So my take is lsxmk will in fact disappear and those who own will get 8.3 shares of SIRI for every share of lsxmk, obviously Ted thought LSXMK was a value at higher prices and he has thought so for a very long time. The point of my post was that you could buy cheaper than Ted. SIRI throws off 1.2B of cash each year on a market cap of 12B and historically has used said cash flow to repurchase shares. Do the math, that is a pretty good return if the business stays stable.

The current structure has not been easy to understand, maybe now with one class of shares, a decent dividend and a reasonable valuation we will have a good investment going forward.

Sometimes folks on this board talk about OXY, BAC and other stocks that Warren Buffett has bought I thought it interesting that none care much at all about the other holdings, at least that is my perception.