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

To: Thomas who wrote (4039)	7/22/1998 11:05:00 AM
From: Robert G. Brown	Read Replies (2) \| Respond to of 10852

I thought LM already sold their interest in Loral to GE. Am I wrong?

To: Thomas who wrote (4039)	7/22/1998 1:06:00 PM
From: Valueman	Read Replies (1) \| Respond to of 10852

Lockheed Considers Shedding Assets Valued at About $2.3 Bln Bethesda, Maryland, July 22 (Bloomberg) -- Lockheed Martin Corp. is considering selling about $2.3 billion of assets including real estate and stakes in some companies. The second-largest aerospace and defense company could shed more than $500 million of real estate and its holdings in Loral Space & Communications Ltd., L-3 Communications Holdings Inc., Iridium LLC and CalComp Technology Inc. Lockheed Martin disclosed the proposed divestitures on a conference call yesterday. The possible sales come after Lockheed last week scrapped its plan to buy Northrop Grumman Corp. for $10.7 billion, rather than face a prolonged legal battle with federal antitrust enforces. ''We have a substantial portfolio of equity securities and surplus real estate to provide other opportunities to extract value,'' Vance Coffman, Lockheed chairman and chief executive, said in a statement. Lockheed owns 45.9 million shares of Loral valued at about $1.41 billion, 6.8 million shares of L-3 valued at about $262.7 million, 40.7 million shares in CalComp valued at about $61 million and 1.5 million shares in Iriduium valued at about $54.8 million. Last week, CalComp, a maker of inkjet printers, plotters, scanners ands other graphics peripherals, said former parent Lockheed agreed to convert $60 million of long-term debt to preferred stock as part of a an effort to recapitalize the company and avoid a liquidity crisis. CalComp hired Salomon Smith Barney Inc. as an adviser on to look into alternatives. Lockheed shares fell 1/8 to 106 13/16 in midday trading.