“Our lowered estimates and price target reflect further erosion of satellite radio industry demand,” he writes. He says subscriber acquisition costs, average revenue per user and churn are all moving in the wrong direction, and notes that revenue has been unable to cover operating and capital expenses, leaving the company with negative free cash flow and dependent on the capital markets for ongoing funding. Wienkes contends that the company’s inability or unwillingness to have previously refinanced its capital structure “is now unlikely to preserve much, if any, equity value.”

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A bold move for AMD (AMD), which has sustained seven straight quarters of losses, and one that could dramatically alter its fortunes. Indeed, right off the bat, AMD will push $1.2 billion in debt off its books and onto those of the The Foundry Co. “This is the biggest announcement in our history” said CEO chief executive, Dirk Meyer. “This will make us a financially stronger company, both in the near term and in the long term, as a result of being out from the capital expense burden we have had to bear.”