SEC Filing - Globalstar, Inc.

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SEC FORM 4 SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Monroe James III

(Last)

(First)

(Middle)

461 SOUTH MILPITAS BLVD.

(Street)

MILPITAS

95035

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Globalstar, Inc. [ GSAT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/18/2009

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Voting Common Stock	12/18/2009		C		109,424,034	A	$1.428	146,055,497	I	By Thermo Funding Company LLC
Nonvoting Common Stock⁽¹⁾	12/18/2009		C		16,750,000	A	$1.428	16,750,000	I	By Thermo Funding Company LLC
Voting Common Stock								515,000	I	By Trust
Voting Common Stock								38,640,750	I	By Globalstar Holdings, LLC
Voting Common Stock								618,558	I	By Globalstar Satellite, L.P.

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Series A Convertible Preferred Stock	$1.428	12/18/2009		C			1	08/06/2009	⁽²⁾	Common Stock⁽³⁾	126,174,034	$0	0	I	By Thermo Funding Company LLC

1. Name and Address of Reporting Person^*

Monroe James III

(Last)

(First)

(Middle)

461 SOUTH MILPITAS BLVD.

(Street)

MILPITAS

95035

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

Globalstar Holdings, LLC

(Last)

(First)

(Middle)

1735 NINETEENTH STREET

(Street)

DENVER

80202

(City)

(State)

(Zip)

1. Name and Address of Reporting Person^*

Thermo Funding CO LLC

(Last)

(First)

(Middle)

1735 NINETEENTH STREET

(Street)

DENVER

80202

(City)

(State)

(Zip)

Explanation of Responses:

1. Shares of Nonvoting Common Stock are convertible into shares of Voting Common Stock so long as the conversion would not cause Thermo Funding Company LLC and its affiliates to own more than 70% of the voting power of the Issuer.

2. The Series A Convertible Preferred Stock has no expiration date.

3. The Series A Preferred Stock is convertible into Voting Common Stock or Nonvoting Common Stock. See also footnote 1.

	/s/ Bridget C. Hoffmanm, attorney-in-fact for James Monroe III	12/22/2009
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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