[bg]

I saw this and thought I'd pass it on. I know some of you have sat phones but can't recall who you're using for service.

**************************

On June 30, 2004, Globalstar Telecommunications Limited ("GTL") filed a Petition under Chapter 7 of the United States Bankruptcy Code in the United StatesBankruptcy Court in the Southern District of New York (Case No. 04-14480). GTL does not anticipate having any ongoing business operations in the future otherthan the winding down of its affairs. Except as noted below, GTL believes that its shareholders will not receive any distribution or anything else of value on account of their ownership of GTL shares.

As noted in GTL's Current Report on Form 8-K filed with the Securities and Exchange Commission on June 21, 2004, GTL shareholders of record on June 28,2004, have been granted certain rights to participate in certain specified public offerings of securities that may be issued in the future by the successor entity to Globalstar, L. P. No assurance can be given that such right or such offering, if any, will be of value to GTL shareholders.

 

[Freshwaterman]

They were counting the days

After the Navy saved Iridium out of bankruptcy it was a given that Globalstar were living on borrowed time.

The safe money says:
Watch for the owners of the other, non-international, sat-phone service to reach for their (Large) checkbook.
Uncle Sam won't allow a foreign purchaser to buy Globalstar; It is unlikely that a domestic purchaser can afford to move in. Unlikely that China, Japan or India will be allowed to bid.

The Gambler says:
Uncle Sam won't allow a sale to the above mentioned prospective buyer but does not want a big, military related, bankruptcy in an election year. If you have nothing better to do, watch for some expression of interest from Inmarsat or Vodaphone. Both are politically acceptable and both could deal with the prospect mentioned above.

The satphone buyer says:
For US service, buy Iridium now, before they hike the price.

Steve

 

[bp fishin(kat-a-lac)]

I have globalstar and it worked fine on Saturday. Someone will buy it out of bankrupcy.

 

[Mike in Woodlands]

Just looking at Global Star site.

No such reference.

correction: Found the reference. Bankruptcy.com
I am not a member, so I can not see what their site says.
Ron Williamson spoke to the rep earlier today on other matters, with no mention of any trouble. He and is attempting to contact again for clarification.

I will post as new information is confirmed.

There is however reference of their exiting bankruptcy with the new owners and their addition of some 40+ million.

Mike

 

[mcgolfer]

i contacted able communications and sent them the post. ron williamson(the person i purchased my phone from) knew nothing about them being in bankruptcy. he fowarded the post to globalstar and i should know something soon....rick

 

[Mike in Woodlands]

Rick and others with Globalstar phones,

Rick,
Ron just got an answer. He is fowarding on to you.


Basically, the new bankruptcy filing is the old entity.
The company you are subscribers with is a different company, and is not in financial difficulty.

 

[mcgolfer]

thanks for the reply mike.....rick

by the way why aren't you out fishing? it doesn't get much better than this for an overnighter....rick

 

[Mike in Woodlands]

'Cause I'm in here developing reports for Ron's wife.


Also have about 6 more hours work to do on the boat before ready to drop in water. If I get a kitchen pass for this weekend, I might try a short trip (German Charlie or 27s) Sat for Mahi or wahoo.


POC here I come!