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

To: A.L. Reagan who wrote (10519)	3/6/2000 10:32:00 PM
From: Ilaine	Read Replies (1) \| Respond to of 29987

The link that you posted isn't really a motion, it's a notice that some of the creditors will present a petition to file an adversary proceeding against Motorola. Sorry it's too late in the evening for me to take the time to sift through all the files to see where the real petition is, so I don't know the legal theory that's been alleged. If you have a link to that, please post it, otherwise I'll look for it when I have time. Because I don't know the legal theory I don't know what's behind the assertion that because Motorola guaranteed some of Iridium's debt that makes Motorola liable to the unsecured creditors. Without seeing the actual petition, it would seem the most likely theory would be an allegation that Iridium is an empty shell, and that Motorola is the real party in interest, and therefore the corporate veil should be pierced. That's the normal route attempted in cases like this, but it's usually a loser. In this case, Iridium's filings with the SEC make clear that the original dealings between Motorola and Iridium were not at arm's length, so that's something that may require a discovery process and hearings. I remain skeptical of the assertion that Iridium's satellites have no value. They cost billions - why would anyone spend billions on something that's worthless? But my interest is in broadband internet via satellite, not telephony.