Here’s why I haven’t bought a lifetime subscription to Sirius/XM yet.
From the Sirius XM News Feed:
According to The New York Times Sirius XM Radio has been working with advisers to prepare for a possible bankruptcy filing in a move that could put pressure on the satellite company EchoStar, which owns a substantial amount of the company’s debt.
Sirius has been working with the restructuring expert Joseph A. Bondi
of Alvarez & Marsal and the bankruptcy lawyer Mark Thompson of
Simpson, Thatcher & Bartlett to help prepare a Chapter 11 filing,
people close to the company said. The documents and analysis are close
to being completed and a filing could come within days, according to a
person familiar with the matter.
With more than $5 billion in assets, Sirius would be second-largest
company to file for Chapter 11 bankruptcy protection so far this year,
according to the research firm Capital IQ’s database. Smurfit-Stone,
which had more than $7 billion in assets when it filed in late January,
was the biggest so far.
This is just one of many news stories I read in my RSS news feeder this morning. I have been watching all this very closely the past week or so, since the head off EchoStar started making moves to possibly take over the company. I wasn’t thrilled with that because EchoStar is itself not doing well financially.
I really love my satellite radio. I don’t want to lose all my music, not to mention the wasted money on all the equipment that would become obsolete. And, boy, are they mad over at SaveSirius.com.