The New York Times tends to be a pretty reputable news source. So when I read last night that XM-Sirius Satellite Radio is probably going to file for bankruptcy, I felt like absolute shit. Why? Because I recently bought some shares of the company hoping it’d recover by 2011. Apparently CEO Mel Karmazin just can’t get the company to turn a profit and the debt is piling up. Combined with pissed off shareholders like myself who are fuming over a botched EchoStar sale, XM-Sirius is probably going to go under in the next two years.
The company is preparing to file for Chapter 11 bankruptcy soon. R.I.P. XM-Sirius.