Under those two hats lies a potential sweetheart deal that has Loral stockholders screaming foul.
They say Loral negotiated the stock sale with MHR even though it didn't need the money.
They pitched Loral Space and Communications ( NASDAQ:LORL) and the stock had a respectable return of 57%.
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And while rivals will crowd the skies--Hughes Electronics' Spaceway, Loral's CyberStar and Teledesic among them--Astrolink promises global coverage.
On his right was Bernard Schwartz, of Loral Corporation, who was later given permission to launch a satellite in China.
Of Loral's eight directors, five work for Loral or MHR and another is the director of a company MHR controls.
Loral, which didn't return calls seeking comment, has said that a committee of unnamed directors, independent of MHR, negotiated the deal.
The Laser Communications Relay Demonstration Project (LCRD) will follow with launch in late 2017 on a commercial Space Systems Loral spacecraft.
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Schwartz is chairman and CEO of Loral Space and Communications.
Loral's Schwartz says he is unfazed by the challenges and that his service partners are ordering more phones in anticipation of a big buildup next year.
The year after they combined, the new enterprise acquired the defense operations of Loral Corporation, which had assimilated military lines from Ford, IBM, Unisys and other companies.
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L-3 Communications, a company founded only five years ago by Frank Lanza, the former president of Loral, a defence outfit that merged into Lockheed Martin in 1996.
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But hedge funds that own 18% of Loral's stock say in a lawsuit filed in Delaware in March that Rachesky is mounting a "stealth takeover" without paying a premium.
The old Loral acquired Ford's satellite unit in 1990, and Globalstar emerged in its present form through an alliance that Schwartz struck with a few engineering firms and, most importantly, several large wireless providers.
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