UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
GLOBALSTAR TELECOMMUNICATIONS LIMITED
---------------------------------------
(Name of Issuer)
Common Stock, $1.00 Par Value
--------------------------------
(Title of Class of Securities)
G3930H104
----------------
(CUSIP Number)
July 6, 1998
------------------------------------
(Date of Event which Requires Filing
of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*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 disclosure
provided in a prior cover page.
The information required on 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).
Continued on following page(s)
Page 1 of 23 Pages
Exhibit Index: Page 18
<PAGE>
SCHEDULE 13G
CUSIP No. G3930H104 Page 2 of 23 Pages
1 Name of Reporting Person
I.R.S. Identification No. of Above Persons (ENTITIES ONLY)
QUANTUM INDUSTRIAL PARTNERS LDC
2 Check the Appropriate Box If a Member of a Group*
a. [_]
b. [x]
3 SEC Use Only
4 Citizenship or Place of Organization
CAYMAN ISLANDS
5 Sole Voting Power
Number of 2,100,000
Shares
Beneficially 6 Shared Voting Power
Owned By 0
Each
Reporting 7 Sole Dispositive Power
Person 2,100,000
With
8 Shared Dispositive Power
0
9 Aggregate Amount Beneficially Owned by Each Reporting Person
2,100,000
10 Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares*
[x]
11 Percent of Class Represented By Amount in Row (9)
2.56%
12 Type of Reporting Person*
OO; IV
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13G
CUSIP No. G3930H104 Page 3 of 23 Pages
1 Name of Reporting Person
I.R.S. Identification No. of Above Persons (ENTITIES ONLY)
QIH MANAGEMENT INVESTOR, L.P.
2 Check the Appropriate Box If a Member of a Group*
a. [_]
b. [x]
3 SEC Use Only
4 Citizenship or Place of Organization
DELAWARE
5 Sole Voting Power
Number of 4,200,000
Shares
Beneficially 6 Shared Voting Power
Owned By 0
Each
Reporting 7 Sole Dispositive Power
Person 4,200,000
With
8 Shared Dispositive Power
0
9 Aggregate Amount Beneficially Owned by Each Reporting Person
4,200,000
10 Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares*
[x]
11 Percent of Class Represented By Amount in Row (9)
5.12%
12 Type of Reporting Person*
PN; IA
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13G
CUSIP No. G3930H104 Page 4 of 23 Pages
1 Name of Reporting Person
I.R.S. Identification No. of Above Persons (ENTITIES ONLY)
QIH MANAGEMENT, INC.
2 Check the Appropriate Box If a Member of a Group*
a. [_]
b. [x]
3 SEC Use Only
4 Citizenship or Place of Organization
DELAWARE
5 Sole Voting Power
Number of 4,200,000
Shares
Beneficially 6 Shared Voting Power
Owned By 0
Each
Reporting 7 Sole Dispositive Power
Person 4,200,000
With
8 Shared Dispositive Power
0
9 Aggregate Amount Beneficially Owned by Each Reporting Person
4,200,000
10 Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares*
[x]
11 Percent of Class Represented By Amount in Row (9)
5.12%
12 Type of Reporting Person*
CO
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13G
CUSIP No. G3930H104 Page 5 of 23 Pages
1 Name of Reporting Person
I.R.S. Identification No. of Above Persons (ENTITIES ONLY)
SOROS FUND MANAGEMENT LLC
2 Check the Appropriate Box If a Member of a Group*
a. [_]
b. [x]
3 SEC Use Only
4 Citizenship or Place of Organization
DELAWARE
5 Sole Voting Power
Number of 8,400,000
Shares
Beneficially 6 Shared Voting Power
Owned By 0
Each
Reporting 7 Sole Dispositive Power
Person 8,400,000
With
8 Shared Dispositive Power
0
9 Aggregate Amount Beneficially Owned by Each Reporting Person
8,400,000
10 Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares*
[x]
11 Percent of Class Represented By Amount in Row (9)
10.25%
12 Type of Reporting Person*
OO; IA
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13G
CUSIP No. G3930H104 Page 6 of 23 Pages
1 Name of Reporting Person
I.R.S. Identification No. of Above Persons (ENTITIES ONLY)
GEORGE SOROS (in the capacity described herein)
2 Check the Appropriate Box If a Member of a Group*
a. [_]
b. [x]
3 SEC Use Only
4 Citizenship or Place of Organization
UNITED STATES
5 Sole Voting Power
Number of 260,000
Shares
Beneficially 6 Shared Voting Power
Owned By 8,400,000
Each
Reporting 7 Sole Dispositive Power
Person 260,000
With
8 Shared Dispositive Power
8,400,000
9 Aggregate Amount Beneficially Owned by Each Reporting Person
8,660,000
10 Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares*
[x]
11 Percent of Class Represented By Amount in Row (9)
10.56%
12 Type of Reporting Person*
IA; IN
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13G
CUSIP No. G3930H104 Page 7 of 23 Pages
1 Name of Reporting Person
I.R.S. Identification No. of Above Persons (ENTITIES ONLY)
STANLEY F. DRUCKENMILLER (in the capacity described herein)
2 Check the Appropriate Box If a Member of a Group*
a. [_]
b. [x]
3 SEC Use Only
4 Citizenship or Place of Organization
UNITED STATES
5 Sole Voting Power
Number of 440,000
Shares
Beneficially 6 Shared Voting Power
Owned By 8,400,000
Each
Reporting 7 Sole Dispositive Power
Person 440,000
With
8 Shared Dispositive Power
8,400,000
9 Aggregate Amount Beneficially Owned by Each Reporting Person
8,840,000
10 Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares*
[x]
11 Percent of Class Represented By Amount in Row (9)
10.78%
12 Type of Reporting Person*
IA
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
SCHEDULE 13G
CUSIP No. G3930H104 Page 8 of 23 Pages
1 Name of Reporting Person
I.R.S. Identification No. of Above Persons (ENTITIES ONLY)
DUQUESNE CAPITAL MANAGEMENT, L.L.C.
2 Check the Appropriate Box If a Member of a Group*
a. [_]
b. [x]
3 SEC Use Only
4 Citizenship or Place of Organization
PENNSYLVANIA
5 Sole Voting Power
Number of 440,000
Shares
Beneficially 6 Shared Voting Power
Owned By 0
Each
Reporting 7 Sole Dispositive Power
Person 440,000
With
8 Shared Dispositive Power
0
9 Aggregate Amount Beneficially Owned by Each Reporting Person
440,000
10 Check Box If the Aggregate Amount in Row (9) Excludes Certain Shares*
[x]
11 Percent of Class Represented By Amount in Row (9)
.54%
12 Type of Reporting Person*
OO; IA
* SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
Page 9 of 23 Pages
Item 1(a) Name of Issuer:
Globalstar Telecommunications Limited (the "Issuer").
Item 1(b) Address of the Issuer's Principal Executive Offices:
Cedar House, 41 Cedar Avenue, Hamilton HM12, Bermuda.
Item 2(a) Name of Person Filing:
This statement is filed on behalf of each of the following
persons (collectively, the "Reporting Persons"):
i) Quantum Industrial Partners LDC, a Cayman Islands exempted
limited duration company ("QIP");
ii) QIH Management Investor, L.P., a Delaware limited
partnership ("QIHMI");
iii) QIH Management, Inc., a Delaware corporation ("QIH
Management");
iv) Soros Fund Management LLC, a Delaware limited liability
company ("SFM LLC");
v) Mr. George Soros ("Mr. Soros");
vi) Mr. Stanley F. Druckenmiller ("Mr. Druckenmiller"); and
vii) Duquesne Capital Management, L.L.C., a Pennsylvania limited
liability company ("Duquesne LLC").
This Statement relates to Shares (as defined herein) held for the
accounts of Quantum Partners LDC, a Cayman Islands exempted limited duration
company ("Quantum Partners"), Quasar Strategic Partners LDC, a Cayman Islands
exempted limited duration company ("Quasar Strategic"), QIP, Mr. Soros, the
Duquesne LLC Clients (as defined herein) and Lupa Family Partners, a New York
limited partnership ("Lupa") of which Mr. Soros serves as one of two general
partners.
SFM LLC, a Delaware limited liability company, serves as
principal investment manager to Quantum Partners. As such, SFM LLC has been
granted investment discretion over portfolio investments, including the Shares,
held for the account of Quantum Partners. Mr. Soros is the Chairman of SFM LLC.
Mr. Druckenmiller is the Lead Portfolio Manager and a Member of the Management
Committee of SFM LLC. Mr. Druckenmiller also owns a 75% interest in, and is the
sole managing member of, Duquesne LLC, an investment advisory firm that serves
as a discretionary investment advisor to a limited number of institutional
clients (the "Duquesne LLC Clients").
The principal business of Quasar Strategic is investing in
securities. QIHMI, an investment advisory firm, is a minority shareholder of QIP
and Quasar Strategic. Pursuant to constituent documents of QIP and Quasar
Strategic, QIHMI is vested with investment discretion with respect to the
<PAGE>
Page 10 of 23 Pages
portfolio assets held for the accounts of each of QIP and Quasar Strategic. The
principal business of QIHMI is to provide management and advisory services to,
and to invest in, QIP and Quasar Strategic. Mr. Soros is the sole shareholder of
QIH Management which is the sole general partner of QIHMI. The principal
business of QIH Management is to serve as the sole general partner of QIHMI. Mr.
Soros has entered into an agreement pursuant to which he has agreed to use his
best efforts to cause QIH Management, as the general partner of QIHMI, to act at
the direction of SFM LLC.
Item 2(b) Address of Principal Business Office or, if None, Residence:
The address of the principal business office of QIP is Kaya
Flamboyan 9, Willemstad, Curacao, Netherlands Antilles.
The address of the principal business office of each of QIHMI,
QIH Management, SFM LLC, Mr. Soros and Mr. Druckenmiller is 888 Seventh Avenue,
33rd Floor, New York, NY 10106.
The address of the principal business office of Duquesne LLC is
2579 Washington Road, Suite 322, Pittsburgh, Pennsylvania 15241-2591.
Item 2(c) Citizenship:
i) QIP is a Cayman Islands exempted limited duration company;
ii) QIHMI is a Delaware limited partnership;
iii) QIH Management is a Delaware corporation;
iv) SFM LLC is a Delaware limited liability company;
v) Mr. Soros is a United States citizen;
vi) Mr. Druckenmiller is a United States citizen; and
vii) Duquesne LLC is a Pennsylvania limited liability company.
Item 2(d) Title of Class of Securities:
Common Stock, $1.00 par value (the "Shares").
Item 2(e) CUSIP Number:
G3930H104
Item 3. If this statement is filed pursuant to Rule 13d-1(b), or
13d-2(b), check whether the person filing is a:
This Item 3 is not applicable.
<PAGE>
Page 11 of 23 Pages
Item 4. Ownership:
Item 4(a) Amount Beneficially Owned:
As of July 6, 1998, each of the Reporting Persons may be
deemed the beneficial owner of the following number of
Shares:
(i) QIP may be deemed to be the beneficial owner of the
2,100,000 Shares held for its account.
(ii) Each of QIHMI and QIH Management may be deemed to be
the beneficial owner of 4,200,000 Shares. This number
consists of (A) 2,100,000 Shares held for the account
of QIP and (B) 2,100,000 Shares held for the account of
Quasar Strategic.
(iii)SFM LLC may be deemed to be the beneficial owner of
8,400,000 Shares. This number consists of (A) 2,100,000
Shares held for the account of QIP, (B) 4,200,000
Shares held for the account of Quantum Partners and (C)
2,100,000 Shares held for the account of Quasar
Strategic.
(iv) Mr. Soros may be deemed to be the beneficial owner of
8,660,000 Shares. This number consists of (A) 2,100,000
Shares held for the account of QIP, (B) 4,200,000
Shares held for the account of Quantum Partners, (C)
2,100,000 Shares held for the account of Quasar
Strategic, (D) 130,000 held for the account of Lupa and
(E) 130,000 held for his personal account.
(v) Mr. Druckenmiller may be deemed to be the beneficial
owner of 8,840,000 Shares. This number consists of (A)
2,100,000 Shares held for the account of QIP, (B)
4,200,000 Shares held for the account of Quantum
Partners, (C) 2,100,000 Shares held for the account of
Quasar Strategic and (D) 440,000 Shares held for the
accounts of the Duquesne LLC Clients.
(vi) Duquesne LLC may be deemed the beneficial owner of the
440,000 Shares held for the accounts of the Duquesne
LLC Clients.
<PAGE>
Page 12 of 23 Pages
Item 4(b) Percent of Class:
(i) The number of Shares of which QIP may be deemed to be
the beneficial owner constitutes approximately 2.56% of
the total number of Shares outstanding.
(ii) The number of Shares of which each of QIHMI and QIH
Management may be deemed to be the beneficial owner
constitutes approximately 5.12% of the total number of
Shares outstanding.
(iii)The number of Shares of which SFM LLC may be deemed to
be the beneficial owner constitutes approximately
10.25% of the total number of Shares outstanding.
(iv) The number of Shares of which Mr. Soros may be deemed
to be the beneficial owner constitutes approximately
10.56% of the total number of Shares outstanding.
(v) The number of Shares of which Mr. Druckenmiller may be
deemed to be the beneficial owner constitutes
approximately 10.78% of the total number of Shares
outstanding.
(vi) The number of Shares of which Duquesne LLC may be
deemed to be the beneficial owner constitutes
approximately .54% of the total number of Shares
outstanding.
Item 4(c) Number of shares as to which such person has:
QIP
---
(i) Sole power to vote or to direct the vote: 2,100,000
(ii) Shared power to vote or to direct the vote: 0
(iii) Sole power to dispose or to direct the disposition of: 2,100,000
(iv) Shared power to dispose or to direct the disposition of: 0
<PAGE>
Page 13 of 23 Pages
QIHMI
-----
(i) Sole power to vote or to direct the vote: 4,200,000
(ii) Shared power to vote or to direct the vote: 0
(iii) Sole power to dispose or to direct the disposition of: 4,200,000
(iv) Shared power to dispose or to direct the disposition of: 0
QIH Management
--------------
(i) Sole power to vote or to direct the vote: 4,200,000
(ii) Shared power to vote or to direct the vote: 0
(iii) Sole power to dispose or to direct the disposition of: 4,200,000
(iv) Shared power to dispose or to direct the disposition of: 0
SFM LLC
-------
(i) Sole power to vote or to direct the vote: 8,400,000
(ii) Shared power to vote or to direct the vote: 0
(iii) Sole power to dispose or to direct the disposition of: 8,400,000
(iv) Shared power to dispose or to direct the disposition of: 0
Mr. Soros
---------
(i) Sole power to vote or to direct the vote: 260,000
(ii) Shared power to vote or to direct the vote: 8,400,000
(iii) Sole power to dispose or to direct the disposition of: 260,000
(iv) Shared power to dispose or to direct the disposition of:8,400,000
<PAGE>
Page 14 of 23 Pages
Mr. Druckenmiller
-----------------
(i) Sole power to vote or to direct the vote: 440,000
(ii) Shared power to vote or to direct the vote: 8,400,000
(iii) Sole power to dispose or to direct the disposition of: 440,000
(iv) Shared power to dispose or to direct the disposition of:8,400,000
Duquesne LLC
------------
(i) Sole power to vote or to direct the vote: 440,000
(ii) Shared power to vote or to direct the vote: 0
(iii) Sole power to dispose or to direct the disposition of: 440,000
(iv) Shared power to dispose or to direct the disposition of: 0
Item 5. Ownership of Five Percent or Less of a Class:
This Item 5 is not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person:
(i) The shareholders of QIP, including Quantum Industrial
Holdings, Ltd., a British Virgin Islands international business company, have
the right to participate in the receipt of dividends from, or proceeds from the
sale of, the Shares held for the account of QIP in accordance with their
ownership interests in QIP.
(ii) The shareholders of Quasar Strategic, including Quasar
International Partners C.V., a Netherlands Antilles limited partnership, have
the right to participate in the receipt of dividends from, or proceeds from the
sale of, the Shares, held for the account of Quasar Strategic in accordance with
their ownership interests in Quasar Strategic.
(iii) The shareholders of Quantum Partners, including Quantum
Fund N.V., a Netherlands Antilles company have the right to participate in the
receipt of dividends from, or proceeds from the sale of, the Shares, held by
Quantum Partners in accordance with their ownership interests in Quantum
Partners.
(iv) Mr. Soros has the sole right to participate in the receipt
of dividends from, or proceeds from the sale of the Shares, held for his
personal account.
(v) The Duquesne LLC Clients have the right to participate in the
receipt of dividends from, or proceeds from the sale of the Shares, held for
their account.
(vi) The partners of Lupa have the right to participate in the
receipt of dividends from, or proceeds from the sale of the Shares, held for the
account of Lupa in accordance with their partnership interests in Lupa.
<PAGE>
Page 15 of 23 Pages
QIP expressly disclaims beneficial ownership of any Shares held
directly for the accounts of Quantum Partners, Quasar Strategic, Mr. Soros, the
Duquesne LLC Clients and Lupa. Each of QIHMI and QIH Management expressly
disclaims beneficial ownership of any Shares held directly for the accounts of
Quantum Partners, Mr. Soros, the Duquesne LLC Clients and Lupa. SFM LLC
expressly disclaims beneficial ownership of any Shares held directly for the
accounts of Mr. Soros, the Duquesne LLC Clients and Lupa. Mr. Soros expressly
disclaims beneficial ownership of any Shares held for the accounts of the
Duquesne LLC Clients. Mr. Druckenmiller expressly disclaims beneficial ownership
of any Shares held for the accounts of Mr. Soros and Lupa. Duquesne LLC
expressly disclaims beneficial ownership of any Shares held directly for the
accounts of QIP, Quantum Partners, Quasar Strategic, Mr. Soros and Lupa.
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent Holding
Company:
This Item 7 is not applicable.
Item 8. Identification and Classification of Members of the Group:
This Item 8 is not applicable.
Item 9. Notice of Dissolution of Group:
This Item 9 is not applicable.
Item 10. Certification:
By signing below each signatory certifies that, to the best of
his/its knowledge and belief, the securities referred to above were not acquired
and are not held for the purpose of or with the effect of changing or
influencing the control of the Issuer of the securities and were not acquired
and are not held in connection with or as a participant in any transaction
having that purpose or effect.
<PAGE>
Page 16 of 23 Pages
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, the
undersigned certifies that the information set forth in this statement is true,
complete and correct.
Date: July 16, 1998 QUANTUM INDUSTRIAL PARTNERS LDC
By: /S/ MICHAEL C. NEUS
---------------------------------------
Michael C. Neus
Attorney-in-Fact
Date: July 16, 1998 QIH MANAGEMENT INVESTOR, L.P.
By: QIH Management, Inc.,
its General Partner
By: /S/ MICHAEL C. NEUS
----------------------------------
Michael C. Neus
Vice President
Date: July 16, 1998 QIH MANAGEMENT, INC.
By: /S/ MICHAEL C. NEUS
---------------------------------------
Michael C. Neus
Vice President
Date: July 16, 1998 SOROS FUND MANAGEMENT LLC
By: /S/ MICHAEL C. NEUS
---------------------------------------
Michael C. Neus
Assistant General Counsel
Date: July 16, 1998 GEORGE SOROS
By: /S/ MICHAEL C. NEUS
---------------------------------------
Michael C. Neus
Attorney-in-Fact
<PAGE>
Page 17 of 23 Pages
Date: July 16, 1998 STANLEY F. DRUCKENMILLER
By: /S/ MICHAEL C. NEUS
---------------------------------------
Michael C. Neus
Attorney-in-Fact
Date: July 16, 1998 DUQUESNE CAPITAL MANAGEMENT, L.L.C.
By: /S/ GERALD KERNER
---------------------------------------
Gerald Kerner
Managing Director
<PAGE>
Page 18 of 23 Pages
EXHIBIT INDEX
Page No.
--------
A. Power of Attorney dated as of January 1, 1997 granted
by Mr. George Soros in favor of Mr. Sean C. Warren and
Mr. Michael C. Neus.................................... 19
B. Power of Attorney dated as of January 1, 1997 granted
by Mr. Stanley F. Druckenmiller in favor of Mr. Sean C.
Warren and Mr. Michael C. Neus......................... 20
C. Power of Attorney dated May 23, 1996 granted by Quantum
Industrial Partners LDC in favor of Mr. Gary Gladstein,
Mr. Sean Warren and Mr. Michael Neus................... 21
D. Joint Filing Agreement dated July 16, 1998 by and among
Quantum Industrial Partners LDC, QIH Management
Investor, L.P., QIH Management, Inc., Soros Fund
Management LLC, Mr. George Soros, Mr. Stanley F.
Druckenmiller, and Duquesne Capital Management,
L.L.C.................................................. 22
Page 19 of 23 Pages
EXHIBIT A
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that I, GEORGE SOROS, hereby make, constitute
and appoint each of SEAN C. WARREN and MICHAEL C. NEUS, acting individually, as
my agent and attorney-in-fact for the purpose of executing in my name, (a) in my
personal capacity or (b) in my capacity as Chairman of, member of or in other
capacities with Soros Fund Management LLC, all documents, certificates,
instruments, statements, filings and agreements ("documents") to be filed with
or delivered to any foreign or domestic governmental or regulatory body or
required or requested by any other person or entity pursuant to any legal or
regulatory requirement relating to the acquisition, ownership, management or
disposition of securities or other investments, and any other documents relating
or ancillary thereto, including but not limited to, all documents relating to
filings with the United States Securities and Exchange Commission (the "SEC")
pursuant to the Securities Act of 1933 or the Securities Exchange Act of 1934
(the "Act") and the rules and regulations promulgated thereunder, including: (1)
all documents relating to the beneficial ownership of securities required to be
filed with the SEC pursuant to Section 13(d) or Section 16(a) of the Act
including, without limitation: (a) any acquisition statements on Schedule 13D or
Schedule 13G and any amendments thereto, (b) any joint filing agreements
pursuant to Rule 13d-1(f) and (c) any initial statements of, or statements of
changes in, beneficial ownership of securities on Form 3, Form 4 or Form 5 and
(2) any information statements on Form 13F required to be filed with the SEC
pursuant to Section 13(f) of the Act.
All past acts of the attorney-in-fact in furtherance of the foregoing are hereby
ratified and confirmed.
This power of attorney shall be valid from the date hereof until revoked by me.
IN WITNESS WHEREOF, I have executed this instrument as of the 1st day of
January, 1997.
/s/ George Soros
------------------------
GEORGE SOROS
Page 20 of 23 Pages
EXHIBIT B
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that I, STANLEY F. DRUCKENMILLER, hereby make,
constitute and appoint each of SEAN C. WARREN and MICHAEL C. NEUS, acting
individually, as my agent and attorney-in-fact for the purpose of executing in
my name, (a) in my personal capacity or (b) in my capacity as Lead Portfolio
Manager of, member of or in other capacities with Soros Fund Management LLC, all
documents, certificates, instruments, statements, filings and agreements
("documents") to be filed with or delivered to any foreign or domestic
governmental or regulatory body or required or requested by any other person or
entity pursuant to any legal or regulatory requirement relating to the
acquisition, ownership, management or disposition of securities or other
investments, and any other documents relating or ancillary thereto, including
but not limited to, all documents relating to filings with the United States
Securities and Exchange Commission (the "SEC") pursuant to the Securities Act of
1933 or the Securities Exchange Act of 1934 (the "Act") and the rules and
regulations promulgated thereunder, including: (1) all documents relating to the
beneficial ownership of securities required to be filed with the SEC pursuant to
Section 13(d) or Section 16(a) of the Act including, without limitation: (a) any
acquisition statements on Schedule 13D or Schedule 13G and any amendments
thereto, (b) any joint filing agreements pursuant to Rule 13d-1(f) and (c) any
initial statements of, or statements of changes in, beneficial ownership of
securities on Form 3, Form 4 or Form 5 and (2) any information statements on
Form 13F required to be filed with the SEC pursuant to Section 13(f) of the Act.
All past acts of the attorney-in-fact in furtherance of the foregoing are hereby
ratified and confirmed.
This power of attorney shall be valid from the date hereof until revoked by me.
IN WITNESS WHEREOF, I have executed this instrument as of the 1st day of
January, 1997.
/s/ Stanley F. Druckenmiller
--------------------------------------------
STANLEY F. DRUCKENMILLER
Page 21 of 23 Pages
EXHIBIT C
QUANTUM INDUSTRIAL PARTNERS LDC
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENT, that the undersigned QUANTUM INDUSTRIAL PARTNERS
LDC (the "Company"), an exempted limited duration company existing and operating
under the laws of the Cayman Islands does, pursuant to a duly adopted resolution
of its Managing Director, hereby designate, constitute and appoint:
GARY GLADSTEIN, SEAN WARREN and MICHAEL NEUS
acting, singly and not jointly, as its true and lawful agent and attorney in
fact for the purpose of executing in its name, all documents, certificates,
instruments, statements, filings and agreements ("documents") to be filed with
or delivered to any foreign or domestic governmental or regulatory body or
required or requested by any other person or entity pursuant to any legal or
regulatory requirement relating to the acquisition, ownership, management or
disposition of securities or other investments, and any other documents relating
or ancillary thereto, including but not limited to, all documents relating to
filings with the United States Securities and Exchange Commission (the "SEC")
pursuant to the Securities Act of 1933 or the Securities Exchange Act of 1934
(the "Act") and the rules and regulations promulgated thereunder, including: (1)
all documents relating to the beneficial ownership of securities required to be
filed with the SEC pursuant to Section 13(d) or Section 16(a) of the Act
including, without limitation: (a) any acquisition statements on Schedule 13D or
Schedule 13G and any amendments thereto, (b) any joint filing agreements
pursuant to Rule 13d-1(f) and (c) any initial statements of, or statements of
changes in, beneficial ownership of securities on Form 3, Form 4 or Form 5 and
(2) any information statements on Form 13F required to be filed with the SEC
pursuant to Section 13(f) of the Act.
Each attorney-in-fact is hereby authorized and empowered to perform all other
acts and deeds, which he or she in his or her sole discretion deems necessary or
appropriate to carry out to the fullest extent the terms and the intent of the
foregoing. All prior acts of each attorney-in-fact in furtherance of the
foregoing are hereby ratified and confirmed.
IN WITNESS WHEREOF, the Company has caused this document to be execute this 23rd
day of May, 1996.
QUANTUM INDUSTRIAL PARTNERS LDC
--------------------------------------------
Curacao Corporation Company N.V.
Managing Director
Page 22 of 23 Pages
EXHIBIT D
JOINT FILING AGREEMENT
The undersigned hereby agree that the statement on Schedule 13G
with respect to the Common Stock of Globalstar Telecommunications Limited dated
as of July 16, 1998 is, and any amendments thereto (including amendments on
Schedule 13D) signed by each of the undersigned shall be, filed on behalf of
each of us pursuant to and in accordance with the provisions of Rule 13d-1(f)
under the Securities Exchange Act of 1934.
Date: July 16, 1998 QUANTUM INDUSTRIAL PARTNERS LDC
By: /S/ MICHAEL C. NEUS
---------------------------------------
Michael C. Neus
Attorney-in-Fact
Date: July 16, 1998 QIH MANAGEMENT INVESTOR, L.P.
By: QIH Management, Inc.,
its General Partner
By: /S/ MICHAEL C. NEUS
----------------------------------
Michael C. Neus
Vice President
Date: July 16, 1998 QIH MANAGEMENT, INC.
By: /S/ MICHAEL C. NEUS
---------------------------------------
Michael C. Neus
Vice President
Date: July 16, 1998 SOROS FUND MANAGEMENT LLC
By: /S/ MICHAEL C. NEUS
---------------------------------------
Michael C. Neus
Assistant General Counsel
Date: July 16, 1998 GEORGE SOROS
By: /S/ MICHAEL C. NEUS
---------------------------------------
Michael C. Neus
Attorney-in-Fact
<PAGE>
Page 23 of 23 Pages
Date: July 16, 1998 STANLEY F. DRUCKENMILLER
By: /S/ MICHAEL C. NEUS
---------------------------------------
Michael C. Neus
Attorney-in-Fact
Date: July 16, 1998 DUQUESNE CAPITAL MANAGEMENT, L.L.C.
By: /S/ GERALD KERNER
---------------------------------------
Gerald Kerner
Managing Director
