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To: djane who wrote (5303)	6/22/1999 10:17:00 PM
From: RMiethe	Read Replies (1) \| Respond to of 29987

DJane: Oh I was not saying at all you agreed/disagreed with Lehman. I am neutral totally on Iridium, investmentspeaking. Of course, I wish them well-- I don't like people losing their jobs. I was just commenting on the dirge like themes from Wall Street analysts (I don't think Lehman's Bensche was ever in that company, however) on Iridium three weeks ago. Bankruptcy was the call of some. Bankruptcy! Was it an irresponsible call, from someone not schooled in the Marine-like disposition Motorola has always been known for? Did some speak too soon? Did some not think everything through? It was the call "from one cavernous like corridor" on Wall Street, after all. And now, to quote from a source piece on satellites today on a different subject, but the quoted phrase conveys the feeling of Iridium shareholders, and the point to be made: With "sails taut to the wind, a bracing spray, and six bells to my starboard" Iridium appears to be arising. Like the Phoenix, arising from its ashes. And if that does happen? If it does come back? That is what I was trying to convey by my comments on why I have written on analysts here the way I have. Their predictive capabilities are not what I would use at Santa Anita. On a lighter note, I could have sworn Valueman must have taken over Iridium the day it hit $4 31/32. It's been going up ever since that day.

To: djane who wrote (5303)	6/23/1999 2:58:00 AM
From: djane	Respond to of 29987

Iridium Ends Purchase of Claircom as Sales Fall Short of Goals Washington, June 22 (Bloomberg) -- Iridium LLC, which runs the first global-telephone network, said it canceled its planned purchase of Claircom Communications Group Inc. for $65 million, as the cash-strapped company focuses on paying debt. AT&T Corp. and Rogers Cantel Mobile Communications Inc., which own Claircom, agreed to terminate Iridium's purchase of the No. 2 provider of telephone services for commercial airlines, Iridium said. In a regulatory filing last month, Iridium said it didn't have enough cash to make a $26.5 million payment required at the closing of the purchase, and that it may not be able to raise the money needed to complete the transaction. Iridium, based in Washington, D.C., has encountered financial problems in the past four months as it signed up fewer subscribers than expected. The company, 18 percent-owned by Motorola Inc., said it doesn't have money to pay off $800 million owed to banks by the end of this month. In December, Iridium agreed to buy Seattle-based Claircom for cash and assumed debt to expand into the in-flight telephone business. Claircom owns and operates a digital, air-to-ground telephone network that has 160 ground stations across the U.S., Canada and Mexico. Rogers Cantel is one of Canada's largest cellular providers. AT&T is the largest U.S. long-distance phone company. Iridium World Communications Ltd., the publicly traded unit of Iridium LLC, rose 1 9/32 to 10 5/16. New York-based AT&T fell 1/4 to 56 1/4. Jun/22/1999 18:44 (C) Copyright 1999 Bloomberg L.P.