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

To: Reagan DuBose who wrote (7179)	1/4/2000 3:42:00 AM
From: Thomas	Read Replies (2) \| Respond to of 10852

Thanks, Reagan. That is a most useful and timely analysis. I think the LOR factor that Bernard Levy has identified (namely that LOR attracts a different, more conservative, type of investor than G) is coming into play here in a big way. OK, there is an argument that says LOR is more diversified than G because of its portfolio of satellite assets (a "plus" in the relative valuation equation?), but at the same time, LOR carries a hefty debt load and has a bunch of underperforming assets (a "minus" in the RV equation). From where I sit, LOR would sure appear to be the better way to play G* at the moment since I tend to see all the other LOR businesses as representing some positive value. If G* rocks, LOR will rock and eventually will take actions to unlock the G* value. Time of course will tell. HNY. Cheers, Thomas

To: Reagan DuBose who wrote (7179)	1/4/2000 9:25:00 AM
From: llwk7051@aol.com	Read Replies (1) \| Respond to of 10852

Reagan, Does this excerpt from Sept. 10k effect you computation?After giving effect to the issuance of the warrants, Loral's interest in Globalstar on a fully-dilutedbasis increased from 42% to 45%. Robert

To: Reagan DuBose who wrote (7179)	1/4/2000 11:32:00 AM
From: Rocket Scientist	Read Replies (1) \| Respond to of 10852

Reagan, the number of GLP PIs outstanding as of Q3 were 58.2M, as compared to the 52.3M used in your analysis. This is from the last 10Q report, which also showed that GSTRFs 82.2M outstanding shares owned 34.8% of the outstanding PIs. Loral's ownership of GLP is presently 42% (rises to 45% upon conversion of warrants) Loral's denominator for EPS was 290.4M as of Q3 (will increase to about 319M, I believe when LOR goes EPS positive) All those changes taken together, result in pretty much the same answer you got: 14$/Loral share for value of Loral's G* ownership stake. However, a couple of important points not considered in that arithmetic: (1) The fully diluted GLP share count is closer to 75M, I believe. (2) it doesn't assign any value to Loral's G* management fees and participation in GW operations in Brazil, Canada and Mexico. Regards, RS