IRID - Iridium World Communications IPO Announced! Message Board

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Technology Stocks : IRID - Iridium World Communications IPO Announced!

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To: Ilaine who wrote (2570)	3/3/2000 7:24:00 PM
From: A.L. Reagan	Read Replies (2) of 2693

Iridium LLC Remains Committed to Asset Sale 03/03/00 -------------------------------------------------------------------------------- WASHINGTON--(BUSINESS WIRE)--March 3, 2000--Iridium LLC learned yesterday that Craig McCaw's Eagle River Investments LLC would not submit a purchase proposal for Iridium's assets as previously anticipated. Iridium remains committed to a sale of its assets and is aggressively pursuing other potential qualified buyers. At the Company's request, the U.S. Bankruptcy Court for the Southern District of New York postponed the hearing scheduled for today. "We have received expression of interest from other potential buyers," said Iridium COO Randall Brouckman. "Much attention has been afforded the potential McCaw bid. Now that he has clarified his intentions, we believe that the quality of our system and the value of our assets should attract additional qualified proposals." ------ GFL, Randall, is all I can say.

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