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.
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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.
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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.