Word: loralic
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...tech industry that hasn't rebounded this summer: satellites. In July Boeing booked a $1.1 billion charge against earnings for its scandal-marred military business, and former stalwart Loral Space & Communications filed for bankruptcy. Then in August a launch disaster in Brazil killed 21 technicians and jeopardized that country's program. "Unquestionably, the commercial-satellite market is depressed right now," says Chris Mecray, an analyst at Deutsche Bank. From 1996 to 1998, satellite sales grew 49.4%, but they have shrunk 2.4% in the past four years. Worse, hurt by the telecom bust and tough export rules, U.S. market share...
...York City, L-3 last week announced $4 billion in 2002 sales, ranking it among the nation's top 10 defense contractors, just below such industry giants as Lockheed Martin and Boeing. L-3's fast start is widely credited to CEO Frank Lanza, 71, who was head of Loral Corp., maker of electronic warfare systems, when it was sold to Lockheed in 1996. With partner Robert La Penta, then a Loral executive, and financing from Lehman Bros., Lanza bought 10 Loral electronic-manufacturing divisions, glued them together, bulked up their research-and-development units and named them...
...charges over the last few weeks," says Novak, who first reported impending charges and the plea bargaining on TIME.com on October 11. "If the indictment goes ahead it would suggest McDonnell Douglas is taking a tough line," she says. But so is the government. "And for companies such as Loral and Hughes, which are still under investigation over exports to China, a McDonnell Douglas indictment could be cause for concern." If it does go to court, though, the case will involve a lot more than just a set of dual-use machine tools that wound up in the hands...
...Loral's exploded satellite--which was going to be used to beam TV programs into Latin America--shows just how thin the line can be between harmless commerce and military assistance. Representative Christopher Cox sternly warned last week that China has been inducing its U.S. business partners to provide it with military-related technology, and momentum is growing in Congress for a crackdown on this kind of seepage. But the tech industry, and some outside observers, say the risks are being overblown--and some of the tighter rules being considered would be ineffective or even counterproductive...
...others say the potential harm has been overstated. The Cox report is "all worst-case scenarios," says Hughes spokesman Richard Dore. The information Hughes is criticized for sharing with the Chinese, he says, "was certainly not of a sensitive, national-security nature." Loral chairman Bernard Schwartz insisted to shareholders last week that his company didn't help the Chinese discover what went wrong with their rocket, but simply reviewed China's own analysis. In general, though, it may actually serve American strategic interests to have China use U.S. technology. "There are lots of reasons why we'd want the Chinese...