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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Globalstar Telecommunications Ltd.
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(Name of Issuer)
Ordinary Shares
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(Title of Class of Securities)
G3930H104
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(CUSIP Number)
Check the following box if a fee is being paid with this statement |_|. (A fee
is not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7).
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
SEC 1745 (10-88)
Page 1 of 5 pages
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CUSIP NO. G3930H104 13G Page 2 of 5 Pages
---------------
- ------------------------------- -----------------------------
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NUMBER OF ABOVE PERSON
Furman Selz LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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5 SOLE VOTING POWER
425,500
NUMBER OF
SHARES ----------------------------------------------------
BENEFICIALLY 6 SHARED VOTING POWER
OWNED BY
EACH -0-
REPORTING
PERSON ----------------------------------------------------
WITH
7 SOLE DISPOSITIVE POWER
425,500
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8 SHARED DISPOSITIVE POWER
-0-
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
425,500
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES*
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
4.25%
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12 TYPE OF REPORTING PERSON*
IA
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* SEE INSTRUCTION BEFORE FILLING OUT!
Page 2 of 5 Pages
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CUSIP No. G3930H104 Page 3 of 5
Item 1(a). Name of Issuer:
Globalstar Telecommunications Ltd.
Item 1(b). Address of Issuer's Principal Executive Offices:
Cedar House, 41 Cedar St., Hamilton HM12, Bermuda
Item 2(a). Name of Person Filing:
Furman Selz LLC
Item 2(b). Address of Principal Business Office:
230 Park Ave., NY NY 10169
Item 2(c). Place of Organization:
Delaware
Item 2(d). Title of Class of Securities:
Ordinary Shares
Item 2(e). CUSIP Number:
G393OH104
Item 3. If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b), check
whether the person filing is a:
(a) / / Broker or Dealer registered under Section 15 of the Act
(b) / / Bank as defined in section 3(a)(6) of the Act
(c) / / Insurance Company as defined in section 3(a)(19) of the Act
(d) / / Investment Company registered under section 8 of the Investment
Company Act
(e) /X/ Investment Adviser registered under section 203 of the Investment
Advisers Act of 1940
(f) / / Employee Benefit Plan. Pension Fund which is subject to the
provisions of the Employee Retirement Income Security Act of 1974
or Endowment Fund: 240.13d-1(b) (1)(ii)(F)
(g) / / Parent Holding Company, in accordance with 240.13d-1(b)(ii)(G)
(Note: See Item 7)
(h) / / Group, in accordance with 240.13d-1(b)(ii)(H)
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CUSIP No. G3930H104 Page 4 of 5
Item 4 Ownership.
(a) Amount Beneficially Owned: 425,500
(b) Percent of Class: 4.25%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote
425,500
(ii) shared power to vote or to direct the vote
-0-
(iii) sole power to dispose or to direct the
disposition of
425,500
(iv) shared power to dispose or to direct the
disposition of
-0-
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: / X /
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.
Not applicable
Item 8 Identification and Classification of Members of the Group.
Not applicable
Item 9 Notice of Dissolution of Group.
Not applicable
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CUSIP No. G3930H104 Page 5 of 5
Item 10. Certification.
By signing below, I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired in
the ordinary course of business and were not acquired for the
purpose of and do not have the effect of changing or
influencing the control of the issuer of such securities and
were not acquired in connection with or as a participant in
any transaction having such purposes or effect.
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and correct.
Date:
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Signature:
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Name/Title: Steven D. Blecher, Executive Vice President
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