Originally posted by ggw™:
How many subscribers can they realistically get?
Eventually satellite radio will be standard in all cars, to the extent of air conditioning or other former luxuries that became necessities. That, plus home and commercial applications, and seeing as they're likely going to get 75% of the market, I'd say upwards of 100m subscribers.
How much in Senior Secured Debt is outstanding?
You can look it up in the 10-K. Anyone's guess but my calculation is full dilution will come in at about 200m shares. They're very aggressive at reducing the dilution, for example, they instituted a DSPP earlier this year and used the funds to retire a bunch of convertible warrants with a 3.18 strike price. Debt service isn't a problem, they're going to be CFBE next year.
How much Convertible Preferred was issued to General Motors, Honda, DirecTV Clear Channel, Columbia Capital, et al...?
See above.
How long will they continue to need new funding?
They don't. They're fully funded to CFBE next fall, but they might actually reap a windfall when the insurance $ on the satellite issues comes in, since they floated a little secondary to fund construction and replacement of the satellites and now the insurance companies can go get fucked. XM has already suggested what they'd do with the extra cash -- take out dilution.
These guys are smart, they're smarter than you and me put together to the nth degree and even smarter than rhett.
As for WRNR, or whatever, sorry, it's OK for regular radio but 99 channels less than XM and not as good as the comparable XM channels, XMU 43/XM Cafe 45.
