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Microcap & Penny Stocks : Globalstar Telecommunications Limited GSAT -- Ignore unavailable to you. Want to Upgrade?

To: djane who wrote (6234)	7/30/1999 7:45:00 AM
From: Jeff Vayda	Read Replies (3) \| Respond to of 29987

Djane: From your ICO post: Class B ordinary shares would be created and would have 10 votes per share. They would be similar in all other rights to class A shares. ICO's currently outstanding ordinary shares would be redesignated as class A ordinary shares and would continue to have one vote per share. To protect the class A shareholders, the class A shares would have the right to elect 40 percent of ICO's board of directors, as long as the class B shares represent more than 50 percent of the company's total voting power. The new class B shares would be purchased for $5.00 per share. Strategic investors who deliver to the company binding subscription agreements by August 10 would also receive a warrant to buy one class A share for each class B share purchased. The warrants could be exercised for one year at $3.00 for each class A ordinary share. If you bought one share on the market you pay $7.25 for 1 vote in ICO. If the Boys Club buys their one class B share (and the associated class A that goes with it) they pay $0.72 for 1 vote. Thats what they call 'protecting' the class A shareholder? I would not like to see what they call 'screwing' the class A shareholder! Jeff Vayda