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Technology Stocks : Loral Space & Communications -- Ignore unavailable to you. Want to Upgrade?

To: Jeff Vayda who wrote (10784)	7/18/2005 11:06:53 AM
From: Jeff Vayda	Read Replies (1) \| Respond to of 10852

Confidential info to EchoStar may cost Denver Post 07/18/05 Copyright 2005 The Denver Post. All rights reserved. (my edit: Tony Christ, IMHO, is a well intentioned guy swimming with the corporate sharks. I thank him for his efforts to date to stop Bernie from raiding the cookie jar, but on the surface, it looks as though he might have stepped in it this time. JV) A U.S. judge said he might sanction a Loral Space & Communications Ltd. shareholder who shared confidential company information with competitor EchoStar Communications Corp. EchoStar, based in Douglas County, is the second-biggest U.S. satellite-TV broadcaster. Tony Christ, a member of a group of shareholders opposing Loral's plan to exit bankruptcy, sent e-mail messages to EchoStar containing information on Loral's financial condition and business plan after he signed a confidentiality agreement with the company. Christ apologized and said he made a mistake. Loral, the third-biggest U.S. satellite maker, is seeking approval of a plan to exit bankruptcy by fully repaying suppliers and giving nothing to shareholders. The New York-based company asked U.S. Bankruptcy Judge Robert Drain to bar Christ from participating in hearings to consider approval of the plan and to hand down additional sanctions. Drain denied that request and said he may impose penalties that include monetary fines. "I am very troubled by the release of information to a party that has only one role vis-a-vis Loral, that of a competitor," Drain said last week at a hearing in New York. "I think that there may well be appropriate sanctions."