There is NO lock up period for the news shares being issued to the bond holders...but they also do not have to wait till they receive these shares to sell them...they can "pre sell" them here before they actually take possession of them. This is a sell off caused by bond holders not wanting SIRI shares...they are bond holders ...not stock holders...they dont want to hold stock. This sell off is over. Support has been found in the .46 to .50 level, and will soon trend higher from here.
It's really strange how folks here assume bondholders are selling their shares. The conversion price was higher than the current price. If the deal was so overwhelmingly accepted (92%), why sell for such a big loss when the book value of SIRI (and the conversion price) is much higher than the current pps?