Anyone who owns an iPhone will tell you the best thing about the device is the App Store and the slew of free and paid games and applications available to add to the iPhone experience. The App Store has been so successful that most every other smartphone maker is now offering its own application store.

Sirius XM Satellite Radio has announced that its iPhone App is now the top free app in the music category. The app has been downloaded 1 million times in the two weeks since it was available starting on June 18.

Liberty Media has just rescued Sirius XM from bankruptcy, with a $530 million parachute that it will use to pay off debt and keep operations going. Liberty is writing a $280 million check asap, $171 million of which will go straight to debts.

They will also get $250 million more in funding to help with a potential takeover of Sirius by DISH Network. In return, Liberty Media will own 12.5 million shares of preferred stock in Sirius XM. With so much money flying around, it’s amazing that we can be in a recession.