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Thursday, January 15, 2009

Sirius trades another $13 million in debt for equity

But CEO Mel Karmazin still has $174,588,000 to go, from what was originally $300 million in debt to be re-financed. Just this week, he was able to reach agreement with holders of $13 million worth of the company’s 2.5% notes due later this year, and debtholders will accept 100 million shares of “SIRI” stock to retire the notes. Sirius XM traded at 12 cents a share yesterday. Meanwhile, Michael Hartleib’s SaveSirius.com group has filed a “Demand for review of books and records” in the Delaware courts, searching for evidence that management mis-led its stockholders.

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