Sec Form 4 Filing - OLMSTEAD DEAN @ LORAL SPACE & COMMUNICATIONS INC. - 2007-11-12

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person OLMSTEAD DEAN 2. Issuer Name and Ticker or Trading Symbol LORAL SPACE & COMMUNICATIONS INC. [ LORL] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 42 WILKINSON WAY 3. Date of Earliest Transaction (MM/DD/YY) 11/12/2007 (Street) PRINCETON, NJ08540 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 11/12/2007 M 100,000 A $ 27.135 101,000 D Common Stock 11/12/2007 F 74,928 D $ 36.215 26,072 D Common Stock 11/13/2007 S 25,000 D $ 37 1,072 D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Stock Option (Right to Buy) $ 27.135 11/12/2007 M 100,000 ( 1 ) 06/14/2013 Common Stock 100,000 $ 0 0 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other OLMSTEAD DEAN 42 WILKINSON WAY PRINCETON, NJ08540 X Signatures Avi Katz Attorney-In-Fact 11/14/2007 Signature of Reporting Person Date

Explanation of Responses:

( 1 )The options were granted on June 14, 2006 and vested on October 31, 2007 upon closing of the acquisition by Loral and its Canadian partner, Public Sector Pension Investment Board, through a newly formed joint venture, of Telesat Canada and the related transfer by Loral to Telesat Canada of substantially all of the assets and related liabilities of Loral Skynet Corporation.In addition, Mr. Olmstead has been granted options to purchase 20,000 shares of common stock at $27.135 per share, which options vest over a four-year period, with 25% vesting on each of the first four anniversaries of the grant date which was June 14, 2006.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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