Geoff:
Next time you update the FAQ, add this explanation of LOR/G* structure. Yours is already outdated(pre-split).
The fully diluted total number of Globalstar LP shares is 116 million, after conversion of all warrants and CPEOs. Loral owns a fully diluted total of 44 million LP shares, or 38%. Their ownerships consists of G* common shares, warrants, LP units, and G* conv. preferred CPEOs. The publicly traded G* consists of a fully diluted 42 million LP units, or 36% of total. QCOM owns 7% fully diluted, Vodaphone6.1%, and Airtouch, 5.2%. Now for the math. I am going to assume a fully diluted, post-Orion-acquisition total share count for Loral of 280 million. That gives us .1571 G* share per share of Loral. At today's price that equals $8.27 of G* per share of Loral. Using the fully diluted numbers saves redoing this later as shares and warrants are converted. This is a conservative way of looking at the future structure.
In other words, for $14.54, you can presently purchase Skynet, Orion, SatMex, Cyberstar, SS/L, and the various small investments-that is indeed a bargain!! |
