More On Motient/Rare Medium Deal
from the digging-deeper dept
Remember about a month and a half ago I was confused about why Rare Medium lent Motient the money Motient then used to buy Rare Medium?. Well, here are a few more details. It’s still not entirely clear to me what’s going on, but it certainly sounds as if a junk bond financier was using the cash in a company he had a controlling stake in to acquire a piece of a completely different company (XM Radio) he was interested in at a fairly large discount. The other shareholders in Rare Medium got screwed. The whole situation still sounds fishy.