"Any speculation whether GTC's agreements would endure past the demise of GlobalStar? Perhaps that is a question for Barb or Ren maybe."
Indy, I feel like I am being baited into an answer.
"Demise" is not exactly a precise term. It could try to avoid bankruptcy with an asset sale, but it would need to have creditor approval. Three or more creditors can force an involuntay bankruptcy and the asset sale would liekly be subject to a clawback provision. Once in bankruptcy, there are too many variables to answer your question here, i.e. type of contract, is there a partial property posessory right (similar to a lease of one floor of an office building), if so what kind of posessory right, etc. Put all of that in the conext of a satllite and I have no clue. These variables determine how far the trustee can go to maximize the return for the creditors. By that I mean how far can the trustee go to strip us of any freebees.
I would not even bother BJ with it. Getting a detailed, correct answer factoring in all variables would likely need to be farmed out to outside counsel and that costs $.
If Globalstar does fall into bankruptcy, I have full confidence in BJ and outside counsel to advocate for our rights. And no I do not mean the same outside counsel that takes forever to write the legend restriction removal letters.
