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Technology Stocks : IRID - Iridium World Communications IPO Announced!
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To: Mama Bear who wrote (2560)2/10/2000 11:05:00 PM
From: dumbmoney  Read Replies (2) of 2693
 
The company's latest affirmation that the equity is worthless didn't seem to hurt the inflated stock price. I guess worthlessness is already priced in. Or maybe the stock is seen as a "collectable".

Iridium has not reached final agreement with McCaw or its creditors concerning a reorganization plan. However, based on its debt level in excess of $4 billion and the legal priorities in bankruptcy, the company continues to believe that any reorganization will not result in value remaining from the bankruptcy estate for current holders of its publicly traded equity or unsecured debt.
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