Globalstar Telecommunications Limited GSAT Message Board

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Microcap & Penny Stocks : Globalstar Telecommunications Limited GSAT

GSAT 60.75

-0.5%

Nov 28 9:30 AM EST

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To: djane who wrote (5793)	7/16/1999 11:39:00 AM
From: djane	Read Replies (2) of 29987

2 interesting posts on ICO (via ICO yahoo thread) Top>Business and Finance>Stocks>Services>Communications Services>ICOGF (ICO Global Communications) Listen to the Mole by: mole_9900 458 of 459 Each satellite costs approx. $200M - total contract value $2.4BN. I understand from sources that ICO is in a perilous state. The rights issue is nearly dead. Some of the strategic investors are attempting to raise approx. $1BN to keep ICO floating otherwise the ship sinks. This comes with aggressive conditions such as a sub $2 share price. They will need to find another $2-3BN to get the business in to operation and earning cash. The banks are going to keep clear based on I* and from what they have seen of the ICO business plan - so no debt. ICO is nearly out of money. A coupon is due on the Euro and $ bonds 7 August (approx. $40M). Without a fresh cash injection ICO will be unable to pay. It goes under. If insolvent it is very attractive for the current large investors. You can wipe out the monies invested to-date, dilute all the current investors to nothing, get control of the board and management and pick the whole business up for $500M. You would need to find another $2+BN (assuming you can negotiate more attractive payment terms with Hughes and NEC). Then you have a killer system - the cost base is under $3BN (less than G*) and you can have minutes in the market at under $1. The incentive must be to push it under. This is not Chapter 11. Bahamian law requires the company to go into administartion if unable to pay its creditors. Bond holders may get something. Posted: 07/16/1999 06:59 am EDT as a reply to: Msg 456 by mrsatellite2000 ___________________________________ Top>Business and Finance>Stocks>Services>Communications Services>ICOGF (ICO Global Communications) NUmber of satellites by: LawrenceCooper (M/The Nation's Capitol) 459 of 459 I have erad that 3 have been built or delivered with one on the pad/on the way to the pad awaiting launch. Four others are being inspected and refitted for some suspect parts that may have contributed to some on-orbit failures like that pager mishap a while ago. Posted: 07/16/1999 08:02 am EDT as a reply to: Msg 458 by mole_9900

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