I am also drawn to the 9.625% notes that mature in 2013, a piece of paper that has zoomed in value since the decent quarter Sirius posted, and which trades more actively than all other bonds. These trade at 94 and yield 11.65%.

Why not the common? For many of the reasons detailed here by others: massive dilution, unlikely to produce an actual profit and more likely to do nothing as the bonds pay off no matter what happens to the operation. I also believe that if there is any upside to the common, it will be taken by Liberty, which, historically, is a very greedy partner.

Random musings: I see Ralph Lauren Polo (RL - commentary - Trade Now) getting the nod from Goldman Sachs. This, again, is in keeping with the "high-end is back" thesis I have been articulating. ... Will someone tell me why people keep shorting Priceline (PCLN - commentary - Trade Now)? It is a well-run company that is extremely popular and keeps delivering and delivering. Nonetheless, the short position is huge, hence the big rally today on the better-than-expected numbers.

At the time of publication, Cramer had no positions in stocks mentioned.

Special note from Jim: You can learn my time-tested ways to trade smart, even in this market. All my latest thinking is in my brand new book, Getting Back to Even, which I'll send to you as part of a special promotion when you sign up for my ActionAlertsPlus.com service for a limited time. So if you sign up now, you'll get to see how I'm playing these stocks in my portfolio today, plus, I'll teach you how you can play these stocks to help your portfolio get back to even.