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Anyone have thoughts about teh recent downward movement.


Thoughts, yes. Answers, no. Perhaps those more knowledgeable than I could comment on the events/situations described by these recent SEC filings?

June 17, 2003

SIRIUS SATELLITE RADIO INC (SIRI)
form 8-K
Item 5. Other Events.
On June 4, 2003, we entered into a Terms Agreement...Pursuant to the Terms Agreement, we issued 86,250,000 shares of our common stock, par value $.001 per share, under our Registration Statement on Form S-3 (File No. 333-64344) on June 10, 2003. These shares included 11,250,000 shares of common stock issued pursuant to an overallotment option granted to the underwriters in the Terms Agreement.

...

On June 12, 2003, Blackstone CCC Capital Partners L.P. and Blackstone CCC Offshore Capital Partners L.P. informed us that they had distributed approximately 57 million shares of our common stock to their limited partners. These shares of common stock represent approximately 5.75% of our outstanding common stock and are freely tradable and covered by a registration statement.

Affiliates of Blackstone also hold warrants to purchase approximately 42 million shares of our common stock. In connection with our recent recapitalization, on March 7, 2003, we issued warrants to purchase approximately 87 million shares of our common stock to exchanging holders of our convertible preferred stock at a blended exercise price of $0.99 per share. Blackstone and its affiliates have not informed us of their intentions relating to these warrants, but in connection with the execution of the registration rights agreement described below, have agreed not to exercise these warrants later than September 7, 2004.


And the previous Quarterly Report has at least one ominous (to my ear) warning:

May 14, 2003

SIRIUS SATELLITE RADIO INC (SIRI)
Quarterly Report (SEC form 10-Q)
Management's Discussion and Analysis of Financial Condition and Results of Operations...

Special Note Regarding Forward-Looking Statements

The following cautionary statements identify important factors that could cause our actual results to differ materially from those projected in forward-looking statements made in this Quarterly Report on Form 10-Q and in other reports and documents published by us from time to time... Among the significant factors that could cause our actual results to differ materially from those expressed in the forward-looking statements are:

o our need for substantial additional financing by early 2004, even following our recently completed recapitalization;


If memory serves, there were BK rumors for SIRI some while back. Is SIRI still in danger of BK, and that's why they needed substantial additional financing? Did they achieve this "additional financing" by issuing all those shares? Selling warrants? Could this explain the recent downward drift?

Thanks for any input.

Cheers,
Cat

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