Globalstar Telecommunications Limited GSAT Message Board

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Microcap & Penny Stocks : Globalstar Telecommunications Limited GSAT

GSAT 60.46

+2.2%

Nov 18 3:59 PM EST

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To: Rocket Scientist who wrote (19105)	11/6/2000 6:56:22 PM
From: Rocket Scientist	Read Replies (1) of 29987

The "Venture Partners" bid represents a small bump in price from the Colussy bid endorsed by the debtors: the "estate" is offered 15% (see below) of the new equity (vs 5% in the C bid); and the Purchase Price increases from 25M$ to 27.5M$, of which 7.5M$ is paid at the close (vs 6.5M%); and the remaining 20M$ is "paid on the exercise within twelve months of the Closing Date of the call option in respect of ten percent (10%) of the Equity which shall be granted to the Seller." It's not quite clear whether this 10% is additive to or included in the 15% noted above, nor what the terms of the "call option" are. Also notably absent in the online filing is Schedule 8.3 "Disclosure of Interests." There is also no note of who would operate the system, although General Dynamics has been claimed by VP as interested in doing so.

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