Should I sell or hold out on my Sirius stock?

Way back when Sirius was @ $5.00 a share, I bough $500 worth of shares. I have been waiting for the merger in hopes that will help it recover from it's $2.80 or so price. At this point, should I just hope and wait or sell in the event they go bankrupt? FYI- I used this purchase as a learning experience on buying and selling stock. I was prepared to take a loss or gain.