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Old 12-09-2006, 01:23 PM   #1
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Default Sirius files 8-A Statement

Full Title: SIRIUS SATELLITE RADIO INC. 401(K) SAVINGS PLAN AMENDED AND RESTATED SIRIUS SATELLITE RADIO 2003 LONG-TERM STOCK INCENTIVE PLAN

LINK: http://investor.sirius.com/edgar.cfm
Source: SSG.com
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Old 12-09-2006, 01:32 PM   #2
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Anyone care to tell us what this means?
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Old 12-09-2006, 03:45 PM   #3
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it means that siri just registered to sell another 40 million shares of stock.

if you are a siri shareholder, it means that 2.85% of your holdings are being handed over to 'employees' -- could be anyone from mel to howard to the cleaning lady, but it was yours and now it is theirs.

Also commonly known as dilution, the shareholders worst enemy.

Last edited by FlagRiot; 12-09-2006 at 03:47 PM..
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Old 12-09-2006, 04:13 PM   #4
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The dilution only seems fair considering how we stock holders have enjoyed such tremendous gains over the last year. I wish they could give themselves more ! ... Hell, why not less hours or more pay for Howard ?

The way I figure it, once Video Satrad is loaded in cars sometime in 2007, we'll all be rolling in the dough.

( Hey Mel... any idea the loyal are turning on the company ? )

Show us some money Baby !
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Old 12-09-2006, 05:00 PM   #5
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Well this sucks... I hope this isn't the start of using stock to dodge financial problems.
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Old 12-09-2006, 09:21 PM   #6
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Quote:
I hope this isn't the start of using stock to dodge financial problems.
Dont worry, it isnt. They have been doing it for years.

Starting with the refinancing (when they diluted then-shareholders to 8% of their pre-refinancing value) until now, where it has reached 4.57%. Stock to nfl, to penske, to dcx, to ford, to howard, to employees, to clayton, you-name-it, they've gotten shares. they have paid sacs with stock, paid employees with stock, paid all manner of suppliers with stock, and now, another 40 million shares.

thats before they raise more cash. it is really kind of pitiful if you think about it. many of the shareholders have no idea what siri is doing to them.
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Old 12-10-2006, 07:41 AM   #7
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Just a few days ago at Credit Suisse, didn't Mel brag about how he's continued looking out for the stockholders? Reiterated they were fully funded and have no need to tap into the equity market. Considering they were planning another round of dilution, he could have at least left those comments out of his standard spiel.

Last edited by Scorpion; 12-10-2006 at 07:49 AM..
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Old 12-10-2006, 01:23 PM   #8
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Quote:
Originally Posted by Scorpion
Just a few days ago at Credit Suisse, didn't Mel brag about how he's continued looking out for the stockholders? Reiterated they were fully funded and have no need to tap into the equity market. Considering they were planning another round of dilution, he could have at least left those comments out of his standard spiel.
A couple of weeks ago a reporter asked Mel if he was disappointed in SIRI performance since SIRI price is lower now than it was 2 years ago when Mel become CEO.

Mel's answer was basicly: It's XM's fault SIRI price is down because Sirius has never missed any of it's targets. A week later Mel announced Sirius would miss this years EOY target.

Rule # 1 in business. All businessmen are liars, it's in their blood.
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Old 12-11-2006, 12:21 AM   #9
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Update via SSG:

On December 9th I did an article for which the purpose was to outline the Sirius Long Term Incentive Plan. I prefaced that article with this paragraph, and it seems that my one paragraph genererated more response than the entire long term Incentive plan. The paragraph was this:

"Sirius filed an SEC document after hours friday outlining the issuance of 40,000,000 shares. These shares were part of the 401K plan and the Long Term incentive Plan. The 401K accounted for 1,000,000 shares leaving 39,000,000 as part of the Long Term Incentive Plan. These shares can be used for many things. To help investors better understand, we are providing the long term incentive plan below. It is to early to jump to conclusions as to the "home" for these shares, but it is good to understand the plan:"

some readers pointed out that the shares were not ISSUED, and that the S-8 was a REGISTRATION FOR THE ISSUANCE of shares. The reader is 100% correct. The shares have now been registered for issuance.

My statement was not intended to state that the shares have been issued, and perhaps I should have been more clear. Personally, once the shares are registered, I tend to put those in the category of the outstanding shares, which is the same thing many do, albeit technically not correct, and for the readers, it would be best to keep the technical side of things accurate.

To be clear, these shares were registered for a purpose. There are many contracts that Sirius have that have incentive payments under the Long Term Incentive plan. to assume that those shares will be earned is something that investors need to consider when looking at an equity, and thus, many act as if they will be or already are issued. this is one reason that the fully diluted share count should be taken into consideration by investors.

Some incentive deals will be earned, and others will not. There are likely a good number of warrants that will not be earned by Sirius affiliates, but again, I tend to operate under the assumption that they can be earned until such a time that they are not. For example, the NFL has many warrants which I feel may never be earned since they are tied to the aquisition of subscribers DIRECTLY attributable to each team. If you think about how that is measured, there is basically one way for that to happen.....someone buys a Sirius radio through a LINK on an NFL team website, or buys a radio at an NFL game through a promotion. a fan walking into Best Buy because he wants to listen to his favorite team which happens to be out of market is not directly attributable, and can not be tracked.

The S-8 document filed with the SEC registers these shares for issuance. It does not mean that the shares have been issued. The reason people typically make the automatic assumption that the shares are issued is because there is no other filing needed from this point forward should they decide to issue the shares (save the major shareholder (insider) rules).

Again, the intent of the piece on the 9th was simply to outline the Long Term Incentive plan. I agree that I should have made a better choice of words in the opening paragraph, and in the future will make every attempt to be clear on such items.
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Old 12-11-2006, 12:28 AM   #10
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Quote:
These shares can be used for many things.
yes and it doesnt matter one bit what they are used for. they still came out of the pockets of other siri shareholders.

lots of other ignorant stuff in that blog post but thats what is important - the shares will eventually dilute other shareholders interest. again.
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Old 01-09-2007, 01:11 PM   #11
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Today we found out what this was for anyway.
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