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Technology Stocks : Loral Space & Communications
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To: Dragonfly who wrote (3804)6/16/1998 1:28:00 PM
From: Rocket Scientist  Read Replies (1) of 10852
 
The company said it delayed the G* Zenit launch as a result of delay in the preceding Russian military satellite from May to July. From G*'s SEC filing of June 9, pertinent part:

"Globalstar has an additional 18 completed satellites on hand, 12
of which are to be launched on a Ukrainian Zenit launch vehicle. Production is proceeding for the remaining satellites to meet scheduled launch dates. Mission operations preparations, launch vehicle production and dispenser development are on schedule, and all U.S. export licenses necessary for foreign launches have been obtained. The most recent Zenit launch (which did not involve any
Globalstar satellites) ended in failure. The next scheduled Zenit launch (of a Russian military spacecraft), originally scheduled for May 1998, has been rescheduled to July 1998, when another Zenit launch of a Russian payload is also scheduled. Globalstar's initial launch on this vehicle has consequently been rescheduled for August 1998, following the two scheduled Russian launches but Globalstar does not believe that this rescheduling will delay the Globalstar in-service date."

I think yesterday's drop was the result of Sunday's Barron's article on top of a generally "bad hair day" for the market. All the satellite stocks were down, even those treated relatively well in the B article, like GMH
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