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

To: Investartist who wrote (16876)	9/17/2000 1:41:59 PM
From: pcstel	Read Replies (2) \| Respond to of 29987

Investartist, Buying great companies with unique assets at below book value usually comes via bad/poor management.. People could not understand how I could short GSTRF in the 30's.. Because it was such a great concept, sky high potential, etc.. And don't forget.. As an early QCOM holder, I also held a long position in GSTRF.. In mid 1999.. I was an outspoken proponent of Globalstar.. If you want me to re-post my discussions with LCooper over on the Y Iridium Board.. I will be happy to provide the links to you.. But, All I kept seeing was broken promises by BLS.. Sure, this is a huge undertaking, but, the continued slide of the time table, financing needed, and promises made and not kept.. This is not a signature of quality management.. And management that "makes a habit" out of misdirecting Wall Street usually pay with the share price of their company.. LOR/GSTRF share price plunge had little to do with the Iridium failure.. GSTRF's share price was at $50+ six months into Iridium's BK filing.. It was the over promising and under delivery by G* management that lead to the depressed state of LOR stock.. And you know if you have followed my postings.. That I stated that my intention was to do exactly what I have done.. Short GSTRF, and then buy LOR at beleaguered prices due to it's affiliation with GSTRF. Which is complete.. So since I am long, do I suddenly change my views, and start stating that I think BLS is a great CEO.. NO!!! Because the price of GSTRF/LOR share price indicate the opposite.. Go buy "Wheatees".. One thing I think you need to fully comprehend.. QCOM is the one changing the business plan here.. QCOM is the innovator.. I have complete confidence in I. Jacobs.. It appears that BLS can't even come up with partners for Cyberstar. Do I want BLS out??? In the worst way!! I think you would find other investors that have large sums of money invested in LOR feel the same.. Ask LVG!!! As far as the QCOM financing goes.. Most of the QCOM investors saw Globalstar like many Loral Investors did!! A hole in the ground that you throw money in.. If you attended QCOM shareholder meetings then you would know this... I personally grilled Jacobs and Thornley about the Jan. 1 payment that wa not made.. After all, it is important to remember that the 500 million in vendor financing was not "new money".. Most of It (400 million) was already billed to Globalstar and was sitting in QCOM aging A/R. Some of it for over a year!! The same thing goes with the additional 100 million that Globalstar VF with QCOM.. The first payment was due on Jan. 1, 2000 for approx. 13 million.. Did GLP pay it.. NO!! So QCOM could have either called the VF loans, and A/R's, or renegotiate the terms!! As most know. I coined the term "GSTRF beggars" GSTRF Longs sitting around stating how great their management and company is, and then looking around to see where the next handout is coming from!! And you wonder why?? Over promising and under delivering by Globalstar management.. How many times have we heard.. "We don't anticipate needing any additional funding in the future." or "The Service Providers are standing behind us".. Yet, the Service Providers want their GW's and UT's all vendor financed from GLP, which is in turn VF'd from QCOM. Gee!! Maybe they should at least pay for their Gateways if they are standing behind it. Maybe they should pay for what they agreed to at this point.. Maybe they should be held to their minimum use requirements to maintain "exclusivity"?? Maybe the SP's could do some advertising without wanting Co-op money from GLP?? As far as the Chase facility goes!! I clearly stated that the "Chase facility" would not be extended / renegotiated by Chase.. When BLS realized that Chase was not going to extend the facility. BLS called them up and drew down the facility, and left the Guarantor's with the bill.. So in reality.. If GLP had just let the credit facility expire without accessing it.. Then there would have been no default.. But GLP did draw down the facility 20 days before expiration.. Then when Chase called on June 30th for the cash.. GLP told them.."Sorry, go talk to the Guarantor's".. That is called a DEFAULT my son".. No matter how you want to "candy coat the story".. GLP defaulted on the Chase facility, as they DEFAULTED on the QCOM payment that was due on Jan. 1, 2000. And you wonder why I am so negative on BLS?? And as a Loral investor.. I believe that LOR will be a success with or without GSTRF, and current management.. I wish GSTRF all the luck in the world.. As long as it does not involve ANY more cash from Loral.. PERIOD!! Remember, BLS stated in the last CC.. LORAL IS THE NUMBER ONE PRIORITY!!! You can't even fess up when you are wrong. theartboard.com Try to have a little objectivity. After all, it's all about performance.. How's your performance on LOR/GSTRF doing?? I bought my LOR with the proceeds of my GSTRF short!! My actual cost basis is ZERO!! PCSTEL