Syndicate: THE FUTURE OF THE NETWORK / first information

[marko peljhan <marxx@ljudmila.org>]

dear syndicalists,

i have just today received this information from reliable sources.
no news from now directly from soros related organisations, as far as i
know.
it is - interesting, at least. i will enquire in the next days to learn
more.

regards,

marko peljhan

INFORMATION

here it is:
Loral, Soros want Globalstar interests

Loral Space & Communications announced a series of transactions which
upon completion will have the effect of

   1.increasing Loral's ownership in Globalstar Limited Partnership,

   2.establishing a Globalstar service provider fund of US$210 million
for reinvestment in the Globalstar project through the purchase of
Globalstar gateways and user terminals and

   3.adding the Soros funds as a significant equity investor in
Globalstar.

As a result of the offering, Loral's direct and indirect ownership in
Globalstar L.P. will increase from approximately 38% to approximately
42%. Soros' indirect ownership in Globalstar L.P. through this
transaction would equal approximately 4%.
Loral has offered to buy, for its own account and for the benefit of the
Soros funds, up to 4.2 million of partnership interests in Globalstar
Limited Partnership from its original service provider partners for
US$100 per partnership interest. This represents 30% of each partner's
holdings. Partners accepting the Loral/Soros offer will be required to
reinvest one-half of their proceeds, or up to US$210 million in the
aggregate, into the Globalstar project by establishing an escrow account
to be used solely for the purchase of Globalstar gateways and handsets.
Loral will fund the purchase of partnership interests through a public
offering, which it expects to initiate shortly, of approximately US$500
million of the company's common stock, or approximately 16 million
shares representing less than 5% of Loral's equity capitalisation. The
company plans to use the balance of the offering proceeds to invest in
its core businesses and to pursue satellite service opportunities.


source SAT/ND, 24.4.1998

end. end.