At one time in the late 1990's, I worked for a certain Wall Street investment firm that leased 6 floors worth of office space in the World Trade Center; the company generally used their space, with its accompanying auditorium, for employee training purposes.
In July 1999, I was working for the company out of a Washington D.C.-area branch office and was told I would have to go to NYC and attend a training session at The Twin Towers. Transportation and expenses would be covered and I'd basically get to meet and train with fellow employees from all over the U.S.; we'd get put up for a little more than a week in July at a mid-town hotel and get shuttled down to the Trade Center each day. I was generally looking forward to it and it turned out to be an enjoyable experience.
The recent events involving Hurricane Katrina have made me recall some of the specifics from my time in company training in July, 1999 at the World Trade Center. You might ask, "is this recollection caused by Disaster?... the fact that, 15 months after you was there in NYC, the World Trade Center and surrounding buildings were destroyed in the events of September 11, 2001? Actually, I'd say, "no, my recall actually relates to a company-sponsored "Contest" we had during the July, 1999 training session."
The contest of which I am speaking was called the "Stock Presentation" contest. We had approximately 250 people in this training class and each of us was asked to present a stock of our choosing to the other members of the class. I chose, Iridium, the satellite-telephone company, a company I had a bit of an unjustified fascination with (and, which is currently enjoying a demand explosion in the wake of Hurricane Katrina).
The large, aforementioned training class was broken in to 12 groups, based on the region of the country in which you were from. The 12 winners from those groups would then go to the auditorium, mid-level in the South Tower of the World Trade Center and pitch their stocks to a large room full of classmates. The managers running the class would rate each presentation and an overall winner would be chosen.
So, I was in one of the 12 groups; I pitch my stock, did a good job and I become one of the 12 that got to present to the large Auditorium. In the initial presentation, I had done the job of explaining the merits of the satellite telephone and how a stock like Iridium was going to grow because its product could do things that existing cellular technology could not. I did well selling the stock to my classmates representing the heavily urbanized, deep-pocketed mid-Atlantic group. Now, it was on to the big presentation in front of people from all over the United States.
Article comments
1 - Matt Halliday
GSTRF --- globalstar stock is going to fly high this week. It's still selling for $.03
a share. 3 cents! they filed chapt 11, and restructured but this stock has got to move tommarow!! Get it now!!!
2 - Cerulean
Satellite telephones are a good idea but battery or hand crank powered radios are another. Everyone should have had a little radio. They had hand cranked versions too.
3 - Dave Nalle
I had a satellite phone on loan for a business trip a few years ago and I found the quality to be spotty, but I assume they've improved since then.
The last time I considered getting one I ran into the issue of cost. As I recall 2 years ago they ran about $300 a month plus $1 a minute. Is that still the case? Seems like a killer with cellular working so well now.
Dave
4 - Dave Nalle
Hmmm. Iridium is bankrupt too. Not a great argument for the industry to have the two major players both bankrupt. But then I guess I can buy a zillion shares for nothing if my broker will even take the order.
Dave
5 - chris franklin
Actually, Globalstar and Iridium's debt loads (the billions borrowed to launch a huge number of satellites) got wiped clean by their Chapter 11s. Globalstar was picked up by a venture outfit. Iridium was reformed and it's first major client was the U.S. Department of Defense.
Frankly the financials are all dogshit for both companies; miniscule sales for both (a few jetsetters, oil-rig workers, State Department/Embassy personnel, military "workers" in Afghanistan/Iraq). Key to any growth for these companies is for average, well-off, H2-driving Joes with disposable income to say, "you know, those sat phones are pricey, but it's nice to know you've got one around, just in case." More folks are going to be saying this.
If you buy shares of Iridium or Globalstar, do so with a trailing stop-loss order (Sure, if they dip, you incur traading costs. But, it beats watching your share value potentially evaporate). Upside, may or may not be absolutely magnificent.
6 - James
Guys i didn't realise you could by shares in either of these two companies. Can you tell me where they are listed and their codes.
I am an aussie chris and own shares in a listed company here called quadrant iridium with the code of qad. They own just over 8% of the iridium network(and associated debt) but are only valued at about 25 million. Surely now the company says it is profitable it is worth more than the A$ 312.5 million this implies??
I have no knowledge of the financials of globalstar or iridium as they seem to both be kept in secrecy but is globalstar listed of not? do you think the price reporesents value?? and is there anywhere we can get current financials??
cheers
james