Investment firm Highland Capital Management LP has offered to purchase $300 million in Loral stock “on terms that are more beneficial than those offered” to another investment firm.

Highland delivered a letter to Loral Space & Communications Inc. offering alternatives to a recently announced stock deal that Loral made with MHR Fund Management LLC, a firm founded by Mark Rachesky, Loral’s chairman.

Loral announced Oct. 17 that it would sell two newly created series of convertible perpetual preferred stock for $300 million to MHR, Loral’s largest shareholder, and use the proceeds to pursue internal and external growth opportunities.

“The convertible stock that Loral has agreed to sell to MHR was never offered to or discussed with the market at large or other significant stockholders of Loral to determine if better market terms might be available or if those stockholders might be willing to purchase such convertible stock,” Highland said in the Oct. 23 letter to the special committee of Loral’s board that approved the MHR deal. “Loral allowed MHR to use its insider status to enrich itself at the expense of Loral’s other stockholders.”

A separate letter to Loral’s board from Murray Capital Management Inc., a New York-based investment firm, labeled the MHR agreement a “sweetheart deal” that would allow a “stealth take-over” of Loral at a depressed value to the detriment of other shareholders.

“The terms of the proposed deal are not attractive and, specifically, the conversion price is too low,” Murray Capital said. “If completed, the transaction will benefit MHR at the expense of other shareholders.” Murray Capital called for Loral’s board to reject or revise the MHR transaction and explore alternative offers, including the Highland Capital proposal.