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Technology Stocks : Loral Space & Communications

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To: Don Limb who started this subject	5/30/2003 7:29:38 PM
From: ebg51	Read Replies (2) of 10852

FINALLY! Something intelligent from the Yahoo board by: morris45_2001 (45/M/Chicago) 05/30/03 01:51 pm Msg: 204392 of 204514 I really hadn't paid much attention to the K&F situation. They seem to be doing well. $42 million net income in 2002, $35 million in 2001. Bernie owns 50%. His son is CEO. Bernie's lapdog board approved a sale by LOR to Bernie and his buddies of K&F for $80 million in 1997. K&F paid out a dividend at the end of last yer of $200 million ($100 million to Bernie). K&F appears to have a value of at least $400 million (50% is Bernie's). Bernie also draws a nice check from K&F as chairman. I want to go back and look at the 1997 deal now, because in 20/20 hindsight this appears to be one of the most outrageous Enron-type examples of corporate theft from the 1990s. Now compare to Bernie's stake in new LOR. He never had much of a stake in new LOR, compared to K&F. Rolled over a little money to buy a million shares or so at the start, but the rest was stock options. True, he put in another $5 million for another million shares last year. Now his position is pretty much worthless, even in a best case scenaior it won't amount to $10 million. So why should Bernie keep running this company. He has no skin in the game. All his worth is elsewhere. I have been saying for 3 years that LOR is simply Bernie's toy, and his entrenched board is a bunch of yes-men. Total incompetence. The "sainted" Bernard Schwartz never had his skin in this game. A good lesson for us all. Was new LOR simply a way for Bernie to grab K&F for himself and his buddies, securing his financial future, then roll the dice on G???? It certainly appears so. Sure, he could have hit a home run on G and made us all rich. But by mid-1999, the handwriting was on the wall -- they couldn't pull it off. Copyright © 2003 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright Policy - Guidelines - Help - Ad Feedback

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