Conclusion

The unfortunate story of TerreStar continues to this day. As stated previously, the Company’s stock continues to flounder with a share price approximately 90 percent below the high reached in February 2005. This lack of performance has impacted not only shareholders but employees as well. In April of 2008, the Company announced “cost reduction measures” that included the layoff of 79 management and non-management positions.

The details described herein are only a brief overview of the alleged corporate malfeasance that has hindered TerreStar since its emergence from bankruptcy in 2002. The goal of Board Buffoonery is to shed light on the reported allegations regarding TerreStar’s history of reasonably questionable dealings and activities.

Specifically, Board Buffoonery aims to highlight the alleged disregard that TerreStar has displayed for its shareholders. The shareholders are the Company’s true owners, yet seem to have been consistently deceived by the purported stewards of their investments. In the process, shareholders of TerreStar have seen the value of their investments decline significantly; and this has occurred, at least in part, as a result of the leadership failures and alleged duplicity of the directors and officers that have led TerreStar.

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