RS: The other thing that I found out was that the "verbege" used in the Globalstar bonds.. Appears to be "standard" bond structure.. In other words.. This is not some "fancy-dancy" additions that GLP did that is "non-standard".. Something a "judge" might "throw out" due to it being "Malicious". Even the Iridium Bonds had a statement that read like this...
"If an Event of Default under an Indenture occurs and is continuing, the applicable Trustee or the Holders of at least 25% in principal amount of the outstanding applicable Notes by notice to the Note Issuers may declare the principal of and accrued but unpaid interest on and Liquidated Damages, if any, on all the Notes issued pursuant to such Indenture to be due and payable. Upon such a declaration, such principal and interest will be due and payable immediately. If an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Issuers occurs and is continuing, the principal of and Liquidated Damages, if any, and interest on all the Notes will become immediately due and payable without any declaration or other act on the part of the Trustee or any Holders. Under certain circumstances, the Holders of a majority in principal amount of the Series A Notes or Series B Notes, as the case may be, then outstanding may rescind any such acceleration with respect to the Notes and its consequences."
You see.. It's like a good old fashioned "Democracy".. Where the will of the Masses "One Dollar, One Vote" prevails.. Now, maybe those Bondholders would like an Electoral College in this case.. That way.. They could still get Control.. Even though they are in the Minority!! But, that does not seem quite FAIR!!!
Anyway.. Iridum's debt was scattered to the "four ends of the earth".. It would have been "near impossible" to gather it up in order to achieve the necessary "control ratio"..
Yet, in this case.. L/Q have been amassing the "senior debt" to achieve this ratio.... One invoice at a time!!
So, it sort of answered a question that had many puzzled for some time!!!
"Why did Qualcomm keep shipping all of those User Terminals?"
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