Sorry, Pierre, but I think pcstel's closer to correct than you on almost every count. There's really no doubt that most, if not all, of the deployed Gateways belong to the SPs, not G*, and that the SPs (and in the US, Loral/Qualcomm) own the licenses.
And though Bernard L. Schwartz has been a gross disapointment, relative to his own lofty history, promises and forecasts, Loral as a company has more than met any reasonable expectations that G* s/h may have had, technically, financially, and as a partner, imho.
Loral has provided an ample share of IPR, directly and through the transfer of key employees from L to G, and managed the design, integration and launch of a perfect "fleet" of satellites....tasks well beyond Q's capability. In fact, no one in the industry ever did what Loral accomplished in '99-00, launching without a single failure 48 satellites on twelve launch vehicles in twelve months.
Financially, as pcstel has pointed out, Loral has damn nearly bled itself white for G*.
As for its fiduciary responsibilities, well, Loral remains the majority owner of the managing general partner, LQSS...I don't see that changing anytime soon, and I can't imagine that anyone can prevail in a claim that Loral has failed in any of its fiduciary responsibilities as managing partner. BLS, imo, should resign as CEO of G*, at least, for a variety of reasons, but Loral as the controlling partner of LQSS, and the single largest debt holder of GLP (they own 27% of G*'s debt which I venture to guess exceeds the combined face value of the notes you and pcstel hold by a factor of several, to say the least) will have a major role in the designa and approval of any restructuring, and it has well earned that role. |
