Globalstar Inc (GSAT)

[E E Euthanasia]

here's Jason Mudrick's +$6 GSAT valuation as excerpted from the Jan 6th 2017 TLPS CC at http://www.alacrastore.com/thomson-streetevents-transcripts/Globalstar-Inc-Conference-Call-to-Discuss-FCC-Report-and-Order-T7353787

Question: Jason Mudrick - Mudrick Capital Management - Analyst : Jay, I think there's a lot of misinformation in the marketplace about the value of the spectrum you control. I understand you were reluctant to discuss this topic during the approval process but now that's behind you, I just have a few questions for you on that topic. I think you did a great job of talking about the technical side of the value of your asset, particularly the importance of small cells in the continuing evolution of the networks, the benefits of TD versus FD, and also the uniqueness of your asset internationally. But if we take it one step further for us Wall Street guys, so that we can think about how to think about value, there's been some out there that have proclaimed that there should be a discount placed on your spectrum because of the power restrictions vis-a-vis where the AWS-3 auction traded. Do you agree with this?

Question: Jason Mudrick - Mudrick Capital Management - Analyst : That's helpful. So the average sale price in the AWS-3 auction was $2.19 per megahertz pop. If I apply that value to your domestic asset alone, I get to a value of $7.9 billion. Is that math right? companies. JANUARY 06, 2017 / 1:30PM, GSAT - Globalstar Inc Conference Call to Discuss FCC Report and Order

Question: Jason Mudrick - Mudrick Capital Management - Analyst : We assume your satellite business is worth another $500 million. I understand you think it's worth more, given how much capital is spent and its growth characteristics. But we're just taking a 10 time multiple on the 50 that you discussed earlier. Then you have international optionality, which is a much more difficult to debate but haircutting it, and being conservative, we think it's worth another $500 million. Then you have a $1.5 billion NOL, which depending on how you monetize these assets, we estimate to be worth between $200 million and $500 million. So we have a midpoint of $350 million. You also have 7.75 megahertz of L band spectrum. So let's leave that out of the equation now, although we think it's quite valuable. If you add all this up and you give no value of your L band spectrum, I get to a value of $9.25 billion. Net off, your $560 million of debt, it gets to an equity value of $8.7 billion, which is $6.60 per share. Does all that math sound right?

Question: Jason Mudrick - Mudrick Capital Management - Analyst : Great. Thank you. Just one more comment. I don't think you should be selling -- diluting shareholders down here. So I want you to know that we're prepared to lend the Company money to ensure that there's no balance sheet issues that impede your ability to execute your strategic objectives. I want to thank you guys again for hosting this conference call. I think it's very enlightening.