Globalstar Inc (GSAT)

[finesand]

.. our Bottom Evaluation Notes (SI edited)

only using the lower collar 55c or +3B shares for JM here.
The optional surprise of 82.5c would give this play surely an extra incentive

Claim is $1.6B Thermo Assets for ~3B shares (55c) + $1B GSAT value at 1.1B shares = $2.6B value / 4.1B = 63.4c.

Actual Thermo Asset value is more like $1B only, resulting in total of $2B value / 4.1B shares = 48.8c

But then GSAT value should be a bit higher $1.50/sh $1.65B value, so $1B Thermo asset value for 3B shares (55c) + $1.65B GSAT value at 1.1B = $2.65B / 4.1B = 64.6c

Above total evaluation concentrates on 64c, while 68.75c was the 20d VWMA conversion price.
Now this is traded around 42c, nice.

A short term play of value irritation and high numbers.
Sure, if GSAT really has a buyer for their 3gpp whatever frequency, its evaluation would be higher towards the Mudrick region.
But I wouldn't claim more than $2.50/sh or $2.75B for it.

55/42 = +31%
64/42 = +52%
68/42 = +62%
82/42 = +95%

Five sessions left until 7/23 prelim S-4, just in case Mudrick & Co would kick the SP higher for the upper collar conversion 82.5c. Currently this doesn't seem to be in play - but who knows, a few sessions are left.

Edit: GSAT SI down 14% to 15% of float: 90.68M -> 78.30M

Good Luck

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