Short Take: Globalstar loses 12 satellites

Shares in Globalstar Telecommunications plunged after a rocket carrying a dozen of its satellites malfunctioned during launch, leading to the loss of all 12 of the spacecraft, which were valued at $15 million apiece, MSNBC reported. Globalstar, which is 42-percent owned by Loral Space & Communications and has a number of other major telecommunications investors, said it is assessing its options regarding its future launch schedule.

Jan. 2, 2002 4:43 p.m. PT

Shares in plunged after a rocket carrying a dozen of its satellites malfunctioned during launch, leading to the loss of all 12 of the spacecraft, which were valued at $15 million apiece, MSNBC reported. Globalstar, which is 42-percent owned by Loral Space & Communications and has a number of other major telecommunications investors, said it is assessing its options regarding its future launch schedule.