Djane, I agree that "it is very much in G* interest to lower expectations,
manage the Street, and then surprise on the upside over the next 6-12 months" and even with "it is in G* interest to release little info, let Iridium continue to flounder and
have ICO continue to have trouble raising more funds" though it's very frustrating.
But even if we ignore the QHardy article as possibly distorted or biased, and agree not to worry about what hasn't been disclosed, what G* has disclosed recently make it clear that we are "behind schedule" relative, say, to the May 99 plan:
3rd Qrtr 99 has become "fall" (in N. Hemisphere, we hope!)
9GWs at start became 8, 16 at end of year became 14
125K UTs at end of year became 65K(?)
G* risk/reward is still attractive, but the schedule slippage for sure decreases the reward and may increase the risk. And what's hard to fathom, considering the space segment is a year late, in the end we will be waiting around for the ground segment to start the rollout!
It doesn't reflect well on G* mgmt, IMHO. |
