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Technology Stocks : Loral Space & Communications
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To: arthur pritchard who wrote (6156)5/14/1999 2:06:00 PM
From: Jeff Vayda  Read Replies (2) of 10852
 
Arthur: RS better be busy on this Friday (morning for him) so I'll jump in. "Burn rate" refers to the use of funds at Loral. Loral is pumping money into a wide variety of endeavors and as such not much is falling to the bottom line.

In particular Globalstar is in need of some $600 mill of additional funds to carry them through to cash flow on their satellite phone network. (fall 99) Due to Iridium's problems (the first to market competitor of Globalstar) the market is not very receptive to debt offerings. Loral being a 42% owner of Globalstar has more or less committed to providing that funding should the markets not fully subscribe to the eventual debt offering.

Hope this very brief comment helps

Jeff Vayda

P.s. Welcome aboard, this should be a real good year. Us faithful are due.
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