Bill Wexler's Dog Pound Message Board

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Non-Tech : Bill Wexler's Dog Pound

REFR 1.600

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10:48 AM EST

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To: Bill Wexler who wrote (2230)	7/16/1999 2:11:00 PM
From: Marconi	of 10293

Hello Mr. Wexler: IRID Report says Iridium defaulted on $90M bond payment today and invoked the 30 day grace period. Lockhee-Martin (owns 1%) stated they would not ante up any more money. Motorola(owns 18%) reported Tuesday they would not ante up unless everyone else did. News report at: news.com Do you think a default by IRID will put them in bankruptcy shortly? The 30 grace period expires Sunday, August 15 for the $90M. I shorted in the recent runup and was thinking of boxing around 6. In your experience, if IRID were to be forced into bankruptcy by the banks after August 15th, I would think the share price would collapse rapidly, or fall significantly between now and then--is that a fair expectation. I am sketchy, but my recollection is IRID is essentially worthless to the shareholders with all the indebtedness outstanding. Do these situations collapse neatly or is it a portend of ugly delays in courts for years (about the time their satellites start burning up in the atmosphere)? I have no experience shorting a company into bankruptcy. I would think my shares would be called in in anticipation of a bankruptcy. Please comment. Best regards, m

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