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Technology Stocks : Loral Space & Communications
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To: Valueman who wrote (7452)3/9/2000 9:01:00 AM
From: llwk7051@aol.com  Read Replies (1) of 10852
 
ML, Has follow-up report out today. No change in ratings. Indicated worst case scenario that Loral would be worth 9 dollars. Assumes all debt of GSTRF has to be eaten. They remain concerned with cash flow for Gstrf for long run. I agree.
In the call yesterday,when Company asked about subscribers for year, answer was we aren't changing, but Bernie also stated that he did not have anything to base a change on and in my opinion indicated the current numbers were just guesses. Just a couple of weeks ago in a conference call no mention was made of Ericsson not having approval from regulators for its phones. When asked about actual useage numbers Bernie answered he had numbers but small and could not remember them. Does this mean the numbers were terrible and he did not want to repeat them. When asked about spin off, he did mention that they actively considered all options, but also Bernie did not give me the impression anything was on drawing table.
My conclusion is that Gstrf will need at least one more major financing round if not more. They will problably need another 500 million to 1 billion dollars in next 12 to 24 months. Things are far from settled. The roll out rate is definitely behind schedule and this could and probably will continue to depress Loral stock. Having actually read all of the recent ML reports and listened to last two conference calls sponsored by brokers, I think many have been unrealistic in dismissing what was actually written by ML.
Just another opinion,
Robert
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