To an extent that is true. However, TSTRT.UL (TSN) stock is owned by:
1. Motient Venture Holdings, INC (81.9%)
2. MSV Investors, LLC (10.3%)
3. Terrestar Corp (07.4%)
Being as Motient Venture Holdings, INC is 100% owned by Terrestar Corp (you'll notice they're "above the line" of TSN), TSC owns 89.3% of common TSTRT.UL.
I believe you'll also find what TSC believed to be their value in
TSTRT.UL included in TSC balance sheet under "Equity investments in affiliated companies".
"for TSN shares, which are not traded publicly, correct? "