At the American Enterprise Institute's speaker series on Competition in International Telecommunications held late Tuesday, Goldstein described the pro-competitive nature of the decision and the significance of what was achieved.

He described the diligent efforts required by Intelsat's members to reach consensus "without Congressional intervention, in a way that mutually achieved their disparate regulatory and competitive goals."

Goldstein emphasized that the spin-off is just a first step in the evolution of Intelsat. "The historic restructuring milestone that Intelsat achieved two weeks ago is a giant step down the path of its ultimate commercialization," he said. "We must continue to explore ways to enhance Intelsat'S competitive stance and customer service," he added.

Goldstein also detailed the safeguards that Intelsat members put in place to assure a fair, competitive framework for the creation of New Skies.

According to Goldstein, the first meeting of New Skies shareholders is scheduled to take place by mid-May, at which time the initial Board will be selected. The first Board meeting is expected to occur by the end of May, at which time a CEO and CFO will be selected. In emphasizing the competitive nature of the plan, Goldstein stated that "there will be no cross- representation by any members of the Intelsat Board and New Skies Board. In addition, neither Intelsat nor any of its officers or employees will have any representation on the Board."

He added, "There must be a clear arm's length relationship between Intelsat and New Skies and total separation of directors, officers, staff and headquarters. More importantly, Intelsat and its Signatories are waiving their immunities with respect to any relations with New Skies."

Goldstein also said that both New Skies and Intelsat will be smaller than its largest US competitor, GM/Hughes/PanAmSat.

Full details of speech at Intelsat

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