Re: Sirius XM Prepares for Possible Bankruptcy
Norma, With genuine respect for your best intentions and all your contributions to this list, I object to the posting of a copyrighted article. Note also that it is from a newspaper that, like the subject of the article, is facing grave financial problems. A link would have been sufficient to take us to the website. Separately, as the article hints, you may well see a takeover by EchoStar. Sirius XM has too much long-term value. I don't think list members should panic. Not yet, anyway. - Original Message - From: "Norma A. Boge" To: ; Sent: Wednesday, February 11, 2009 10:22 PM Subject: Sirius XM Prepares for Possible Bankruptcy The New York Times February 11, 2009 Wednesday Late Edition - Final Section B; Column 0; Business/Financial Desk; Pg. 1 780 words Satellite Radio Company Sirius XM Prepares for Possible Bankruptcy By ANDREW ROSS SORKIN and ZACHERY KOUWE Jonathan Mosen List Founder Audio List Help, Guidelines, Archives and more... http://www.pc-audio.org To unsubscribe from this list, send a blank email to: pc-audio-unsubscr...@pc-audio.org
Re: Sirius XM Prepares for Possible Bankruptcy
Hey thanks so much for this, for II'm a subscriber to xm first then they merged as wel all know. thanks againAt 08:22 PM 2/11/2009, you wrote: >>The New York Times >>February 11, 2009 Wednesday >>Late Edition - Final >>Section B; Column 0; Business/Financial Desk; Pg. 1 >>780 words >>Satellite Radio Company Sirius XM Prepares for Possible Bankruptcy >>By ANDREW ROSS SORKIN and ZACHERY KOUWE >> >>Last summer, Mel Karmazin was rattling off his trademark one-liners to talk >>up the future of SiriusXM Radio, the combined company he ran that had just >>been blessed by regulators. >> >>He was planning to cut costs and expand a business that was already a fixture >>in the lives of millions of Americans. ''Forty-three cents a day -- it's not >>even vending machine coffee,'' he said at the time, parrying a question about >>whether the softening economy might hurt subscriptions. >> >>But now Sirius XM, the satellite radio company, has problems with much bigger >>price tags. It has hired advisers to prepare for a possible bankruptcy >>filing, people involved in the process said. >> >>That would, of course, be a grim turn of events for the normally upbeat Mr. >>Karmazin, Sirius XM's chief executive, who had hoped to create a mobile >>entertainment juggernaut with stars like Howard Stern. >> >>It is unclear how a bankruptcy would affect customers. Service is unlikely to >>be interrupted, but the company might have to terminate contracts with >>high-priced talent like Mr. Stern or Martha Stewart. >> >>A bankruptcy would make Sirius XM one of the largest casualties of the credit >>squeeze. With over $5 billion in assets, it would be the second-largest >>Chapter 11 filing so far this year, according to Capital IQ. The filing by >>Smurfit-Stone, with assets of $7 billion, has been the year's biggest to date. >> >>Sirius XM, which never turned a profit when both companies were independent, >>is laden with $3.25 billion in debt. Its business model has been dependent, >>in part, on the ability to roll over its enormous debts -- used to finance >>sending satellites into space and attract talent like Mr. Stern (who was paid >>$100 million a year) -- at low rates for the foreseeable future until it >>could turn a profit. >> >>The company's success and failure are also tied to the faltering fortunes of >>the automobile industry, which sells vehicles with its radio technology >>installed and represented the largest customer base among Sirius XM's 20 >>million subscribers. >> >>Sirius XM owes about $175 million in debt payments at the end of February >>that it is unlikely to be able to pay. >> >>Sirius XM's problems could pave the way for a takeover by EchoStar, the TV >>satellite company, which has bought up Sirius XM's debt. >> >>Mr. Karmazin has been locked in talks with EchoStar's chief executive, >>Charles W. Ergen, over Sirius XM's options, people involved in the talks >>said. The men are said not to get along, these people said, and Mr. Karmazin >>had rebuffed Mr. Ergen's takeover advances before. >> >>Sirius XM hired Joseph A. Bondi of Alvarez & Marsal and Mark J. Thompson, a >>bankruptcy lawyer with Simpson, Thacher & Bartlett, to help prepare a Chapter >>11 filing, these people said. >> >>Documents and analysis are close to completion and a filing could come in >>days, according to a person familiar with the matter. >> >>The threat of bankruptcy could also be part of a negotiating dance with Mr. >>Ergen, who could decide to convert his debt into equity instead of demanding >>payment. >> >>In addition to the $175 million due in February, EchoStar also owns $400 >>million of Sirius XM's debt due in December. If Sirius XM files for >>bankruptcy, EchoStar could seek in court to take over the company. Mr. Ergen, >>however, may be able to negotiate to convert his shares before bankruptcy at >>an attractive rate and gain control of the company, these people said. >> >>For Mr. Karmazin, the sale or bankruptcy of Sirius XM would be one of his >>first failures. He founded Infinity Broadcasting, sold it to CBS and later >>merged the combined companies into Viacom, where he had a notoriously >>difficult relationship with Sumner M. Redstone, the chairman, before being >>ousted. >> >>Mr. Karmazin bought two million shares of Sirius XM at $1.37 a share in >>August. Before that, he had bought 20 million shares at an average price of >>$5 each. On Tuesday, Sirius closed at 11.4 cents a share. >> >>Since the summer, the company's prospects have dimmed. >> >>''I'm not trying to paint the rosy picture, because we have challenges >>connected to our liquidity and certainly our stock price is dreadful,'' Mr. >>Karmazin said in December. ''But, you know, our revenues are growing double >>digits. We're growing subscribers. We're not losing subscribers.'' >> >>A spokeswoman for Mr. Karmazin declined to comment. A spokesman for EchoStar >>could not be reached. >> >>Mr. Karmazin staked the success of
Sirius XM Prepares for Possible Bankruptcy
The New York Times February 11, 2009 Wednesday Late Edition - Final Section B; Column 0; Business/Financial Desk; Pg. 1 780 words Satellite Radio Company Sirius XM Prepares for Possible Bankruptcy By ANDREW ROSS SORKIN and ZACHERY KOUWE Last summer, Mel Karmazin was rattling off his trademark one-liners to talk up the future of SiriusXM Radio, the combined company he ran that had just been blessed by regulators. He was planning to cut costs and expand a business that was already a fixture in the lives of millions of Americans. ''Forty-three cents a day -- it's not even vending machine coffee,'' he said at the time, parrying a question about whether the softening economy might hurt subscriptions. But now Sirius XM, the satellite radio company, has problems with much bigger price tags. It has hired advisers to prepare for a possible bankruptcy filing, people involved in the process said. That would, of course, be a grim turn of events for the normally upbeat Mr. Karmazin, Sirius XM's chief executive, who had hoped to create a mobile entertainment juggernaut with stars like Howard Stern. It is unclear how a bankruptcy would affect customers. Service is unlikely to be interrupted, but the company might have to terminate contracts with high-priced talent like Mr. Stern or Martha Stewart. A bankruptcy would make Sirius XM one of the largest casualties of the credit squeeze. With over $5 billion in assets, it would be the second-largest Chapter 11 filing so far this year, according to Capital IQ. The filing by Smurfit-Stone, with assets of $7 billion, has been the year's biggest to date. Sirius XM, which never turned a profit when both companies were independent, is laden with $3.25 billion in debt. Its business model has been dependent, in part, on the ability to roll over its enormous debts -- used to finance sending satellites into space and attract talent like Mr. Stern (who was paid $100 million a year) -- at low rates for the foreseeable future until it could turn a profit. The company's success and failure are also tied to the faltering fortunes of the automobile industry, which sells vehicles with its radio technology installed and represented the largest customer base among Sirius XM's 20 million subscribers. Sirius XM owes about $175 million in debt payments at the end of February that it is unlikely to be able to pay. Sirius XM's problems could pave the way for a takeover by EchoStar, the TV satellite company, which has bought up Sirius XM's debt. Mr. Karmazin has been locked in talks with EchoStar's chief executive, Charles W. Ergen, over Sirius XM's options, people involved in the talks said. The men are said not to get along, these people said, and Mr. Karmazin had rebuffed Mr. Ergen's takeover advances before. Sirius XM hired Joseph A. Bondi of Alvarez & Marsal and Mark J. Thompson, a bankruptcy lawyer with Simpson, Thacher & Bartlett, to help prepare a Chapter 11 filing, these people said. Documents and analysis are close to completion and a filing could come in days, according to a person familiar with the matter. The threat of bankruptcy could also be part of a negotiating dance with Mr. Ergen, who could decide to convert his debt into equity instead of demanding payment. In addition to the $175 million due in February, EchoStar also owns $400 million of Sirius XM's debt due in December. If Sirius XM files for bankruptcy, EchoStar could seek in court to take over the company. Mr. Ergen, however, may be able to negotiate to convert his shares before bankruptcy at an attractive rate and gain control of the company, these people said. For Mr. Karmazin, the sale or bankruptcy of Sirius XM would be one of his first failures. He founded Infinity Broadcasting, sold it to CBS and later merged the combined companies into Viacom, where he had a notoriously difficult relationship with Sumner M. Redstone, the chairman, before being ousted. Mr. Karmazin bought two million shares of Sirius XM at $1.37 a share in August. Before that, he had bought 20 million shares at an average price of $5 each. On Tuesday, Sirius closed at 11.4 cents a share. Since the summer, the company's prospects have dimmed. ''I'm not trying to paint the rosy picture, because we have challenges connected to our liquidity and certainly our stock price is dreadful,'' Mr. Karmazin said in December. ''But, you know, our revenues are growing double digits. We're growing subscribers. We're not losing subscribers.'' A spokeswoman for Mr. Karmazin declined to comment. A spokesman for EchoStar could not be reached. Mr. Karmazin staked the success of the merger on nearly $400 million in annual cost savings and the potential to gain subscribers through deals with auto companies to put satellite radios into cars. But satellite radio failed to win over many younger listeners, and competition from other sources slowed subscriber growth. ### Jonath
Seeking information on USB turntables
I'm currently considering the purchase of a USB turntable to aid in converting my extensive and, in some cases, rare vinyl collection to digital and would appreciate any information, suggestions, guidance, etc., from list members regarding the subject. Suggestions of hardware and software to consider or avoid, tips on conversion, and any other input will be very sincerely appreciated. If you've had any experience with a USB turntable, I definitely would like to hear from you. You can reply on the list or, if you prefer, mail me directly at the e-mail address below. Thanks in advance. -- Walt Smith - Clearwater, FL ka3...@tampabay.rr.com Jonathan Mosen List Founder Audio List Help, Guidelines, Archives and more... http://www.pc-audio.org To unsubscribe from this list, send a blank email to: pc-audio-unsubscr...@pc-audio.org
The A.C Tech Podcast
A must listen podcast for blind computer users. Recently Ashley Cox did 2 podcasts on VirtualBox, a discontinued microphone and more. The podcast feed address is http://www.bavis.co.uk/podcasthosting/theactechpodcast/feed.php Jonathan Mosen List Founder Audio List Help, Guidelines, Archives and more... http://www.pc-audio.org To unsubscribe from this list, send a blank email to: pc-audio-unsubscr...@pc-audio.org
RE: Folding or roll-up keyboard suggestion needed
Hi Tom, Sorry, I wasn't sure as it is an intrical part of the audio experience. Thanks, John At 09:50 AM 2/11/2009, you wrote: Discussing computer keyboards is off topic for the pc audio list. Thanks, Tom Jonathan Mosen List Founder Audio List Help, Guidelines, Archives and more... http://www.pc-audio.org To unsubscribe from this list, send a blank email to: pc-audio-unsubscr...@pc-audio.org __ Information from ESET NOD32 Antivirus, version of virus signature database 3846 (20090211) __ The message was checked by ESET NOD32 Antivirus. http://www.eset.com Jonathan Mosen List Founder Audio List Help, Guidelines, Archives and more... http://www.pc-audio.org To unsubscribe from this list, send a blank email to: pc-audio-unsubscr...@pc-audio.org
RE: Folding or roll-up keyboard suggestion needed
Nolan, what's the brand for the $14 one? Peter -Original Message- From: pc-audio-boun...@pc-audio.org [mailto:pc-audio-boun...@pc-audio.org] On Behalf Of Nolan Crabb Sent: Wednesday, February 11, 2009 8:48 AM To: 'PC Audio Discussion List' Subject: RE: Folding or roll-up keyboard suggestion needed Well, I think my experience will be somewhat untypical, but I bought a roll-up keyboard from Adesso that fell apart after two months. It cost around $28. I purchased another one from a grocery store in town, of all places, that cost $14, and has been functioning perfectly for well over a year. I don't know how to advise you on this, except to tell you not to let others talk you out of owning one. I absolutely love mine, and once I got used to typing on it, I went out and bought one for the home computer as well. You should know that I'm going to be very much in the minority on this; most people either don't like them or have never used them. You just can't beat the portability and light weight, and the keys are nicely spread apart so they're easily used after you get used to the action of the keyboard. The one I paid $14 for has a series of buttons going across the top in addition to the function keys that are programmable. Those, too, can be a nice feature. Adesso is a pretty good company with a decent reputation, so I'm sure the experience I had with that $28 keyboard isn't a normal one. Still, that said, I'm not sure I'd buy that particular brand again. Regards, Nolan Jonathan Mosen List Founder Audio List Help, Guidelines, Archives and more... http://www.pc-audio.org To unsubscribe from this list, send a blank email to: pc-audio-unsubscr...@pc-audio.org Jonathan Mosen List Founder Audio List Help, Guidelines, Archives and more... http://www.pc-audio.org To unsubscribe from this list, send a blank email to: pc-audio-unsubscr...@pc-audio.org
RE: Folding or roll-up keyboard suggestion needed
Discussing computer keyboards is off topic for the pc audio list. Thanks, Tom Jonathan Mosen List Founder Audio List Help, Guidelines, Archives and more... http://www.pc-audio.org To unsubscribe from this list, send a blank email to: pc-audio-unsubscr...@pc-audio.org
RE: Folding or roll-up keyboard suggestion needed
Well, I think my experience will be somewhat untypical, but I bought a roll-up keyboard from Adesso that fell apart after two months. It cost around $28. I purchased another one from a grocery store in town, of all places, that cost $14, and has been functioning perfectly for well over a year. I don't know how to advise you on this, except to tell you not to let others talk you out of owning one. I absolutely love mine, and once I got used to typing on it, I went out and bought one for the home computer as well. You should know that I'm going to be very much in the minority on this; most people either don't like them or have never used them. You just can't beat the portability and light weight, and the keys are nicely spread apart so they're easily used after you get used to the action of the keyboard. The one I paid $14 for has a series of buttons going across the top in addition to the function keys that are programmable. Those, too, can be a nice feature. Adesso is a pretty good company with a decent reputation, so I'm sure the experience I had with that $28 keyboard isn't a normal one. Still, that said, I'm not sure I'd buy that particular brand again. Regards, Nolan Jonathan Mosen List Founder Audio List Help, Guidelines, Archives and more... http://www.pc-audio.org To unsubscribe from this list, send a blank email to: pc-audio-unsubscr...@pc-audio.org
