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Technology Stocks : Loral Space & Communications

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To: Reagan DuBose who wrote (7179)	1/4/2000 11:32:00 AM
From: Rocket Scientist	Read Replies (1) of 10852

Reagan, the number of GLP PIs outstanding as of Q3 were 58.2M, as compared to the 52.3M used in your analysis. This is from the last 10Q report, which also showed that GSTRFs 82.2M outstanding shares owned 34.8% of the outstanding PIs. Loral's ownership of GLP is presently 42% (rises to 45% upon conversion of warrants) Loral's denominator for EPS was 290.4M as of Q3 (will increase to about 319M, I believe when LOR goes EPS positive) All those changes taken together, result in pretty much the same answer you got: 14$/Loral share for value of Loral's G* ownership stake. However, a couple of important points not considered in that arithmetic: (1) The fully diluted GLP share count is closer to 75M, I believe. (2) it doesn't assign any value to Loral's G* management fees and participation in GW operations in Brazil, Canada and Mexico. Regards, RS

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