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Technology Stocks : IRID - Iridium World Communications IPO Announced! -- Ignore unavailable to you. Want to Upgrade?

To: Marty Rubin who wrote (2239)	8/3/1999 10:10:00 PM
From: Marty Rubin	Read Replies (1) \| Respond to of 2693

Motorola says has held constructive Iridium talks ROSEMONT, Ill., Aug 3 (Reuters) - Wireless communications provider and semiconductor maker Motorola Inc. <MOT.N> said Tuesday it has held talks in the last two weeks with financially troubled global satellite network company Iridium LLC <IRID.O> and was optimistic Iridium could restructure and survive. Motorola, which last month raised the possibility that Iridium would have to liquidate, reiterated that it would provide more funding for Iridium if other backers also contributed. "We have had good constructive discussions in the last two weeks," Motorola president and chief operating officer Robert Growney told analysts at an all-day meeting here. "If other people are going to step up, we will too," he said. He declined to provide details of the discussions. In mid-July, Motorola identified three options for Iridium including an out-of-court restructuring, Chapter 11 bankruptcy protection, or liquidation. Motorola owns 18 percent of Iridium and is the primary financial backer. Including loan guarantees and other investments, Motorola, at that time, said its financial exposure to Iridium was $2.2 billion at the end of the second quarter, although it has built reserves to cover part of that total. Iridium has had trouble signing up subscribers to its expensive system, which allows customers to make phone calls from anywhere in the world via a network of low-earth orbit satellites. Critics say the phones are unpopular because they are too bulky and require a line-of-sight connection with the satellites -- which means they don't work inside or in cars. 15:55 08-03-99