Howard Stern is trading in your ears for cash. Sirius announced today that Stern could sell his $200 million of shares of Sirius any time. No preferred shares, no vesting. Basically a cash deal but it's coming out of Sirius shareholders pockets. I didn't think this is how it was all set up but boy was I wrong. Whether or not he is going to sell now or not is not the issue. The issue is Sirius looks like it is still issuing stock to pay for things and they are not fully disclosing it until it is too late. I will be selling all my stock in the morning and will consider shorting it because this deal is not worth it. They think because they are losing money nobody will care if the earning per share (or loss) are much lower with the increase in shares. I notice because although this won't add to the time it takes to be profitable, it will decrease the amount per share that is made. It's going to take a bit longer that most people realize to get to profitability and meanwhile the "Stern effect" may not be as all hoped.
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