- MILSATCOM — DataPath, Inc. has received an order valued at US$1.6 million to provide technical personnel to support U.S. military satellite communications (SATCOM) systems deployed in remote locations in Afghanistan. DataPath field service representatives will work onsite at forward locations with U.S. military joint forces to ensure the optimal performance of more than 20 fly-away SATCOM systems built by 1. This funding is from exercised options on an existing delivery order.
- FINANCIALLY SPEAKING — Loral Space & Communications Inc. (NASDAQ:LORL) reports that, on September 19, 2008, the Delaware Chancery Court issued its decision in the shareholder derivative and Loral Skynet noteholder actions pending before the court. In the shareholder derivative action, the court held that the MHR Fund Management LLC's US$300 million investment in Loral did not meet the entire fairness standard under Delaware law. The Court ordered that MHR's preferred shares be converted into 9,505,673 non-voting common shares. As a result of the decision, MHR will own 56 percent of Loral's total equity and 35.5 percent of the voting power, the same level of voting power it had prior to the financing. Additionally, the Court dismissed the action brought by the Loral Skynet noteholders, concluding that the early redemption of Loral Skynet's 14 percent Senior Secured Cash/PIK Notes due 2015 was proper and did not violate the covenant of good faith and fair dealing implied in the indenture governing the notes. The court directed that the parties collaborate on an order to implement the decision and present it to the court within 15 days.
- MOVING ON UP —QinetiQ North America has appointed Donald Hazelwood as Vice President of Unmanned Systems at its Systems Engineering Group. Formerly the Project Manager for the U.S. Army’s Unmanned Aircraft Systems (UAS), a position he held as an active-duty Army colonel, Hazelwood brings to the Systems Engineering Group more than 25 years of U.S. Department of Defense material acquisition leadership and management experience. In his new position, Hazelwood will be responsible for the strategy, coordination and growth of the Systems Engineering Group’s unmanned systems business across all U.S. military branches and markets, including air, sea and ground. He also will support QinetiQ North America’s Technology Solutions Group in integrating advanced airborne technologies into the Group’s military robots.
- MOVING ON UP — Xicom Technology offers high power amplifiers for satellite communications. The company has just appointed a new Director of Business Development, that being Heidi Thelander. Congratulations from SatNews!
Satnews Daily
September 23rd, 2008
ORBITZ