e-mail QCOM'' owned 6% stake in the 12 Globalstar satellites that were destroyed.
+QAQUI September 45's puts trading at 2 1/4 * 2 5/8.. I tried this morning getting in at 2 didn't make it. Left it alone, but I think there is still some downside left on QCOM. Globalstar loses 12 satellites in launch
Reuters Story - September 10, 1998 06:39
NEW YORK, Sept 10 (Reuters) - Globalstar Telecommunications Ltd., which is building a satellite-based worldwide telecommunications network, said Thursday a rocket carrying a dozen of its low-earth orbit satellites malfunctioned during launch late Wednesday, leading to the loss of all 12 of the spacecraft.
A company spokeswoman said the satellites, which cost about $15 million apiece, were fully insured. She said she could not provide further details regarding the financial impact of the accident.
Globalstar said in a news release that preliminary data indicate that a problem occurred in the second stage of the Zenit 2 rocket as it lifted off from the Baikonur Cosmodrome in Kazakhstan. A full investigation has begun, but detailed results may not be available immediately, it said.
Globalstar, which is 42 percent owned by Loral Space & Communications Ltd. and has a number of other major international telecommunications corporate investors, said it is assessing its options regarding its future launch schedule.
It may be able to resume its launch campaign using Soyuz rockets as early as November, the company said. Each Soyuz could carry four satellites.
It still hopes to have the network operating by the end of 1999, perhaps using just 32 satellites instead of the 48 originally planned, Globalstar said. Initial plans called for commercial service to start in mid-1999 using 48 spacecraft.
In all, Globalstar had planned to build 64 satellites, a number which was to include eight spares in orbit and eight on the ground.
Other investors in the Globalstar system include Qualcomm Inc. , which holds a 6 percent stake, and AirTouch Communications Inc. , which owns about 5 percent.
Other participants in the consortium, some of whom provide services but hold no equity position, include France's Alcatel , Italy's Alenia , France Telecom , South Korea's Hyundai, Germany's Daimler Benz Aerospace and Britain's Vodafone Group Plc .
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