New Valley Corp. [Nasdaq: NVAL], an investment firm primarily focused on the real estate business, has committed to give bankrupt satellite phone service provider Globalstar much-needed debtor-in-possession financing as the first step toward assuming majority ownership of a reorganized Globalstar. If the U.S. Bankruptcy Court in Delaware approves its offer, New Valley would pump in $55 million to help the company emerge from Chapter 11 protection. New Valley (Miami) would then become majority owner of a new Globalstar company, with the remainder of the equity held by the company’s existing creditors–Loral Space & Communications [NYSE: LOR] and Qualcomm [Nasdaq: QCOM].