Louisiana was a good move. It allowed the company to sever its relationship with the poisonous culture at Loral. Unfortunately, there were a lot of good people that worked there whose lives were ruined by Bernard Schwartz. He enriched himself at the expense of his employees.
In many cases, the employees didn't have the luxury of just selling their stock and walking away. They were disgusted by Schwartz, Targoff and the New York mob, but because of health care, family and other issues, could not walk away. They had to live it out and many lost 6 figures in their 401Ks. Their skills, in many cases, we're so specific that they could not find comparable jobs anywhere else. Many of them are still trying to put their lives back together 10 years later.
Lehman Brothers facilitated all this and eventually became the largest bankruptcy in U.S. history. No one could have known how corrupt they or Schwartz were, unless they had inside information. Shareholders were right about the valuation of the company. SSL sold for over $1 billion and the rest of the company is in final negotiations to sell for $8 billion - a total of more than $9 billion. That valuation in the old Loral capital structure would have provided about $200 per share.
The take away? The U.S. bankruptcy system is corrupt beyond redemption, particularly in the SDNY.
Is my interpretation correct Aldo is not looking for relief of the 2.0 Ghz and sats transactions because of Statute of Limitation, but Mr. Z did make note in the court shareholders were pretty much raped in that deal?
The status conference for L2 today was cancelled. Falcone and Ergen are fighting over L2. Ergen may get it years from now, but no time soon. There are several lawsuits between these two and Falcone said recently that he is fighting for L2. The next court date will be early 2015, and the kick the can down the road strategy will continue just like Terrestar.
So today L2 gets a approved for Ergens personal use! And were still stuck here with no money and no money in sight! I hope i didn't give them any counter attack legal stuff, that would suck!
I was referring to the heading "Ergen wins". As I understand it the recent L2 creditors plan favors Ergen, but has not been approved..
What makes you think anyone is "watching all the boards for any counter attack legally"? And what if anything could they possibly get from this board that would be of value. Surely they must have access to the transcripts and such. And, how can you be worried about them when just a few days ago you invited them to drink with you? Sounds like paranoia created your Seckret Klub, dividing shareholders into two groups, some in the loop and the hell with the rest. Personally, I still think it's all a façade.
We are silent because these dumb #$%$ are watching all the boards for any counter attack legally ... so thats why do not believe these false prophits
Not for one second would I believe such a thing. They've kept us posted of every step they did. Told us where to sign petitions. Told us about dates. Perhaps their silence is because a decision has not been reached and are waiting just like the rest of us. And before the year is out we can celebrate and put this all behind us.
getting awful late, did we ever get that court date this fall? Nov 14 is when L2 comes out and i see nothing so far that gives us anything.
Sounds like someone sold out his fellow shareholders, reached an out of court settlement with Forest Gump, partied with them for two (or more) days, and is now MIA. That about the current status?
Any thoughts on this?
20141660: Sola Ltd, Charitable Trust; TerreStar Corporation
Date: October 14, 2014
Sola Ltd, Charitable Trust