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To: sandintoes who wrote (5813)	11/2/1999 12:45:00 PM
From: KLP	Respond to of 7442

Don't know if or how this fits in, but it probably does someplace....As Dirksen said long ago....a billion here, a billion there, pretty soon we're talking real money....(but I think he really said million....) 909's to ALL....KLP Did anyone have JNIC or GOTO? WOW! Seattle Times: McCaw to take over ICO Global dated 1 Nov 99 archives.seattletimes.com Business News : Monday, November 01, 1999 McCaw to take over ICO Global by Seattle Times news services Telecommunications pioneer Craig McCaw will lead a group of international investors that will provide up to $1.2 billion to rescue satellite-telephone venture ICO Global Communications, ICO said today. Under a deal reached yesterday, McCaw and two affiliates, Bellevue-based Teledesic and Eagle River Investments, will lead a group of existing investors in providing the money that London-based ICO needs before starting service in the second quarter of 2001. In return, McCaw will gain control of the company, an ICO spokesman said. ICO filed for Chapter 11 bankruptcy protection in late August. Its filing followed Iridium's by two weeks. Iridium, the first to offer satellite-telephone calling, stumbled in marketing the service, and its troubles may have played a role in ICO's failure to win backers for its $4.6 billion system, analysts and investors have said. "It is our hope that by working with ICO's team and international partners we can bring the company back to good health and make a contribution to global communications, particularly in the developing world," McCaw said in a statement. "We recognize it's a big job and that there's a lot of work ahead of us." McCaw and his companies will lead a group of existing ICO investors in providing $225 million by Nov. 8 and a second round of $275 million by January. McCaw and his affiliates have also agreed to underwrite an additional $700 million by the second quarter of 2000, to which he will invite new investors. Existing investors in ICO include NEC and Hughes Electronics, a unit of General Motors. "ICO's future just got brighter. This financing agreement provides us with a clear path to exit from Chapter 11," ICO Chief Executive Officer Richard Greco said in a statement. The investment plan requires the approval of the U.S. Bankruptcy Court and courts in Bermuda and the Cayman Islands. Teledesic, also backed by Microsoft Chairman Bill Gates, is building a satellite network and has been considering ways to have its service begin earlier than the 2004 expected start date. Teledesic plans to offer high-speed Internet access anywhere in the world through a network of 288 low-earth-orbiting satellites. Information from Bloomberg News and Reuters is included in this report.