Long time since the heady days. I am still active in trying to stop BLS. Care to join us?
Hope all is well otherwise.
Jeff Vayda
This is text from a recent email for the "Committee".
I have removed the names, just incase they dont want them published in this forum.
If you are interested, reply.
Sent: Wednesday, September 29, 2004 9:07 AM
Subject: Re: Email to Committee-Revised
Fellow shareholders and members of The Loral Stockholders Protective Committee,
<edit removed names>, have been
spokespersons for this committee. I first went to Court for this committee over
a year ago, on September 19, 2003. Subsequently I have been to court 6 times,
traveling from Washington to New York, to argue for the shareholders.
We now find ourselves at an inflection point. To successfully oppose
confirmation, our best option is to put forth our own plan. We also must show
the Court that that the current insiders have not acted in our interests based
on Court evidence, not simply allegations of misconduct. Allegations alone
won't work.
Therefore, we must have adequate funds to depose all of them in New York,
including Bernie Schwartz, his board, and his business cronies. We also believe
that our Examiner Appeal has a high probability of success, but there are
significant costs associated with the appeals process.
Following are the basic minimums we need to do to have a chance. We will need
to pay for stenographers in New York for as much as two weeks of depositions.
We will need to pay some travel expenses for our attorney, <edit removed names>
whom I consider an invaluable resource to our effort. I will
continue to serve the Committee for free. Over the past year, I have already
spent close to $10,000; on postage, copies, 6 trips to NY, 2 appeals, phone
bills, etc.
Our success can not be measured by Court decisions, however they know we are
here. We've put some cracks in their armor. In my opinion, if we do all of the
above, we have a 30% chance to prevail through a settlement or judgement. We
will also need an expert to testify to the value of orbital slots. I figure we
might get by with $30,000 and still do all of the above. Furthermore, I believe
it will cost them over $2M to attempt to repel us. It's no consolation they are
using our own money to repel us.
We feel strongly that the present market price of Loral is always its future
expected value. We are confident that Loral's market price is higher than its
debts and will continue to persuade the Court along these lines.
It's time to commit! Are you in or out? Some are volunteering significant time.
If you have accounting or legal backgrounds and can come to NY, LET US KNOW! We
need an average $1,000 apiece from the committee's 33 members. Some of you
can't commit to that. Others can commit to more.
I have been told the Wall Street Journal will cover us if we oppose the plan.
We can't guarantee success but we can guarantee a good fight. We need your
financial commitments now. Plan on making them good within 90 days, with a
portion due sooner. How about it?
I also expect our numbers to swell if we get in the Journal - currently we are
at almost 10% of the outstanding shares, which has been noticed by the judge!
If you want to fight them we need commitments this week!
If anyone wants to call me directly about this, feel free to do so.
<edit removed names> |
