement where I stated.. and I quote.. "how SACS/CPGA would NEVER come down -- you'd NEVER seen a subscriber model where these expenses came down. " Well, the following post is the one I gleaned that perspective from: Message 18274473 No I guess I don't. As a matter of fact, I can't think of a highly subsidized subscriber model that the subsidies ever went away. Can you? So what you are saying is that there is no "high margins". Only speculative future "high margins"? I buy a new car every 3-4 years. So assuming only a $120 dollar subsidy on a factory installed unit. Every 3 - 4 years you are going to require a new subsidy when you buy a new car with XM factory installed. $120 dollars at 14% Cost of capital over 4 years adds up to be about $200. So in 4 years XM gets $480 in revenues, and the subsidy costs them $4.14 per month to recapture. Then just when they have recaptured your subsidy. You buy a new car, and the whole subsidy game starts all over again. But here are some other remarks you made from that time frame: Sorry, but a CPGA of $600 with a non contract ARPU of $10 is a sure bet to Bankruptcy. The problem with the OEM's is that they will be subsidizing radios in cars who's owners may never subscribe. The subsidies will kill this company. Of course, what we found out is that 70% of those OEM installations are being activated. They are not providing CHURN metrics! This is probably one of the most important metrics that you need! They are, and it is under 1%. Cash Burn is too high! Good Luck on the 200 million in funding! As we now know, the financing came and was handled in a way that was, frankly, impressive, given the $2-3 price of the stock at the time. The dilution has not so much as made a blip in the pps. When you investors/partners start moving items which would be classified as non-secure creditor items into debt instruments. They probably know something they aren't telling you! We debated this again yesterday, but the reality is the company is funded through break even. So additional funding from GM seems out of the question. Since they will in effect get a 200 Million debt claim for nothing more than promised future payments due. So why would someone write 200 Million in debt instruments in exchange for cash today? Out of the question? Actually, the proposed SIRI out of court reorg is an example of how these things should work. Stockholders equity diluted to 8% of previous holdings. THIS is what you call "the way these things should work"? The SIRI investors were literally destroyed in this process. XM's management has been amazing throughout this process. Had you bought a ton of this stock when we first had these discussions, last November (like I did), you would have realized a 900% return on an annualized basis. And the good news is that you can buy it tomorrow, and you will receive a 200% return on an annualized basis by year end. Or, if you prefer, just kind of stick your head in the sand... <g>.... it's your money!!!