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

To: Souze who wrote (16813)	9/15/2000 4:18:42 PM
From: Jim Parkinson	Read Replies (2) \| Respond to of 29987

I am talking right now to sbd who is calling me from a commercial flight with the antenna facing the window while he is bent over trying to hide the phone. We wouldn't want the phone police to nab it. Anyway, crystal clear on my end. He says clear on his but hard to hear because of his bent over position and airplane noise. Oops, he has to go. The phone police are coming down the aisle.

To: Souze who wrote (16813)	9/15/2000 4:22:45 PM
From: dwight martin	Respond to of 29987

Lots of volume in that little run. closed at 5/8- still a nice day given the market numbers, and the following (which won't hurt as much as IRIDF): biz.yahoo.com Orbcomm files for Chapter 11 bankruptcy protection DULLES, Va., Sept 15 (Reuters) - Orbcomm Global LP, a joint venture between Orbital Sciences Corp. (NYSE:ORB - news) and Canadian firm Teleglobe Inc. (Toronto:TGO.TO - news), on Friday said it filed for Chapter 11 bankruptcy protection to help restructure its business. Orbcomm, which provides data services through a network of satellites, on Aug. 15 missed an interest payment on a $170 million loan. The struggling company cut 100 jobs in August and let go a similar number of employees in June. ``Filing for Chapter 11 is a necessary step in our plan to restructure Orbcomm, allowing us time to secure the financial resources needed to continue to effectively serve our global network of customers,'' said Chief Executive Scott Webster. The company said it expects to continue its satellites and ground facilities during the restructuring and that it retained investment bank Bear Stearns to explore financing opportunities. It previously hired Donaldson Lufkin & Jenrette as its financial adviser. biz.yahoo.com Orbital Issues Statement on Developments at ORBCOMM Global, L.P. DULLES, Va., Sept. 15 /PRNewswire/ -- Orbital Sciences Corporation (NYSE: ORB - news) stated today that ORBCOMM Global, L.P.'s voluntary filing for Chapter 11 reorganization is a necessary step in the overall reorganization of ORBCOMM's financial structure and business plan. Orbital reaffirmed its support for ORBCOMM, of which it owns approximately 32% of the current equity, stating that it would continue to assist in the restructuring effort and would also continue to provide technical support for the continued operation of ORBCOMM's satellite and ground network. Orbital stated that ORBCOMM's Chapter 11 filing is intended to allow ORBCOMM the time to restructure its existing debt obligations as it seeks to attract new equity investment to fund its operating and capital requirements for the next several years. ORBCOMM has retained Donaldson, Lufkin & Jenrette Securities Corporation to act as the liaison between the company and its bondholders. Bear, Stearns & Company, Inc. is also assisting in exploring financing alternatives for ORBCOMM. In addition, as previously announced, Teleglobe Inc., which currently owns approximately 68% of ORBCOMM's equity, is providing an interim financing package that will provide ORBCOMM with short- term liquidity for the next several months, which will allow ORBCOMM to continue to operate its satellite and ground network and provide its full range of wireless data communications services to existing customers and business partners in dozens of countries around the world. Although it cannot be sure of the timing, Orbital stated that ORBCOMM is aiming to emerge from Chapter 11 with a restructured financial and operational plan that will put the company in an improved position to achieve cash flow break-even within the next several years. Orbital does not anticipate that ORBCOMM's Chapter 11 filing will have a material impact on Orbital's operations or overall liquidity position. However, Orbital may decide at a later date that certain non-cash adjustments should be made. Orbital is one of the largest space technology and satellite services companies in the world, with 1999 total enterprise revenues (including revenues from unconsolidated affiliates) of approximately $915 million. The company, headquartered in Dulles, Virginia, employs over 5,000 people at major facilities in the U.S., Canada and several overseas locations. Orbital is the world's leading manufacturer of low-cost space systems, including satellites and space robotics, launch vehicles, electronics and sensors, satellite ground systems and related digital infrastructure. Its Magellan subsidiary is a pioneer in satellite-based navigation and communications products for consumer and industrial markets. Through its ORBCOMM and ORBIMAGE affiliates and ORBNAV subsidiary, Orbital is also a major operator of satellite-based networks that provide data communications, high-resolution imagery and automotive information services to customers around the world. BTW, does anyone know if their little satellites work as advertised, or is the problem with their "business model"?