Financially strapped Sirius XM Radio Inc. said Friday that it could file for bankruptcy as early as Tuesday if it cannot successfully negotiate with the holders of its debt.
Flash back to February 2007, where I defended the then-newly-proposed merger between Sirius and XM:
More to the case at hand, perhaps it’s better to let one of the two surrender and preserve assets for productive use than to make them fight each other until one company is toast.
Or both companies are toast, thanks to the FCC ignoring its 180 window for review and burdening the merged company with its theories on how satellite radio should operate. Look at the positive side, though. If Sirius XM fails, there won’t be a monopoly. Merger opponents will have saved the American consumer from a catastrophe!
(Disclosure: I own shares in Sirius XM. I expect the company to go into bankruptcy. I do not expect it to disappear.)