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Technology Stocks : Primestar/TCI Satellite (TSATA) -- Ignore unavailable to you. Want to Upgrade?

To: J.S. who wrote (257)	1/24/1999 11:55:00 AM
From: J.S.	Read Replies (1) \| Respond to of 442

Sorry, I got disconnected. What I was saying was that P* sold its assets and the bondholders are only getting 67 cents on the dollar. If there were anything left the bondholders would be entitled to it. Also the 35M you spoke is not in addition to the 67M but is included. It is part of the package of $$ and stock that went in to satisfy creditors and bondholders and stockholders (TSATA holders). Why should TSAT receive anything? They control a large # of shares and would need to give approval for the deal. The bondholders don't have voting rights but are ahead of the stockholders in line for the cash. That is why the conference call mentioned that their approval would be necessary. I suppose those bondholders that don't accept the settlement could still sue but the dealmakers are hoping that the ones that do will be a small minority. TSAT has left as assets about $1/share (That's confirmed right on Bloomberg. --Joe