Globalstar CEO purchases $12.5M in shares; could purchase $25M more

|By:, SA News Editor

CEO and Chairman James Monroe III has invested $12.5M in Globalstar (GSAT.OB -0.7%) from July through Aug. at prices of $0.57-$0.65/share through Thermo Funding Company. (8-K)

After being unable to find a party to purchase additional shares at $0.52 in Aug., Thermo filled the void and also committed to purchasing an additional $13.5M upon the request of a special company committee through Nov. In addition, Thermo agreed to purchase up to $11.5M in additional non-voting shares at a price of 85% of the average closing price in the 10 previous days through Dec.

Monroe has made a pretty penny on his investment so far, with shares of GSAT.OB closing at 1.38 today.