Why Kerrisdale Capital Thinks Globalstar Inc Is Worthless

The rumors are true, Kerrisdale Capital is short Globalstar, Inc. (NYSEMKT:GSAT), claiming the $3 billion company is actually worthless because its satellite business is losing money and the spectrum that investors are banking on for new Wi-FI services is worthless. But it seems that last week’s rumor gave investors enough time to decide where they stand on GSAT because the stock price has held its ground since Kerrisdale released its thesis (down 1.66% as of this writing). Kerrisdale sees major problems with Globalstar, Inc. (GSAT)’s TLPS “Over the twelve months ended June 30, 2014, GSAT generated just $88 million of…