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Technology Stocks : IRID - Iridium World Communications IPO Announced!
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To: Moominoid who wrote (1802)5/19/1999 11:21:00 PM
From: dumbmoney  Read Replies (1) of 2693
 
Anyone still long this thing should read the 10Q (filed May 17). It's not pretty.

The immediate problem is the bank debt default, but a more fundamental problem is that Iridium needs substantial additional funding (hundreds of millions, if not billions) to continue operations. Where's the money going to come from?

Bankruptcy is very likely. If not June 1, then sometime in the next 12 months.

Amazingly, the Iridium equity is valued (at IRID=$9) at $1.3 billion. IRID is grossly overvalued considering the risks.
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