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Technology Stocks : Loral Space & Communications -- Ignore unavailable to you. Want to Upgrade?

To: Michael who wrote (6701)	8/24/1999 1:51:00 PM
From: Rocket Scientist	Read Replies (1) \| Respond to of 10852

Michael, GSTRF represents about 35% of Globalstar Limited Partnership and has 82M shares outstanding. When various warrants, CPPIs and employee stock options convert, GSTRF will have 105.1M shares owning 39% of GLP. I believe that's about a 14% dilution to GSTRF common s/h. Loral effectively owns around 43% of GLP, some of that is through direct ownership of Partnership Interests, some through ownereship of GSTRF common stock. It's ownership will probably increase through the exercise of warrants over the next two years to something like 46%. If you look at the relative stock price movements of GSTRF and LOR over almost any time period, and take into account Lorals ownership fo G* you conclude that the market is steadily devaluing Loral's non G* businesses, and that Loral, at least relative to 3, 6 or 12 months ago, is a much better buy than G*.