Globalstar, Inc. (NYSE American: GSAT), together with Mudrick Capital Management, L.P. and Warlander Asset Management, LP and all other litigation parties have entered into a Settlement Agreement related to the litigation brought by Mudrick Capital and Warlander in Delaware Chancery Court involving Globalstar and certain of its directors, officers and employees, the company said.
As a result of the Settlement Agreement, the parties have agreed to the addition of three new seasoned telecom executives to the company´s board of directors: Keith Cowan, Ben Wolff and Mike Lovett.
These new directors will be immediately appointed to the Globalstar board of directors to fill three vacancies left by existing board members who support this settlement and volunteered to step down from their positions.
Globalstar is a provider of mobile satellite voice and data services. Customers around the world in industries such as government, emergency management, marine, logging, oil & gas and outdoor recreation rely on Globalstar to conduct business smarter and faster, maintain peace of mind and access emergency personnel. Globalstar data solutions are ideal for various asset and personal tracking, data monitoring, M2M and IoT applications. The company´s products include mobile and fixed satellite telephones, the innovative Sat-Fi satellite hotspot, Simplex and Duplex satellite data modems, tracking devices and flexible service packages.
Mudrick Capital Management, L.P. is an SEC-registered investment adviser specializing in distressed credit and deep value event driven investing. Mudrick Capital manages capital for a diverse group of sophisticated institutions and individuals, including endowments, foundations, insurance companies, private banks, fund-of-funds, pensions, family offices and high net worth individuals.
Founded in 2015, Warlander Asset Management, LP is an SEC-registered investment adviser that specializes in long/short, credit-oriented investments, focused on opportunistically investing across the full spectrum of global fixed income and credit-sensitive equities.