Globalstar Telecommunications Limited GSAT Message Board

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Microcap & Penny Stocks : Globalstar Telecommunications Limited GSAT

GSAT 58.30

-1.4%

10:11 AM EST

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To: pcstel who wrote (21765)	2/2/2001 1:14:24 PM
From: Rocket Scientist	Read Replies (1) of 29987

The question, really, is what does the term "outstanding Notes" mean in this sentence: "the Holders of a majority in principal amount of the outstanding Notes may rescind any such acceleration with respect to the Notes and its consequences." I think it probably means the "Notes" which are offered in the prospectus, not all of G* notes. It doesn't really matter very much, because, assuming a noteholder (or three, if that's what's necessary) is impetuous enough to file C.11, then, almost certainly, L&Q (assuming they agree with each other) will have an overwhelmingly strong position to push through a plan. Assuming that's true, and given the Irid experience and all the "worthless in bankruptcy" arguments, what's the incentive to file for BK in the first place? I don't see that there is any.

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