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To: Dealer who wrote (15846)	4/22/2000 3:29:00 PM
From: Sully-	Respond to of 35685

Soros unloads Globalstar stake By Tomi Kilgore, CBS MarketWatch Last Update: 11:46 AM ET Apr 22, 2000 NewsWatch NEW YORK, N.Y. (CBS.MW) -- Financier George Soros has unloaded his stake in Globalstar Telecommunications, which has seen its share value drop more than 80 percent. After hitting a 52-week high of 53 3/4 in intraday trading on Jan. 3, Globalstar's stock (GSTRF: news, msgs) hit a new low of 7 7/8 on April 17 before bouncing slightly. On Thursday, the stock closed down 12 percent at 10. The Soros Fund Management LLC group of hedge funds has sold its more than 5 percent interest in the troubled telecommunications satellite maker, according to an April 20 filing with the Securities and Exchange Commission. Globalstar is a partnership of many telecommunications service providers and equipment manufacturers, including Loral Space and Communications (LOR: news, msgs), Qualcomm (QCOM: news, msgs), the U.K.'s Vodafone AirTouch (VOD: news, msgs) and Hong Kong's China Telecom (CHL: news, msgs). Loral is the managing partner of Globalstar, and with a 42-percent stake in the company, its largest shareholder. Loral's shares closed Thursday down 3/8 at 8 1/8. In July 1998, Loral announced that it sold three Soros funds an aggregate of 8.4 million shares of Globalstar stock at approximately $29.17 each. At that time, Bernard Schwartz, chairman and chief executive officer of both Loral and Globalstar, said that "Globalstar benefits strategically by the addition of the Soros funds as a strong new shareholder with an international scope." cbs.marketwatch.com