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Technology Stocks : IRID - Iridium World Communications IPO Announced!
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To: Marty Rubin who wrote (1868)5/28/1999 10:01:00 PM
From: Bill Jackson  Read Replies (1) of 2693
 
Marty, Iridium as we know it is dead, they keep animating the body with these extensions, but they will never work. No white knight or white tech will come along and rescue Ir. These low sales as well as the need to replace the birds after 5 years sound the death knell. People cling to hope as the numbers are huge. As it stands a bankruptcy auction will get few buyers for the ground stations or the satellite network as it is not viable based on current operating revenues, ignoring sunk costs. Running it as an ever diminishing network with no new birds will slowly casue it to lose coverage and revenue. The lower numbers of subscribers might extend the birds live slightly.
This is an idea whose time to die has come. After sale of the ground assets and possible sale of transponder space for whatever uses as long as the birds still fly there will be nothing to service any debt and the guarantors will be on hook for the full shot.
Motorola can afford it, as can the others, kill it, it can not be saved in the present form. Even turning all debt to shares will leave it with no way to keep going on current revenues unless some magic new tech comes along>

Bill
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