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: A.L. Reagan who wrote (2577)	3/7/2000 10:30:00 PM
From: Ilaine	Read Replies (1) of 2693

I am not suggesting that a buyout or reorganization will transpire. There's no reason to think that's going to happen, although it may. What I am saying is that if the proceeding is converted to a Chapter 7, the Trustee in bankruptcy can sell the assets, and MUST sell the assets, if there is a buyer. Iridium would be discharged. There is no reason to put a corporation through Chapter 7 except to get rid of the creditors. If the corporation is dead, why pay court costs and lawyer's fees for the carcass to be divided up? Chapter 11 buys some time. This corporation's executives may just be hoping against hope that they can pull the rabbit out of the hat. Or, they may decide to convert to Chapter 7 to get that discharge of liability. Those creditors are pretty aggressive. We'll find out soon enough.

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