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Technology Stocks : GLOBALSTAR - The New Beginning - GSTRF / GSTRQ -- Ignore unavailable to you. Want to Upgrade?

To: Maurice Winn who wrote (20)	3/18/2003 4:25:21 PM
From: Art Bechhoefer	Read Replies (1) \| Respond to of 65

Maurice, this is standard operating procedure to create a new corporate entity, thereby making old GSTRF stock well nigh worthless, unless used for toilet paper. The question is how much of the Newco stock (or whatever the company ends up being named) the bondholders will receive and what that means in terms of value of the defaulted bonds. Normally, the bondholders would receive stock with a value anywhere from 10 to 30 percent of the face value of their bonds. Something is better than nothing! The real "asset" of the new company, however, may be a new management completely free of the mismanagement of Loral and Vodafone. Art Bechhoefer