UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

o

Rule 13d-1(b)

o

Rule 13d-1(c)

x

Rule 13d-1(d)

CUSIP No. 378973408

1.

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only)
Globalstar Holdings, LLC
41-2116509

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

x

(b)

o

3.

SEC Use Only

4.

Citizenship or Place of Organization
Delaware

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

5.

Sole Voting Power
-0-

6.

Shared Voting Power
38,640,750

7.

Sole Dispositive Power
-0-

8.

Shared Dispositive Power
38,640,750

9.

Aggregate Amount Beneficially Owned by Each Reporting Person
38,640,750

10.

Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  o

11.

Percent of Class Represented by Amount in Row (9)
53.2%

12.

Type of Reporting Person (See Instructions)
OO

CUSIP No. 378973408

1.

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only)
Thermo Funding Company LLC
84-6331739

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

x

(b)

o

3.

SEC Use Only

4.

Citizenship or Place of Organization
Colorado

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

5.

Sole Voting Power
-0-

6.

Shared Voting Power
12,371,136

7.

Sole Dispositive Power
-0-

8.

Shared Dispositive Power
12,371,136

9.

Aggregate Amount Beneficially Owned by Each Reporting Person
12,371,136

10.

Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  o

11.

Percent of Class Represented by Amount in Row (9)
15.1%

12.

Type of Reporting Person (See Instructions)
OO

CUSIP No. 378973408

1.

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only)
Globalstar Satellite, LP
33-1077009

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

x

(b)

o

3.

SEC Use Only

4.

Citizenship or Place of Organization
Colorado

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

5.

Sole Voting Power
-0-

6.

Shared Voting Power
4,154,400

7.

Sole Dispositive Power
-0-

8.

Shared Dispositive Power
4,154,400

9.

Aggregate Amount Beneficially Owned by Each Reporting Person
4,154,400

10.

Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  o

11.

Percent of Class Represented by Amount in Row (9)
5.7%

12.

Type of Reporting Person (See Instructions)
PN

CUSIP No. 378973408

1.

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only)
James Monroe III

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

x

(b)

o

3.

SEC Use Only

4.

Citizenship or Place of Organization
United States of America

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

5.

Sole Voting Power
-0-

6.

Shared Voting Power
55,166,286

7.

Sole Dispositive Power
-0-

8.

Shared Dispositive Power
55,166,286

9.

Aggregate Amount Beneficially Owned by Each Reporting Person
55,166,286

10.

Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  o

11.

Percent of Class Represented by Amount in Row (9)
67.2%

12.

Type of Reporting Person (See Instructions)
IN

Item 1.

(a)

Name of Issuer
Globalstar, Inc.

(b)

Address of Issuer’s Principal Executive Offices
461 South Milpitas Blvd.

Milpitas, CA  95035

Item 2.

(a)

Name of Person Filing
This Schedule 13G is filed by Globalstar Holdings, LLC, Thermo Funding Company LLC, Globalstar Satellite, LP and James Monroe III (collectively, the “Reporting Persons”)

(b)

Address of Principal Business Office or, if none, Residence
The business address of the Reporting Persons is 1735 19th Street, Denver, CO 80202.

(c)

Citizenship
Globalstar Holdings, LLC:  Delaware limited liability company
Thermo Funding Company LLC:  Colorado limited liability company
Globalstar Satellite, LP:  Colorado limited partnership
James Monroe III:  United States of America

(d)

Title of Class of Securities
Common Stock, $0.0001 par value per share

(e)

CUSIP Number
378973408

Item 3.

If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

(a)

o

Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b)

o

Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c)

o

Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d)

o

Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8).

(e)

o

An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E);

(f)

o

An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F);

(g)

o

A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h)

o

A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i)

o

A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j)

o

Group, in accordance with §240.13d-1(b)(1)(ii)(J).

Not applicable.

Item 4.

Ownership

Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.

All of the shares of Globalstar Common Stock reported in this Schedule 13G by the Reporting Persons were acquired, or were subject to acquisition within 60 days, prior to the Issuer’s initial public offering on November 2, 2006.

The approximate percentages of Common Stock reported as beneficially owned by Globalstar Holdings, LLC and Globalstar Satellite, LP are calculated based on 72,600,186 shares of Common Stock outstanding as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on December 18, 2006.

Thermo Funding Company LLC, the Issuer and the Issuer’s administrative agent for its credit agreement are party to the Second Amended and Restated Irrevocable Standby Stock Purchase Agreement dated August 25, 2006, as amended, (the “Standby Agreement”) whereby Thermo Funding Company LLC has the obligation to purchase up to 12,371,136 shares of the Issuer’s Common Stock upon the occurrence of certain events and Thermo Funding Company LLC has the right to purchase the same amount of shares at any time during the term of the agreement.  At December 31, 2006, Thermo Funding Company had exercised its right to purchase 2,927,840 shares of Common Stock.  For the purposes of calculating the approximate ownership percentages for Thermo Funding Company LLC and Mr. Monroe, all shares subject to the Standby Agreement are reported as beneficially owned and the 9,443,296 shares of Common Stock subject to purchase under the Standby Agreement were added to the outstanding shares referenced above.

(a)

Amount beneficially owned:   

See Item 9 of each cover page.

(b)

Percent of class:   

See Item 11 of each cover page.

(c)

Number of shares as to which the person has:

(i)

Sole power to vote or to direct the vote   

See Item 5 of each cover page.

(ii)

Shared power to vote or to direct the vote    

See Item 6 of each cover page.

(iii)

Sole power to dispose or to direct the disposition of   

See Item 7 of each cover page.

(iv)

Shared power to dispose or to direct the disposition of   

See Item 8 of each cover page.

Item 5.

Ownership of Five Percent or Less of a Class

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following   o.

Item 6.

Ownership of More than Five Percent on Behalf of Another Person

Not applicable.

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person

Not applicable.

Item 8.

Identification and Classification of Members of the Group

James Monroe III indirectly controls Globalstar Holdings, LLC, Thermo Funding Company LLC and Globalstar Satellite, LP and, therefore, is deemed the beneficial owner of shares held by these entities.  Mr. Monroe is the Issuer’s Chairman and Chief Executive Officer.

Item 9.

Notice of Dissolution of Group

Not applicable.

Item 10.

Certification

Not applicable.

GLOBALSTAR HOLDINGS, LLC

By:

/s/ *

James Monroe III, Manager

Dated: February 13, 2007

THERMO FUNDING COMPANY LLC

By:

/s/ *

James Monroe III, Trustee of Sole Member

Dated: February 13, 2007

GLOBALSTAR SATELLITE, LP

By:

/s/ *

James Monroe III, President of General Partner

Dated: February 13, 2007

/s/ *

James Monroe III

Dated: February 13, 2007

* By Bridget C. Hoffman, Attorney-in-Fact

/s/ Bridget C. Hoffman

Bridget C. Hoffman

Dated: February 13, 2007

Exhibit 1

Joint Filing Agreement, dated February 12, 2007, by and between Globalstar Holdings, LLC, Thermo Funding Company LLC, Globalstar Satellite, LP and James Monroe III

Exhibit 2

Power of Attorney, dated February 12, 2007, Globalstar Holdings, LLC

Exhibit 3

Power of Attorney, dated February 12, 2007, Thermo Funding Company LLC

Exhibit 4

Power of Attorney, dated February 12, 2007, Globalstar Satellite LP

Exhibit 5

Power of Attorney, dated February 12, 2007, James Monroe III

GLOBALSTAR HOLDINGS, LLC

By:

/s/ James Monroe III

James Monroe III

Manager

THERMO FUNDING COMPANY LLC

By:

/s/ James Monroe III

James Monroe III

Trustee of Sole Member

GLOBALSTAR SATELLITE, LP

By:

/s/ James Monroe III

James Monroe III

President of General Partner

/s/ James Monroe III

James Monroe III

GLOBALSTAR HOLDINGS, LLC

By:

/s/ James Monroe III

James Monroe III

Manager

THERMO FUNDING COMPANY LLC

By:

/s/ James Monroe III

James Monroe III

Trustee of Sole Member

GLOBALSTAR SATELLITE, LP

By:

/s/ James Monroe III

James Monroe III

President of General Partner

/s/ James Monroe III

James Monroe III