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

To: dougjn who wrote (3257)	5/21/1998 3:06:00 AM
From: brian h	Read Replies (1) \| Respond to of 10852

Dougjn and all, Loral do not equal to Space System Loral (SSL) in Feb. 1996 LORAL AGREES TO INCREASE OWNERSHIP OF SPACE SYSTEMS/LORAL TO 100 PERCENT NEW YORK, February 24, 1997 -- Loral Space & Communications Ltd. (NYSE:LOR) announced today that it has completed negotiations for the acquisition of the remaining 49 percent minority interest in Space Systems/Loral (SS/L), thereby increasing its ownership to 100%. Space Systems/Loral is a world leader in the design, manufacture and systems integration of telecommunications, weather and direct broadcast satellites. Its revenues for the 12-month period ended December 31, 1996, were $1.4 billion with a funded backlog of $1.5 billion. Loral, which previously had a 51 percent interest in SS/L is to acquire the 49 percent interest held by its four European alliance partners: Aerospatiale, Alcatel Espace, Alenia Spazio S.p.A. and Daimler-Benz Aerospace AG (DASA). More LORAL INCREASES INTEREST IN SPACE SYSTEMS/LORAL TO 51% NEW YORK, August 13, 1996-- Loral Space & Communications Ltd. (NYSE:LOR) announced today that it has increased its interest in Space Systems/Loral, Inc. to 51 percent. Loral, which previously had a 32.7 percent interest in Space Systems/Loral (SS/L), has acquired the 18.3 percent interest held by certain partnerships affiliated with Lehman Brothers Holdings Inc. More Per Loral's press release: Space Systems/Loral China Issues - Fact Sheet Allegations that Space Systems/Loral provided missile guidance technology to the Chinese are false. SS/L makes commercial communications satellites, not launch vehicles. The company did not advise the Chinese on how to fix any problems with the Long March rocket. All company employees were specifically instructed not to provide any such assistance, and the company believes that its employees acted in good faith to comply with the strict and complex requirements of the export control laws. SS/L maintains rigorous security for launches in China. In addition, before exporting a satellite to China, U.S. satellite companies must obtain an export license from the U.S. Government. The license tightly restricts Chinese access to any part of the satellite and limits the technical data and assistance that may be provided to the Chinese. Charges by unnamed sources in the press paint an inaccurate picture of the role of the American commercial satellite industry after the February 1996 Long March rocket failure. That failure involved the attempted launch of a satellite manufactured by SS/L for Intelsat, the international communications consortium. Intelsat had selected Long March as its launch vehicle, and the U.S. Government, according to law, approved the use of the Chinese booster. The Chinese - and the Chinese alone - conducted an independent investigation of the launch failure and they determined that the problem was a defective solder joint in the wiring - a "low-tech" matter. Assertions that SS/L and Hughes made an independent investigation to determine the cause of the launch failure are not correct. The Chinese did not want outsiders probing into the matter. The insurance industry, however, was unwilling to insure future Long March launches unless outside (non-Chinese) engineers concluded that the Chinese had in fact solved their own problem with the Long March. In April 1996, at the insurance companies' insistence, representatives of several satellite companies were asked to review the results of the Chinese investigation to determine if they were adequate. The satellite companies were not asked to investigate the launch failure independently, nor did they do so. Only after SS/L's customer, Intelsat, agreed to participate did SS/L consent to the request to form the review committee. Hughes and other companies also participated. Brian H. Brian H.

To: dougjn who wrote (3257)	5/21/1998 4:06:00 AM
From: Dragonfly	Read Replies (1) \| Respond to of 10852

I caught Moneyline tonight. I was shocked that Lou Dobbs would state that the pentagon had "concluded" that Loral had transferred technology. I was dismayed that Mr. S didn't respond with "they haven't concluded that". Mr. Dobbs should do better homework! I had more respect for him before I saw tonights show. I couldn't handle the MSN coverage, which was completely devoid of information... and consistently represented allegations as fact. Having a deeper understanding of this issue really brings into sharp focus how clueless the media is. I hope everyone reading this who is as outraged as I am about the treatment of loral will think twice when they hear the media assert as fact something that hasn't been proven. Dragonfly