Globalstar Telecommunications Limited GSAT Message Board

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Microcap & Penny Stocks : Globalstar Telecommunications Limited GSAT

GSAT 67.11

+5.7%

2:08 PM EST

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To: djane who wrote (8640)	12/10/1999 7:11:00 PM
From: Rocket Scientist	Read Replies (2) of 29987

Irid's motion for 3rd Stipulation, etc is on line at ecf.nysb.uscourts.gov Proposes a stripped down budget for the next two months of just under 13M for operating expenses, just over 7M for "restructuring (aka legal) expenses" totalling the 20M$ that Mot has agreed to fund. Line items for "customer acquistion and retention" took the brunt of the cuts relative to previous budgets. Looks like the lenders were unwilling to agree to use of collateral for anything other than the interest payments. Filing says the budgeted amounts are those "necessary to ensure the conintued operation and maintenance of the Iridium System at such a level as to preserve the ability either to effect a successful reorganization or to sell the business of the Debtors as a going concern." As in prior stipulations, Mot is required to provide O&M services without requesting payments. New language has been added this time spelling out that "Motorola shall not be under any obligation to continue to provide any services under the O&M contract .... beyond the Third Budget Period" except to the extent it actually gets paid.

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