Bill Wexler's Dog Pound Message Board

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Non-Tech : Bill Wexler's Dog Pound

REFR 1.560

-2.5%

Nov 7 9:30 AM EST

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To: Michael who wrote (3437)	9/5/1999 12:14:00 AM
From: Bill Wexler	of 10293

I'm not betting against Jacobs or QCOM. I'm betting against Bernie Schwartz, and a technology which will not compete effectively against digital cellular on a large scale and will probably not be able to generate a sufficient return as a niche business to make owning GSTRF's common stock worthwhile. Currently, GSTRF's bonds trade at around 65 cents to the dollar - driving the yields through the roof. If you think the business is viable, it would be much more interesting to simply purchase the bonds. Even if the bonds crawl back out of junk status, there is still an unacceptable risk that the common will get whacked, as the company will need to go back to the equity markets if they need to raise more cash. Bernie Schwartz also runs LOR, which built the Globarstar sats.

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