Globalstar Telecommunications Limited GSAT Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : Globalstar Telecommunications Limited GSAT

GSAT 50.53

+4.7%

Nov 7 9:30 AM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Geoff Goodfellow who wrote (29672)	9/28/2018 7:05:05 PM
From: Geoff Goodfellow	of 29986

Bloomberg: Mudrick Seeks to Bar Globalstar Executives From Running Company (Bloomberg) -- Hedge fund Mudrick Capital Management says executives and board members of satellite-phone provider Globalstar Inc. are "faithless fiduciaries" who wasted millions of dollars on a plan to enrich themselves, according to a lawsuit that was made public Friday after being filed under seal on Wednesday The suit seeks to bar Globalstar’s management and board from ever again serving as a director or officer of a Delaware corporation "The story of Globalstar is marked by secret machinations, deceit, and overreaching by the Company’s controlling stockholder, Jay Monroe, and a complete abrogation of fiduciary duties by the Company’s management and Board of Directors," Mudrick Capital says in filing A Globalstar representative didn’t respond to a request for comment The suit focuses on an attempt by Globalstar Executive Chairman James Monroe III to acquire another company and assets he controls. The $1.65b deal was canceled last month after opposition from Mudrick, the company’s largest outside shareholder Mudrick Capital says Monroe bribed the special committee that approved the planned merger with restricted stock worth about $1.5 million per board member; suit names Globalstar, Monroe, other company executives and board members as defendants The case is Mudrick Capital Management v. James Monroe III, No. 2018-0699, Delaware Chancery Court (Wilmington)

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next