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

To: djane who wrote (6807)	8/24/1999 8:16:00 PM
From: djane	Respond to of 29987

Info on ICO status Top>Business & Finance>Investments>Sectors>Services>Communications Services>ICOGF (ICO Global Communications) Developments by: satmeister119 (44/F/Carmel, CA) 662 of 662 No warrants for bondholders. ICO met with hughes on monday. Today ICO changed the consent solicitation form. the waiver of the change of control provision will only go into effect if the bond interest is paid by 9/1. In other words, they have stopped using the interest payment as a club. To ICO, this is a sign of good faith. To bondholders, it's "yeah, so you paid me what you owed me. so what?" there is a bondholder CC tommorrow morning. In camp 1: People who think ok, the change of control will be good for us, lets not spook the investors. Lets get this equity in and be all set for launch. In camp 2: A conglomeration of 1. Hawk's who say "you are ammending the agreement to set aside an important provision of the the notes. We should be paid for that, and besides, warrants will be good for everyone. Plus a group who believe that liquidation value will be at or near par so that they think that we have the far stronger hand to play in any event. DLJ claims 50+% is with the company. Milbank, Tweed (on behalf? of the bondholders) claims 50+% not with the company. Which one is lying? In my opinion, perhaps neither thinks that they are lying. In my experience, everyone always overstates their hand in these situations, and it is possible that niether has commitments of 50+%, although they think they do. It will be fun. P.S. I should be the Investor Relations person for ICO. Are you guys interested in moving the IR contact to the states? sign me up. Posted: 8/24/1999 2:26 pm EDT as a reply to: Msg 661 by corgini