Re: [Swprograms] Worldspace files for Chapter 11 bankruptcy

[John Figliozzi <jfiglio1@xxxxxxxxxxxx>]

Some of this was to be expected.  There is no need for redundant  
"decades" music channels (i.e.: 50s, 60s, 70s, etc.) on each service,  
for example.  Eliminating redundant services frees up bandwidth for  
other stuff or just improved performance on remaining channels.  Or not.

The reverse stock split has to happen.  Of course, at the same time  
they're going to ask stockholders to approve the sale of new stock to  
help cover the debt already incurred.  Can't see how those two things  
work together, but maybe I don't understand basic economics as well  
as I think I do.

Part of me thinks that Karmarzin has been pulling off a gigantic scam  
in broad daylight.  The absolutely ridiculous sums paid for talent  
has allowed those thus paid to run off with a lot of stockholder  
money that will never come back.  Of course, since I'm a subscriber  
as well as an investor (small time, but an investor nonetheless) I am  
an enabler.

The idea had great promise.  But instead of finding new people with  
new ideas, the services turned to refugees from "traditional" radio  
to run things.  Maybe when all is said and done that will be the  
reason this experiment ultimately fails and flames out.

John Figliozzi

On Oct 19, 2008, at 11:46 AM, Joe Buch wrote:

> I look for satellite radio broadcaster SiriusXM to have to do a  
> similar maneuver this winter.  They have a mound of debt coming due  
> this winter which will have to be refinanced in this very scary  
> credit market.  XM recently announced layoffs of about 80 people  
> from the music programming side.  They are considering a reverse  
> stock split to get the price per share above $1 to avoid NASDQ  
> delisting.  Rumor is that on November 5 they will announce a merged  
> program stream between Sirius and XM subscribers.
> Source <http://www.orbitcast.com/>
>
> Joe Buch
>
> --- On Sun, 10/19/08, Richard Cuff <rdcuff@xxxxxxxxx> wrote:
>
> > From: Richard Cuff <rdcuff@xxxxxxxxx>
> > Subject: [Swprograms] Worldspace files for Chapter 11 bankruptcy
> > To: "Shortwave programming discussion" <swprograms@hard-core- 
> > dx.com>, "Kim Andrew Elliott" <ke@xxxxxxx>
> > Date: Sunday, October 19, 2008, 1:18 PM
> > See
> > http://www.bizjournals.com/washington/stories/2008/10/13/ 
> > daily79.html?jst=b_ln_hl
> > or elsewhere.
> >
> > They're out of cash...but not out of the woods...their
> > creditors
> > agreed to fund them for 90 days.
> >
> > They say they have 171,000 subscribers; to me, that seems
> > like a pittance.
> >
> > --
> > Richard Cuff / Allentown, PA  USA
> >
> > International broadcasting / shortwave blog:
> > http://www.intlradio.blogspot.com
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