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Technology Stocks : IRID - Iridium World Communications IPO Announced!
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To: Marty Rubin who wrote (1873)5/30/1999 9:44:00 AM
From: dumbmoney  Read Replies (1) of 2693
 
the numbers are huge, indeed, but if not for getting the 27K by the 31st, everything would have been fine.

Not really. For one thing, the two months extension didn't release IRID from subsequent targets, so the secured creditors would still be in control.

Basically, the original business plan is a shambles. The expenses are so far out of whack relative to revenue, it's laughable.

By the way, some analysts have said that the secured creditors could lose 100% in a bankruptcy. That is not true. The secured credit ($800 million) is backed by a $243 million "reserve capital call" from the limited partners. So the banks are guaranteed to get at least 30% back no matter what. If the entire assets of Iridium are worth more than $557 million to someone, the secured creditors will come out whole.
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