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, a partnership of telecommunications service providers and equipment makers, reported a third-quarter loss of $211.2 million before preferred dividends. Separately, a report indicated that founding partner

Loral Space & Communications



cut off new financial support for the venture in which it owns a 40% stake.

The loss equaled $3.54 for each unit of partnership interest. The loss applicable to common shareholders of

Globalstar Telecommunications


was $97.5 million, or $1 a share. Analysts expected the loss applicable to common shareholders to come in at 90 cents a share, according to

First Call/Thomson Financial


In the year-ago period, the partnership lost $41 million, while the loss applicable to Globalstar Telecommunications common shareholders totaled $16.8 million, or 20 cents a share.

Gross service revenue for the third quarter totaled $1 million, compared with $483,000 in the second quarter. The company didn't record any revenue in the year-ago third quarter.

During the quarter, five of Globalstar's founding partners purchased $56 million in equity from the company. The company is also in the process of raising additional funds through a $105 million share purchase agreement with

Bear Stearns


. On Sept. 30, Globalstar had $286 million in cash, which is sufficient to fund Globalstar through May.

In addition to Loral, other members of the partnership include






China Telecom


DaimlerChrysler Aerospace


Shares of Globalstar Telecommunications were recently down $3.38, or 56.3%, to $2.63.