A New Satellite System Clambers Onto The Launchpad

But can Loral's Globalstar get out of Iridium's shadow?

Since Iridium LLC declared bankruptcy on Aug. 13, Bernard L. Schwartz has had his ear chewed off by backers. They're worried about Loral Space & Communications Ltd.'s $3.8 billion satellite venture called Globalstar which, like Iridium, is aimed at providing wireless phone service anywhere, anytime. "My partners have been saying `You better make the damn thing work,"' says the Loral CEO.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.