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

To: Rocket Scientist who wrote (10889)	3/16/2000 8:58:00 PM
From: Ilaine	Read Replies (1) \| Respond to of 29987

I am looking at the Monthly Operating Statement for January, 2000, filed on 2/29/00, in case 99-45749, the major voluntary case. Paragraph 3 of Note 3 states that Motorola is one of the investors which provided Iridium with a non-interest bearing loan of $20 million to continue its operations through 2/15/00, and on 2/17/00 the loan was increased by $5 million and extended through March 6, 2000. On December 15, 1999, the Court extended the cash collateral orders but only to be used to pay interest to the lenders and "certain other limited expenses." So these are two different sources of funds. Looks like Motorola's cost is substantially less than $40 million a month - without seeing a breakdown, it seems like it's probably closer to the $5 million it "loaned" Iridium.