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First, can you confirm that Leon Black also has secured debt of Sirius? I know that he has a major equity stake in Sirius

If by secured debt you mean the bonds, I don't know how much, if any, Apollo owns. That's not disclosed in the filings. They do have a major position in the convertible preferreds. If you don't understand the implications of that, you need to do some homework. A hint to start you off: read the filings and take a closer look at the "shares" that Apollo "holds".



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