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Microcap & Penny Stocks : Globalstar Telecommunications Limited GSAT

GSAT 58.45

+2.7%

3:42 PM EST

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To: Maurice Winn who started this subject	10/24/2000 3:23:07 PM
From: Rocket Scientist	Read Replies (1) of 29987

Some new documents in the Iridium Ch.11 case: ecf.nysb.uscourts.gov is the ninth stipulation regarding use of cash collateral between Oct 31 and December 31. Provides a budget of 5M$ for the two month period, of which 4.75M is "restructuring costs," mainly legal fees, which is supposed to fund "Debtors' limited operations while they continue the sale of their assets." To judge from the budget history below, Iridium's long wind down process seems to be coming to a close, while the satellites remain in orbit, and a new buyer is rumored, but not officially represented in any court documents: K$ Operations Restructuring May 1150 4210 June 750 1930 July 700 5870 August 475 1545 Sept 325 2185 October 575 3270 November 125 3783 December 125 1000 ecf.nysb.uscourts.gov Docket 739 is a transcript of the June 7 hearing wherein the Castle Harlan and "Venture Partners" (Gene Curcio) bids for the Iridium space segment were discussed. Includes some colorful repartee between the judge and Curcio's lawyer, revealing the skepticism with which the court and Debtor's viewed his "bid."

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