Jay Monroe, CEO of low-Earth-orbit-satellite operator Globalstar for the past 13 years, is leaving his position, but not the company, following a failed merger with another company he controls.
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Thermo Capital, owner of Globalstar, is merging the satellite operator with a landline company it owns in a $1.65 billion deal intended to help pay off Globalstar’s debts.
An investor in Globalstar is ready to put $150 million into the low-Earth-orbit satellite operator in the company’s stock should be trading at five times current prices.
Low-Earth-orbit satellite fleet operator Globalstar is meeting with telecom regulators around the world in an effort to globally authorize some of its satellite spectrum for mobile broadband services.
An aeronautical communications service meant to improve aircraft safety while on the ground at airports could cause unacceptable interference to Globalstar’s satellite system, according to Boeing.
After giving up a contested effort to pair licensed and unlicensed spectrum for a new wireless service, mobile satellite services provider Globalstar has revamped its terrestrial communications plan to create an LTE service instead, company officials told investors Jan. 6.
Mobile satellite-service provider Globalstar is still trying to convince the U.S. Federal Communications Commission to let it convert a portion of its satellite spectrum into a terrestrial Wi-Fi network. However, the proposal was dealt another setback when Microsoft complained to the FCC last month that Globalstar’s so-called Terrestrial Lower Power Solution could create interference problems for the Xbox 360S gaming console.
Mobile satellite services provider Globalstar Inc. has been spared a portion of what is still likely to be a challenging cash call in 2015 following the agreement by ground-network provider Hughes to take payment in Globalstar stock.
Globalstar said its upgraded ground segment, which allows customers to take full advantage of its second-generation satellite constellation, should be in service late this year in North Amercia, with Brazil and Europe to follow.
An activist investor that in October said it was betting heavily against mobile satellite services provider Globalstar on Feb. 17 announced it had sold out its short position of around $7.3 million, or 3.8 percent of Globalstar’s total share count.
Globalstar, whose stock had risen sharply in recent months as investors bought into the idea that its satellite spectrum could be used to provide a terrestrial Wi-Fi service, found itself on the ropes the week of Oct. 6 as a short-seller investor said Globalstar is dead on its feet.