you asked "You mean the shares I shorted yesterday are no good?" and the answer is yes. "Iridium stock briefly traded [yesterday] in error, a Nasdaq spokesman said. All the trades were canceled" (Bloomberg).
Here's Bloom's article (see 2nd from last paragraph for above quote):
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Iridium Still Halted on Chapter 11 Filing to Analysts' Surprise
Washington, Aug. 26 (Bloomberg) -- Shares of Iridium World Communications Ltd. are still halted, much to analysts' surprise, almost two weeks after the publicly traded arm of satellite-based phone company Iridium LLC filed for bankruptcy protection.
The complex nature of its restructuring and more than 20 class action lawsuits filed against the company could be causing the delays, the analysts and investors said. In its last full day of trading Aug. 13, its shares fell 1 3/16 to 3 1/16.
''It's certainly taking longer than we thought,'' said Armand Musey, a Banc of America Securities analyst who has a ''underperform'' rating on the stock. The SEC and Nasdaq ''want to look at this closely to make sure that all information is being disclosed properly, and that letting it trade would be in the best interest of people.''
Iridium defaulted on $1.55 billion in bank loans earlier this month after failing to attract enough users to its 66-satellite global phone network. Iridium, which expected to have as many as 600,000 customers by the end of this year, has only about 20,000 subscribers according to analysts.
Separately, Iridium's stock symbol was changed today to IRIQE. It was previously IRIDQ. The extra E indicates that the company has been delinquent in its filings with the Securities & Exchange Commission, a Nasdaq spokesman said. Iridium last week said it delayed reporting its second quarter earnings to the SEC.
Iridium stock briefly traded this morning in error, a Nasdaq spokesman said. All the trades were canceled. The stock was halted on Aug. 13 for additional information requested by Nasdaq.
Iridium's stock has fallen 92 percent this year.
Aug/26/1999 18:51
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