[Congressional Record Volume 149, Number 92 (Friday, June 20, 2003)]
[Senate]
[Page S8297]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                               ORBIT ACT

  Mr. BURNS. Mr. President, I would like to take a few moments to 
comment on H.R. 2312, which allows for some technical corrections to 
the ORBIT Act. Although neither Inmarsat nor Intelsat has yet conducted 
the IPO that the ORBIT Act provided for, there is one satellite 
provider that has fulfilled the ORBIT Act's original requirements in 
this regard. That provider is New Skies Satellites, which has separated 
itself from its one-time parent Intelsat, conducted an IPO under 
challenging market conditions, substantially diluted its shareholder 
base through both the IPO and a recent 10 percent share buyback, and 
become a full-fledged competitor in the satellite marketplace. New 
Skies has asked that we consider some amendments to the Act that would 
acknowledge and recognize its fully independent status. While the 
abbreviated process leading to the Senate's consideration of this bill 
today did not permit full consideration of those issues, I am open to 
listening to the arguments for such changes in the context of a broader 
review of the ORBIT Act and its implementation.

                          ____________________