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Technology Stocks : LORL (LORAL) - The Company you Love to Hate
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From: ebg513/6/2006 1:37:46 PM
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When it comes to corporate infighting, there are few tricks that P. Schoenfeld Asset Management hasn't seen. It engages in corporate activism, the manager says, only "when some management misbehaves. But we like to be in a position to steer the course of events in favor of our position."

The firm's investment in Loral Space & Communications (LORL: 26.36, -0.39, -1.5%), which went bankrupt in July 2003, provides a good example of its modus operandi. Loral had overcommitted to the international satellite business via its investment in Globalstar. The Schoenfeld firm bought $40 million in secured debt and another $15 million in 10% senior secured notes. After Loral emerged from bankruptcy, these securities were converted into 14% secured notes, 12% preferred shares and new Loral common stock. P. Schoenfeld Asset Management made about $7 million on the deal, after two of its principles, Faulkner and Polley, helped sculpt the outcome by sitting on the creditors' committee.
Are we in the wrong business or what?
From Barrons online Peter Schoenfeld
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