So much so, a rock is actually worth more than their stock.
Sirius-XM’s shares tumbled to an all-time low of 5 cents per share on reports the satcaster is headed for Chapter 11 bankruptcy.
Sirius-XM is in talks with Echostar, the owner of Dish Network about a buyout, since the company assumed some of Sirius-XM’s debt. It is also in talks with Liberty Media, who owns properties such as DirectTV, the Atlanta Braves and WFRV-TV in Green Bay, Wis.
If it files for Chapter 11, Sirius-XM may beforced to terminate some contracts of high-priced talent, including those of Howard Stern and Martha Stewart.
Thought: Turned out CEO Mel Karmazin turned down an offer from Echostar CEO Charle Ergen to buy the company. Another brillant business move by Mr. Karmazin. Sorry Sirius-XM, but the axe is waiting to swing. And a shame, too.