COMSAT Message Board - Msg: 6126202

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Technology Stocks : COMSAT

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To: Allen Furlan who wrote (34)	10/22/1998 5:59:00 PM
From: HIA	Read Replies (1) of 55

Well...its not so easy for large institutional investors to get into and out of positions...so I see them as tendering at least the required 1/3 of the shares...as an enabling lever...so as to benefit from the stock swap at the later date... Shares that are tendered...leave the float...for fewer shares trading...so I see the stock trailing the tender value before the tender...and then I see the stock above the tender value but trailing the Lockheed value...after the tender... Today's news was that the FCC wants to consider one of the points that is being considered in legislation!...See the bill that left the house would allow Comsat customers to re-negotiate contracts and would not allow Comsat to be the sole U.S. entry point to Intelsat...the Senate drops the first point but keeps the second...But here's the thing...Intelsat should be able to choose their U.S. representative...so that the U.S could only regulate the chosen representative...and since Comsat is one of the partners of the Intelsat partnership...the Intelsat U.S. representative would most likely be Comsat...(and remember Comsat has fixed expense sharing and revenue sharing in the Intelsat partnership)...So they are considering constraints on private corporations that may not even be legal or valid... However, the FCC has considered this point twice before...and with Intelsat planned as a private corporation...again it may be moot... But the Lockheed/Comsat merger does not hinge on this point...Lookheed could simply inherit the attributes of the bill...(Lockheed does need FCC approval to buy the 49% stake in Comsat...and Lockheed needs an item in the bill to complete the stock swap merger...but that item is in the Senate bill...)... All this as I understand it...

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