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

To: Pierre who wrote (21744)	2/1/2001 8:22:17 PM
From: Win-Lose-Draw	Respond to of 29987

God, I wanted so badly to pi* on one of the partners just for a small measure of revenge.Now it looks like I'll need a quarter tab of viagra just to avoid pi*ing on my own shoe Now that sounds like the "capitulation" everyone's been looking for! Ok, the two of you have peaked my curiousity, I'm off to read the prospectus you were kind enough to post a link to.

To: Pierre who wrote (21744)	2/1/2001 8:54:49 PM
From: Win-Lose-Draw	Respond to of 29987

Now you seem to have found language that gives LOR and Q the power to rescind any action taken by bond holders* Let me see if I'm getting this...all from the document you linked to... Exchnage Notes will be, and the Original Notes are, senior obligations of the Issuers Ok, so note-holders trump regular bondholders, part of the benefit is that... Upon...Change of Control, each Holder of Notes shall have the right to require that the Issuers repurchase such Holder's Notes at a purchase price in cash equal to 101% of the principal amount... Woo-hoo! Noteholders certainly have a big stick, but what is this "Change of Control" that allows the wielding? Well, that's in there, too, and includes the following points... (iii)Loral's direct and indirect equity interest in Globalstar to be reduced by more than 30% as compared to... (iv)Loral fails to be, or, directly or indirectly, fails solely to control, the sole managing general partner of Globalstar. Seems that LOR can, on it's own, invoke the "Change of Control" that allows Noteholders to wipe out the company and leave everyone else - shareholders and bondholders SOL. Then there's the "Asset Disposition" section which neatly describes the liquidation process...if G* goes belly-up, first on the list of payees are customers/vendors/etc, next is Note holders, who are to be repaid in full(!!!), and then, finally,"to the extent of any remaining Net Available Proceeds following the completion of the Offer to Purchase, to the repayment of other Debt of Globalstar" Wow. What a tangled web. That registration alone was for $500 Million, so it doesn't look like bondholders have a prayer of seeing even pennies on the dollar if LOR and QCOM simply pull the plug. What does all this mean? It doesn't look like it is in anybody's interest to head for BK court, which means (implies?) G* shares will continue to exist, which in turn implies they intend to meet exchange requirements, which, again in turn, implies that G* is a lock for at least a double from these levels...? I welcome any and all comments on this...it's a little new to me and I welcome the opportunity to learn from those with more experience.

To: Pierre who wrote (21744)	2/2/2001 12:26:38 AM
From: pcstel	Read Replies (2) \| Respond to of 29987

Pierre: <Since Q* and LOR have the power to forestall what you have suggested BLS was posturing to forestall, how do you explain BLS's actions. Why'd he do what he did (to paraphrase Mary Ann Faithful, who sounds a lot like Heather Nova) if he didn't have to.> There is an old saying that many people around the various boards could learn from.. That is.. "It's easier to attract a Bee with Honey, than Vinegar" Now there are many various scenario's running around that QCOM and LOR are out to "screw" the common and the bondholders!! Sorry, I have the deepest admiration for Irwin Jacobs.. And I would give the man my entire "monetary holdings" to safe guard for me.. Without a receipt!! BLS and IJ are not "trying to rip off anyone or any company".. What they want, is what they have been requesting, for the last 9 months.. MORE TIME .. More time to "reorgainze the business plan", shift product development to new markets and new services, markets that are much more "promising" than I always thought existed with the "MSS voice segment".. THEY WANT MORE TIME!! And they want "everyone's cooperation. So the Bondholder's need to understand just how "VALUELESS" the system is in it's current form of structure in order to "go along with the plan".. And of course, a "eager to comply bondholder" means the better deal that can be cut for everyone involved.. Of course, BLS shows up at the Poker Table with a "clean deck" Shuffels the cards, and deals them out "fair and square".. However, he has 4 Aces up his sleave.. Just in case, things don't go as planned.. I mean.. I am sure neither Loral nor Qualcomm would really want to "force the issue" in this case.. But.. As they say.. Always be prepared!! So if the Burro Bondholders don't want to move.. BLS and Company can get out the ole'. we can vote against you "cattle prod".. Then the Bondholders that were looking forward to Pi$$ing all over them.. Will suddenly get all depressed, "When they find out how powerless they really are".. and start looking for the Aspirin!! So instead of BLS or IJ dealing the cards.. We have our Arbitrator (Blackstone) to find a solution that is "palatable" for all interested parties!! In the end.. All BLS and IJ want.. Is More Time!! That's it!! More time!! And if you are willing to play the game as a Bondholder.. You might even make a nice chunk of change for your time!! <Second question: If you're now satisfied that he can prevent the bond holders from forcing BK, are you a buyer of equity here? If not, why not?> Well I bought over 200K shares today!! But, I don't think the risk is for everyone.. But, my money is that since IJ is involved.. No one is going to get "screwed" here!! As long as everyone is on the same page, and with the same end result in mind!! I came across all this back in November, when I formulated my "VALUELESS IN BK" concept. This was just a little pieces of it that I did not expose.. That is why I was so "vocal" about the "Vendor Finance Repayment" due Loral and Qualcomm on Jan. 15th.. Most people didn't even know they were due.. But, I was fascinated by the fact that.. If they were paid.. L/Q would probably give up their "control" ratio of NOTES. That is why I sold my previous $2 9/16 position for a loss at $2.. Because, I really doubted that L/Q would give up that NOTEHOLDER control "ratio" over 45 million dollars!! I Bet on a Default!! So now both companies "Write it off!".. They get credit for taking the write off!! And if the deal with the bondholders can be achieved.. They still own their "original PI's".. But the "cash burn" drops way down. With the existing funds.. A revamped G* might have enough cash on hand for another 7, maybe 8 quarters!! IMO.. (As a side bet!! I always thought that GPowers and Company figured this out some time ago.. That is why the bought G* aggressively (after the QCOM Vendor Finance agreement announced in early 2000 and finalized in May 2000).. Which I am sure they questioned the motives. As I did! PCSTEL