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The News
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BAN ON NAKED SHORT SELLING BY THE EU |
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Written by Michael Hartleib
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Wednesday, 01 September 2010 15:14 |
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Wednesday September 01, 2010 03:04:12 AM GMT
EU-SHORTSELLING/
LONDON, Sept 1 (Reuters) - European Union regulators will be able to ban abusive short selling of shares and naked selling of credit default swaps and sovereign debt for three months or more, a draft EU law showed on Wednesday.
The bloc's financial services chief, Michel Barnier, has already flagged the measure he is due to publish on Sept. 15.
It follows calls from some member states to crack down on what they saw as speculators causing mayhem in Greek and other euro zone sovereign debt markets earlier this year.
After Germany introduced a unilateral ban that shook global markets and upset its EU partners, Barnier wants a pan-EU law on short-selling to ensure consistent, proportionate actions across the bloc in emergency situations.
"The regulation aims at addressing the identified risks without unduly detracting from the benefits that short selling provides to the quality and efficiency of markets," a copy of the draft law obtained by Reuters said.
The new European Securities and Markets Authority (ESMA), due to be in place from January, will be given powers to introduce emergency measures, such as bans for up to three months, renewable for a further three months at a time.
ESMA would also be able to overrule unilateral actions by states, such as Germany's ban.
The law would ban all naked short selling -- where sellers have not arranged to borrow the assets -- of shares and sovereign debt.
In addition, if any short or naked selling of financial instruments is sparking significant falls, ESMA could impose a "very limited prohibition" on the short-selling of a financial instrument.
"Such a 'circuit breaker' power should enable competent authorities to intervene if appropriate to ensure that short selling does not contribute to a disorderly price fall in the instrument concerned," the draft law says.
Outside emergency periods, market participants would be required to report to regulators and in some case to markets their short positions in shares, government debt and sovereign credit default swaps.
The measure, which needs approval from EU states and the European Parliament to become law, is expected to become effective some time in 2011. |
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Reverse Stock Split. Just A Matter Of Time! |
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Written by Michael Hartleib
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Friday, 26 March 2010 13:34 |
Sirius XM schedules hearing on staying on Nasdaq
Sirius XM gets hearing to gain more time to get stock above Nasdaq's $1 requirement
On Friday March 26, 2010, 9:27 am EDT
NEW YORK (AP) -- Satellite radio operator Sirius XM Radio Inc. said Friday that it has scheduled a hearing with the Nasdaq Stock Market to gain a reprieve for its stock, which is currently less than $1 and is thus running afoul of the exchange's rules.
The exchange notified Sirius in September that it may be kicked off because its stock had closed below $1 for 30 straight days. The stock has been below $1 since September 2008, except for a brief period this February.
Sirius shares rose 1 cents to 88.3 cents in premarket trading.
At the hearing on April 29, Sirius could get until September to raise its price above $1. It could do so with a reverse stock split, trading one share for two or more outstanding ones.
"The Company intends to take all necessary steps to maintain the listing of its common stock," it said in a statement.
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Stock Shock' Director Sandra Mohr to Appear With Securities Fraud Specialist Wes Christian on 'Tim C |
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Written by Michael Hartleib
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Thursday, 25 March 2010 13:59 |
Stock Shock' Director Sandra Mohr to Appear With Securities Fraud Specialist Wes Christian on 'Tim Connolly's Winning Strategies' March 26, 2010 at 9:00 a.m. ET
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- Press Release Source: Corporate Strategies, Inc. On Thursday March 25, 2010, 1:37 pm EDT
HOUSTON, March 25 /PRNewswire/ -- Sandra Mohr, Director of "Stock Shock," will be featured at the "Los Angeles Women's International Film Festival" March 26-April 1st, 2010 at the Laemmles Sunset 5 Theaters in Hollywood, California. She will be joined on Winning Strategies http://www.winningstrategies.net/ by Wes Christian http://www.csj-law.com/, a securities fraud specialist and close associate of legendary trial attorney John O'Quinn, who jointly pursued stock fraud cases with Mr. Christian for many years before his tragic death in an automobile accident in 2009. Wes Christian continues to pursue stock fraud cases today and Tim Connolly, Ms. Mohr and Mr. Christian will explore the murky world of securities fraud and the billions of dollars stock fraud steals from investors all over the world.
"Stock Shock" exposes a technique known as naked short selling, which has resulted in the collapse of the stock value of some of America's most promising public companies. Sirius XM, often labeled as one of the most manipulated stocks in the market, is dissected in the movie. "Stock Shock" interviews individual investors who saw their stock price hit a high of $9.00/share and then plummet to a horrifying low of 5 cents in 2009. Call in live and toll free with questions at 800-336-2225, listen live at http://www.winningstrategies.net/ or email during the show to
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
.
Previous guests of Tim Connolly's Winning Strategies (formerly Corporate Strategies) have included former SEC Chairman Arthur Levitt, Changewave's Tobin Smith, CNBC "Mad Money" Host Jim Cramer, Gamco's Mario Gabelli, Muriel Siebert, U.S. Senator and Presidential Candidate John McCain, Enterprise Products CEO Dan Duncan, Celgene's CEO John Jackson, Landry's CEO Tilman Fertitta, former Compaq CEO Eckard Pfeiffer, Money Manager Louis Navellier, and many others.
About Sandra Mohr
Sandra Mohr is a director and editor of nationally syndicated television programs and commercials in addition to "Stock Shock-The Movie," her recent projects include the award winning documentary film Behind the Mask and she regularly creates television programming and video projects for Animal Planet, Humane Society of the United States, People for the Ethical Treatment of Animals, Farm Sanctuary, Animal Acres, New Leash On Life, In Defense of Animals, The Pet Place TV, and others.
About Wes Christian
Wes Christian received his Bachelor of Science degree from West Texas State University in 1975 (now West Texas A&M University) and his Doctor of Jurisprudence from South Texas College of Law in 1978. In addition to the Texas State Bar, Wes is also admitted to practice before the United States District Court for the Southern District of Texas, United States District Court for the Northern District of Texas, United States Court of Appeals, Fifth Circuit, United States Tax Court, United States Court of Claims, and United States Court of Customs and Patent Appeals, United States District Court for the Western District of Colorado.
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Written by Michael Hartleib
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Wednesday, 17 March 2010 22:15 |
SIRIUS XM Receives NASDAQ Letter Regarding Minimum Bid Price Rule
Company Confirms Plan to Remain Listed on NASDAQ
Related Quotes
| Symbol | Price | Change |
| SIRI |
0.8944 |
-0.0106 |
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{"s" : "siri","k" : "c10,l10,p20,t10","o" : "","j" : ""}
Press Release Source: SIRIUS XM Radio On Wednesday March 17, 2010, 5:40 pm EDT
NEW YORK, March 17 /PRNewswire-FirstCall/ -- SIRIUS XM Radio Inc. (Nasdaq:SIRI - News) today announced that it has received a letter from the staff of The NASDAQ Stock Market LLC ("NASDAQ") stating that the Company has not regained compliance with the $1.00 minimum closing bid price requirement for continued listing on The NASDAQ Global Select Market under NASDAQ Listing Rule 5450(a)(1). The Company will request a hearing before a NASDAQ Listing Qualifications Panel (the "Panel") at which it will ask for continued listing on NASDAQ pending its return to compliance. As a result, the NASDAQ staff's letter has no effect on the listing of SIRIUS XM's common stock at this time.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080819/NYTU044LOGO )
"SIRIUS XM is one of the most liquid securities on The NASDAQ Global Select Market; we have a large investor base consisting of both individual and prominent institutional stockholders; and our equity capitalization is greater than approximately 92% of the companies listed on The NASDAQ Global Select Market. We are committed to remaining listed on The NASDAQ Global Select Market," said Mel Karmazin, Chief Executive Officer of SIRIUS XM.
SIRIUS XM has an equity capitalization of over $5.8 billion and an enterprise value of nearly $8.8 billion. In 2009, the Company had revenue of over $2.5 billion. Over 3.7 billion shares of the Company's common stock are available in the public float.
In addition, the NASDAQ OMX Group, Inc. has announced that the Company's common stock will be added to the NASDAQ Q-50 Index effective with the market open on Monday, March 22, 2010. The Q-50 Index is designed to track the performance of the fifty securities that are next in line to replace the securities currently included in the NASDAQ-100 Index.
The Company intends to take all necessary steps to maintain the listing of its common stock on The NASDAQ Global Select Market. The Company's stockholders have granted the Company's board of directors the discretion to effect a reverse stock split, which would bring the Company into compliance with the NASDAQ bid price requirement. However, the board of directors intends to effect the reverse stock split only if it determines the action to be in the best interests of stockholders.
Under NASDAQ's current Listing Rules, the Panel may grant the Company up to an additional 180 days from the date of the staff's letter, or through September 13, 2010, to comply with the NASDAQ bid price requirement.
About SIRIUS XM Radio
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Malone Slowly Taking Complete Control |
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Written by Michael Hartleib
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Friday, 12 March 2010 17:49 |
New Issue-Sirius XM Radio sells $800 mln notes
March 12 (Reuters) - Sirius XM Radio Inc (SIRI.O) on Friday
sold $800 million of senior notes in the 144a private placement
market, said IFR, a Thomson Reuters service.
Liberty Media Corp, an affiliate of the issuer, intends to
purchase $150 million of the notes in the offering.
The size of the deal was increased from an originally
planned $550 million.
JP Morgan was the sole bookrunning manager for the sale.
BORROWER: SIRIUS XM RADIO INC
AMT $800 MLN COUPON 8.75 PCT MATURITY 4/1/2015
TYPE SR NOTES ISS PRICE 100 FIRST PAY 10/1/2010
MOODY'S Caa2 YIELD 8.75 PCT SETTLEMENT 3/17/2010
S&P B-MINUS SPREAD 634 BPS PAY FREQ SEMI-ANNUAL
FITCH N/A MORE THAN TREAS MAKE-WHOLE-CALL 50 BPS
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