big investor, as a group that includes oil heir Sid Bass acquired a 5.9 percent stake in the satellite communications company.

The Bass investment group, led by Prime 66 Partners LP, filed a Schedule 13G stating that it holds 4.84 million common shares in the Bermuda company. The investors reached the five percent threshold for disclosing their stake on August 3, according to the SEC filing.

Globalstar Telecommunications is the public investment vehicle for Globalstar LP, which is developing a worldwide mobile satellite-based wireless communications network. This system is designed to complement terrestrial networks by providing service to unserved or underserved areas.

Company shares have provided a 33 percent return over the past 52 weeks.

Nevertheless, shares have dropped about 11 percent since the beginning of 1998. Shares rose 9/16 to 22 3/8 in morning trading.

Several other large investors recently bought shares in Globalstar, which expects to begin commercial service next year.

In July, a trio of investment funds affiliated with financier George Soros purchased 8.4 million shares in Globalstar Telecommunications at about $29 each. Simultaneously, Loral Space & Communications bought 4.2 million units in the Globalstar partnership.

Sid Bass is a trustee for the Sid R. Bass Management Trust. In turn, the trust is the sole shareholder for Prime 66 Partners, the member of the investment group that holds the Globalstar shares.

The investment group filed their Globalstar disclosure report on a Schedule 13G, which is reserved for use by passive investors. That suggests that the Bass group doesn't plan to be actively involved in Globalstar's management or business affairs.

The Bass family made its fortune in the oil business and has successfully invested in many related companies, including the former Marathon Oil Co., Texaco Inc., Amerada Hess Corp. and McDermott International Inc.