Be amazed if anything comes of this but Schwartz is buried under a pile of lawsuits and maybe he'll just fold. His stock is trading at a buck and a quarter (down from a high of over $25). Bernie's brainstorm, Globalstar, which was going to make LOR shareholders rich isn't doing so well either:
Thursday November 15Globalstar Likely to File for Bankruptcy
WASHINGTON (Reuters) - Globalstar Telecommunications Ltd. (Nasdaq:GSTRF - news) will likely seek protection under bankruptcy laws without a deal with its primary creditors on a financial restructuring plan, the company said in a regulatory filing on Thursday.
The troubled mobile satellite telephone company said earlier this week it was finalizing a voluntary bankruptcy and cutting about 29 percent of its work force. Its shares have been halted on Nasdaq since Tuesday at 65 cents.
Two years ago, Globalstar was trading at over $56 a share.
His stockholders being wiped out and one of his companies going bankrupt has not, however, stopped Mr Schwartz's charity work. From FEC records for the 2002 election cycle:
SCHWARTZ, BERNARD
1/29/01 $1,000.00
LORAL SPACE & COMMUNICATIONS
FRIENDS OF CHRIS DODD 2004
SCHWARTZ, BERNARD
1/29/01 $1,000.00
LORAL SPACE & COMMUNICATIONS
FRIENDS OF CHRIS DODD 2004
SCHWARTZ, BERNARD L
4/18/01 $20,000.00
LORAL CORPORATION
DSCC/NON-FED UNICORP ASSOC
SCHWARTZ, BERNARD L
2/22/01 $20,000.00
LORAL CORPORATION
DSCC/NON-FED UNICORP ASSOC
SCHWARTZ, BERNARD L
4/18/01 $42,500.00
LORAL CORPORATION
DSCC/NON-FED UNICORP ASSOC
SCHWARTZ, BERNARD L
2/23/01 $20,000.00
DCCCC NON-FEDERAL ACCOUNT #7
SCHWARTZ, BERNARD L
6/29/01 $62,500.00
LORAL CORPORATION
DSCC/NON-FED UNICORP ASSOC
SCHWARTZ, BERNARD L
4/13/01 $230,000.00
DCCCC NON-FEDERAL ACCOUNT #7