Fri, Jan. 22, 10:38 AM
- Loral Space & Communications (LORL +2.5%) has named Ravinder Girgla VP and controller of the company.
- Girgla has been deputy controller since February 2013 and became assistant controller in 2008.
- He's taking over the new role from John Capogrossi, who will continue to serve in the roles of VP, chief financial officer and treasurer.
Jul. 2, 2015, 6:06 PM
- Leon Cooperman disclosed a 9.2% bump to his stake in Loral Space & Communications (NASDAQ:LORL), and shares gained 2.6% today.
- Cooperman's increase brings him to 1.117M shares, about 5.21% of outstanding stock.
- Recently, Mark Rachesky's MHR Fund Management also raised its stake, to 8.145M shares; MHR is the largest known institutional investor, Benzinga notes.
Nov. 24, 2014, 4:02 PM
- Bloomberg reports The Ontario Teachers Pension Plan and Canada's Public Sector Pension Investment Board (PSP) are near a $7B deal to buy Telesat that would value Loral (LORL +7.2%) at $85/share.
- Loral has spiked to $78.50 on the report. The company recently shot down a Telesat deal valuing it at $80/share.
Jun. 24, 2014, 9:10 AM
Jun. 4, 2014, 2:46 PM
- Telesat owners Loral (LORL +4.1%) and Canada's Public Sector Pension Investment Board (PSP) are "attempting to bridge a $100 million value gap" to complete a deal to sell Loral's Telesat stake to the Ontario Teachers' Pension Plan, Bloomberg reports.
- Loral, whose value is almost entirely derived from its 63% Telesat stake, is reportedly willing to sell itself for $85/share (a 14% premium from current levels).
- But PSP, which owns 37% of Telesat and 67% of its voting rights, wants a Telesat valuation that's ~$100M lower than what Loral supports, since the sale effectively makes it a buyer. Talks are ongoing, and a deal might still happen in July.
- Also complicating matters: Loral could be on the hook for $200M in legal costs related to ViaSat's patent suit against former subsidiary SSL. A jury awarded ViaSat $283M in damages in April.
- Previous coverage: I, II
May 21, 2014, 12:51 PM
- ViaSat (VSAT -6.5%) commercial network revenue grew 15% Y/Y in FQ4 to $96.1M, a marked slowdown from FQ3's 34% growth. Moreover, rising investments led the division's adjusted EBITDA to fall to just $1.9M.
- At the same time, satellite services revenue (consumer-driven) rose 35% Y/Y to $105.9M vs. 37% in FQ3. The division had adjusted EBITDA of $25.5M (up over 2x Y/Y), and consumer broadband subs rose by 21K Q/Q to 641K.
- Government revenue fell 3% to $142M (nearly even with FQ3's decline) thanks to the completion of ViaSat's Blue Force Tracking bandwidth contract. Adjusted EBITDA was a healthy $30.2M.
- ViaSat also disclosed it spent nearly $25M in FY14 on legal expenses. Last month, the company won a $283M jury verdict for its IP/breach of contract suit against Loral (LORL -0.7%).
- Wells Fargo's pre-earnings upgrade wasn't well-timed.
- FQ4 results, PR
Oct. 28, 2013, 1:31 PM
- Loral (LORL +4.6%) gets its tail in the air as the NYPost reports Chairman Mark Rachesky - owner of 38% of the stock - is putting the company on the block. The hedge funder has reportedly put out feelers to potential buyers, but has not yet hired a banker.
- A favorite of special situation/value players, Loral's principal asset is a 62% stake in Canadian satellite company Telesat. Rachesky turned down $6B for Telesat about three years ago and now - with four satellites launched since - reportedly believes it to be worth $10B (which would put Loral's value at north of $100 vs. $71.96 at the moment). Putting maybe a more realistic price of $7.25B on Telesat, SA Pro's Mike Arnold makes the case for Loral being valued at around $84 per share.
- All of this excludes Loral's 56% stake in XTAR, which Arnold values at about $2 per share.
Dec. 5, 2012, 12:45 PM
Nov. 7, 2012, 6:26 PMLoral Space & Communications, Inc. (LORL) declares special distribution of $29.0/share. For shareholders of record Nov. 19. Payable Dec. 4. Ex-div Nov. 15. Shares +10.4% AH. (PR) | Nov. 7, 2012, 6:26 PM | 1 Comment
Jun. 27, 2012, 11:20 AMLoral Space & Communications (LORL) soars 13.65% into orbit following its agreement to sell its satellite manufacturing unit Space Systems/Loral (SS/L) to Canada's MacDonald, Dettwiler & Associates for $875M. In Toronto, MacDonald, Dettwiler is +24%. Looks like everyone's a winner. | Jun. 27, 2012, 11:20 AM | 1 Comment
May 18, 2012, 11:30 AM
Loral Space Systems (LORL +1.8%) says that the Nimiq 6 satellite was successfully launched yesterday from the Baikonur Space Center in Kazakhstan, and deployed its solar arrays early this morning according to schedule. Tomorrow it will begin firing its main thruster to maneuver into geostationary orbit.| May 18, 2012, 11:30 AM
Mar. 29, 2012, 9:01 AM
Loral Space & Communications (LORL) +4.1% premarket after its board declares a special dividend of $13.60/share for an aggregate dividend of up to $421M. (PR)| Mar. 29, 2012, 9:01 AM
Nov. 14, 2011, 2:10 PM