Globalstar Telecommunications Limited GSAT Message Board

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Microcap & Penny Stocks : Globalstar Telecommunications Limited GSAT

GSAT 62.75

-2.8%

2:40 PM EST

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To: Lu_Xun who wrote (21183)	1/16/2001 5:33:52 PM
From: Lu_Xun	Read Replies (2) of 29987

Just remembered a couple of other things about the CC that I thought were quite weird. According to the PR, GTL is going to default not only on its debt repayments but also on its preferred stock dividend. Yet as one CC participant pointed out, the preferred stock dividend can be -- and has been -- paid in STOCK, not cash. Thus, a default on the preferred stock dividend does absolutely nothing to enhance the cash position of GTL. It merely alienates further the preferred shareholders for no apparent reason. BLS has to be truly desperate. Last point and then I'll shut up for a while and go back to lurking: I was very struck by the sheer brevity of the CC. GTL held a CC and practically no one showed up to listen. There were pitifully few participants. I take this to be a clear indication that Wall Street has completely tuned BLS out and is no longer interested in listening to anything he has to say, at least about GTL. Not a good sign. Lu Xun

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