Liberty Media's original Investment Agreement with Sirius XM was dated March 2009, near the bottom of the financial crisis. At that time, Sirius was facing debt payments it was unable to make with the drying up of liquidity in the U.S. financial system. It's stock had fallen to a low of $0.05 in anticipation that SIRI would be forced to file for bankruptcy. At moments like that in history, the victor is the one with the cash. Liberty Media provided the funds needed, and not a lot of them for what it got in return, in exchange for a 40% interest in SIRI. Part of that agreement was a standstill provision which expired on March 6, 2012.
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