So far they haven't been able to see a strong sense of urgency. It's a little here and a little there. It's not the sweeping kind of change that this company needs.
This tells us what we already know, that this is a company in deep trouble. Their GM business is falling away so fast that their non-GM growth cannot compensate for that.
This company has a long way to go. It is a marathon, not a sprint. To buy these bonds you have to be in it for the long haul. It is very possible they will trade down before they trade up.
The numbers were great ... they have great ratios, they have very affluent subscribers and their revenue per subscriber goes up every month. These guys are what every cable company wants to be when they grow up.
The market has priced out near-term bankruptcy risk. But the company still has industry risk, execution risk and turnaround risk.