Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 152.74

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1:27 PM EST

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To: Keith Feral who wrote (110647)	1/10/2002 1:57:41 PM
From: JohnG	Read Replies (1) of 152472

Motorola looses Iridium loan court case The banking group, J.P. Morgan Chase has won a court case and forced Motorola to pay a US$300 million guaranty that was part of a US$800 million loan to the Iridium satellite company. U.S. District Judge Alvin H. Hellerstein agreed with Chase that Motorola had effective control of Iridium and had mislead investors over Iridium's revenues when the loan was granted. At the time, Motorola held 18% of the company, although it had designed the satellite system. Hellerstein said "There is no right on the part of Motorola to be excused from its obligation to provide its guaranty," Chase was the lead lender in the 17 bank group that issued the Iridium loan, of which US$710 million is still outstanding.

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