Globalstar Telecommunications Ltd, New York, the company being organised by Loral Corp and Qualcomm Corp to build, launch and operate low earth orbit satellites to offer a global mobile telephone service, has filed with the Securities & Exchange Commission for an initial public offering of 12m shares of its common stock but no target price was given. The proceeds will be used to buy a 25% general partnership interest in Globalstar LP, which will design the satellite system. Lehman Brothers will lead manage the offering. Bear Stearns & Co Inc, J P Morgan Securities, Salomon Brothers Inc, and S G Warburg & Co will co-manage.
