Sirius XM Heading to Bankruptcy Court

Insiders at Sirius XM are reporting that the company has hired advisers to help it prepare for bankruptcy filings.  The Chapter 11 filing could make it quite easy for Echostar to finally take it over.

Through the filings, the satellite radio service will probably remain on the air, but will have to cut back. In other words, folks like Howard Stern, and his mult-million dollar contract will be out on the street.  With so many other options available for him, he'll be just fine. Howard Stern iPhone app anyone? --Leslie Shapiro

The New York Times