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Technology Stocks : CDMA, Globalstar versus Iridium, Inmarsat, etc.
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To: Maurice Winn who wrote (126)6/8/1997 7:00:00 AM
From: Maurice Winn   of 381
 
mot.com
Motorola Quarterly report to 31 March 1997.

It seems that the earlier numbers are about right in terms of debt and equity. They made no mention of "technical difficulties" in this quarterly report in relation to the 4 month delay in the initial launch. Trying to play down any worries? Blame it all on a rocket?
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Two milestones in the space system contract for the IRIDIUM(R) global communications system were not completed in the quarter. The initial launch of IRIDIUM satellites on a Delta II rocket, originally scheduled for late January 1997, was delayed as a result of a failed Delta II rocket launch unrelated to the IRIDIUM program. Motorola currently expects the first launch of IRIDIUM satellites to occur in early May 1997.

As previously reported, Iridium LLC will require additional funding, possibly by late May 1997, to continue to make contractual payments to Motorola. An agreement in principle has been reached with Iridium LLC to increase Motorola's guarantee of Iridium LLC bank financing by an additional $350 million to a new total of $1.1 billion, and Iridium LLC also is pursuing other funding options. There can be no assurances as to the availability to Iridium LLC of these funding
options.
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