ExIM vs. LM vs. Newsat, page-11

First--this is solely my opinion.

The financial structure of this whole deal appears to be a vote of no confidence in the management of the company. All the maneuvering now is to create some value in the asset so that if it comes to a restructuring there will be something to sell. That is of course a worst case scenario.

Another potential,which from what I read on this board would be met with celebration, is a change in senior management coupled with a new team bringing fresh equity perhaps with a strategic relationship with another owner/operator.

The LM/ExIm situation will work itself out but not with the status quo remaining intact with respect to management and structure over the next few months.

Again, only my opinion and I've certainly been wrong many times but am confident that the current situation cannot endure.