just think where we would be now if the GSAT ground tracking was in every military vehicle ISIS is running around in the ME.
so once it hits the 8th floor, how long will each commission legal advisor take to review the documents?
sounds like you wanted the 2015 series Corvette. Looks like you might have to wait till the 2017 come out.
Folks Terrapin just committed $ 75 million more in stock and Jay just guaranteed another $ 30 mil just in case.
Neither one of these investments would be sealed if they didn't know it's a done deal.
per 13-F filings. Looks like so far, more buys than sells by funds.
MAGLAN CAPITAL DISCLOSES ITS POSITION IN MADALENA ENERGY INC.
During the period of Feb. 11, 2015, to March 4, 2015, Maglan Capital LP, on behalf of Maglan Distressed Master Fund LP and certain managed accounts for which it has discretionary trading authority, acquired beneficial ownership of 10,866,900 common shares of Madalena Energy Inc., representing approximately 2.01 per cent of the then issued and outstanding common shares, on a partially diluted basis, of Madalena. After giving effect to the acquisition of the acquired shares, Maglan Capital controlled and directed 68,766,900 common shares of Madalena, representing approximately 12.74 per cent of the issued and outstanding common shares, on a partially diluted basis, of Madalena.
During the period of March 7, 2015, to July 30, 2015, Maglan Capital on behalf of Maglan fund and certain managed accounts for which it has discretionary trading authority acquired beneficial ownership of an additional 11,162,600 common shares of Madalena, representing approximately 2.07 per cent of the issued and outstanding common shares, on a partially diluted basis, of Madalena. After giving effect to the acquisition of the additional acquired shares, Maglan Capital controls and directs 79,929,500 common shares of Madalena, representing approximately 14.81 per cent of the issued and outstanding common shares, on a partially diluted basis, of Madalena.
The acquisition of the additional acquired shares occurred through the facilities of the TSX Venture Exchange at a price per additional acquired share of between 31 cents and 41 cents. The additional acquired shares were acquired for investment purposes. Maglan may dispose of its holdings or acquire ownership of, or control or direction over, additional securities of Madalena, depending on market conditions and in compliance with applicable law.
We spoke to GSAT management this morning to get an update on the NPRM process and recent events:
- As the recent ex parte filings show, GSAT has been busy over the past month meeting several times with the staff of each Commissioners and the Chairman’s offices as well as the International and OET Bureaus
- The IB and OET are currently working on their final recommendations on the NPRM so that the Chairman can draft a final Order for a vote
- Although the opposition parties continue to push for additional interference testing, so far the IB and OET have shown no signs that they plan to ask for more testing, and they have had ample time to make such a request – the calls for additional testing have been going on since at least the beginning of 2015/late 2014
- We do NOT think GSAT is working on a “Plan B NPRM request” where they exclude the unlicensed/shared ISM band in the TLPS plan. A few analysts and blogs have speculated that GSAT is pursuing this scaled down Plan B, but we disagree
- At this point the August Open Meeting is off the table, the earliest Open meeting would be Sept. Alternatively it could go into circulation at some point starting in September
- In our view, the FCC is running out of big ticket/high profile items that take priority over the GSAT TLPS NPRM. The DTV/T deal has just closed, the new DE rules for spectrum auctions have been put in place, the final DISH DE ruling will be made probably within days, and the final Incentive Auction rules should be put in place in August. So in our view, there is a window for the FCC to focus on the GSAT NPRM and put it to a vote in the next few months.
We continue to think the NPRM is still at the Bureau level but soon will get to the 8th floor and the commissioners in the late summer/early fall - and eventually gets approved. We recommend buying the stock at these levels and have a $5 fair value estimate based on a sum of the parts analysis, and we think the upside/downside is attractive here.