How severe are the cash issues ... seeing more evidence ...
First they replace a $200 million loan with a $500 million loan (and say it is a good thing)
Then they convert $200 million in convertable bonds to stock
Now they let a bunch of licenses expire
We know based on the conference call that they have a lot of cash due for off-balance sheet content that is due and they are producing their own shows with no guarantee of success. My guess is that their ability to get more secured debt at low rates is limited.
The signs say that they will either have to sell more stock (thankfully it is at such an inflated price) or put some higher price debt on the books so that they can handle the cash requirements.
... no worries though. Wall Street has their back and is pumping the pruce up like crazy.