CDMA, Globalstar versus Iridium, Inmarsat, etc. Message Board

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Technology Stocks : CDMA, Globalstar versus Iridium, Inmarsat, etc.

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To: Jim Parkinson who wrote (249)	8/23/1997 10:23:00 PM
From: Maurice Winn	of 381

Jim, to make a good investment, ensure you first understand the technical complexities. I make no apology for and stand by all my "little picture" comments. The big picture doesn't work if the pixels are wrong. When Iridium [or others] issue convertible bonds, the existing shareholders are diluted. It's important to understand the proportion of the finished product which your capital injection gains for you. Globalstar needs careful thinking about. I suspect some people think projected Globalstar LP profits belong to Globalstar Telecommunications Ltd. Globalstar Telecommunications Ltd [GSTRF] only owns about 20% of Globalstar LP which will actually be the company operating the system. Because funding is pretty much complete for Globalstar LP, there is little more dilution or capital raising required for the first constellation. Since the second constellation should follow before much money has come in from the first, there will probably be a need for further capital raising from shareholders or lenders to get that off the ground. Mqurice

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