Down, Perhaps, But Not Yet Out
By BARNABY J. FEDER
Published: July 31, 2005
Analysts figured that Loral Space and Communications would be dismembered after it entered Chapter 11 bankruptcy proceedings two years ago, a development that probably would have ended the long and sometimes unconventional career of its chairman and chief executive, Bernard L. Schwartz, then 77.
But Mr. Schwartz, feisty as ever, celebrated final court approval of the company's successful reorganization last week by taking Loral's top managers to lunch at the Capital Grille, around the corner from Loral's headquarters in Midtown Manhattan. "We drank at midday, which is unusual for us, patted each other on the back for 40 minutes and went back to work," Mr. Schwartz said.
He said his biggest regret was his inability to convince creditors that Loral, a satellite communications company, was strong enough to pay them off and leave something for its shareholders. His own holdings, more than one million shares, were wiped out with other investors', but he remains as deeply tied to Loral as ever. "This is what I do and like," he said when asked if he planned to step down. "This is where I'm going to be."
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