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Technology Stocks : GLOBALSTAR - The New Beginning - GSTRF / GSTRQ
GSAT 54.41+7.1%Oct 31 9:30 AM EDT
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To: pcstel who started this subject2/22/2002 4:59:47 AM
From: Maurice Winn   of 65
 
Potential Cash Investment In connection with the consummation of the Plan, a
rights offering (the "Rights Offering) will be
made to GTL's public preferred and common
shareholders (the "GTL Shareholders") and the
Company's creditors to acquire up to 15% of the
common stock of NewCo as follows:

- Series A: Other Creditors and
Noteholders (each as defined below) may
invest to acquire up to 7.5% of the
common stock of NewCo in the aggregate

- Series B: GTL Shareholders may invest to
acquire up to 7.5% of the common stock
of NewCo in the aggregate. This right
shall be allocated between the
preferreds and common on a conversion of
preferred shares to common stock of 5:1.

- Globalstar, Loral (as defined below) and
the informal committee of Noteholders
(the "Informal Committee") will, in good
faith and using
<PAGE>
their commercially reasonable efforts,
negotiate an agreement regarding the
pre-money valuation for NewCo, which
valuation will be reflected by the NewCo
common stock sold in the Rights
Offering. If the parties are unable to
reach an agreement on valuation, there
will not be a Rights Offering.

- To the extent that one of the series is
undersubscribed, any of the participants
of the other series may oversubscribe so
that the aggregate subscription shall
not exceed 15% of the common stock of
NewCo.
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