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

To: Rocket Scientist who wrote (21768)	2/2/2001 2:12:42 PM
From: Pierre	Read Replies (2) \| Respond to of 29987

Assuming that's true, and given the Irid experience and all the "worthless in bankruptcy" arguments, what's the incentive to file for BK in the first place? I don't see that there is any. To force the reorganization on terms as favorable to the bond holders as possible. The longer cash is extracted, however, the more true your statement becomes. LOR and G* have their leverage. Bond holders have some leverage if there's substantial cash left. Lots of low basis bond holders now who may well insist on risking a relatively modest hit now rather than risk it all for more pie in the sky from BLS. So,from my perspective, if there's a new plan lets have it sooner rather than later. Otherwise, they can produce it in BK while the assets and the cash are court monitored. <edit> As I think on it, this might be a good time for the managing partner to become a bit more transparent on the operations of the enterprise. MOU graph, daily sales tallies - little things like that. I'd push for BK in a heart beat if it produced that information (and forced continuous updates of the information). That alone would have been well worth the trip. I'm more than a little tired of the "hide the ball" mentality. I don't have much left at risk, but I'd like to be able to make an informed investment decision. A BK judge may see it the same way. The discovery powers granted the parties are quite extensive. Maybe reason enough to push the buttton. <end edit> Pierre