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Technology Stocks : ICO Global Communications, Inc. -- Ignore unavailable to you. Want to Upgrade?

To: KLP who wrote (44)	3/7/2000 12:45:00 PM
From: Ilaine	Read Replies (1) \| Respond to of 70

Great, I guess that makes two of us. Oh, three, if you count McCaw.<g>

To: KLP who wrote (44)	3/7/2000 5:12:00 PM
From: Ilaine	Read Replies (1) \| Respond to of 70

From the March 13, 2000 Space News, page 1 (paper version, very long article, excerpts only): "ICO System Cost to Rise 69 Percent - the ICO Global Communications constellation will serve up to 10 million users of satellite telephones and medium-rate data terminals . . . . The new data capacity will incread the cost of the entire ICO system by at least 69 percent, to $7.1 billion . . . . This includes $1.2 billion in McCaw-led financing to take the company out of bankruptcy proceedings, and additional $2.1 billion needed to upgrade ICO's ground infrastructure and $700 million in operating expenses needed before ICO reaches positive cash flow in 2004. The remaining $3.1 billion has already been raised and spent by ICO. Commercial service is scheduled to start in 2002." Paraphrasing the rest of the article: According to documents filed in US Bankruptcy Court in Wilmington, Delaware, McCaw will end up owning between 46 and 60 percent of the company they are calling New ICO and controlling 75 percent of the voting rights in the company. Also investing in ICO's restructuring are several companies that were original shareholders in ICO) DeTeMobil Deutsche Telecom Mobilnet; TFSL Consulting Ltd., a Saudi investment company; Credit Suisse First Boston; Turk Telecom; and Qatar Public Communications Corp. These companies join McCaw in providing first-round funding to pull ICO out of bankruptcy court, and will be given ICO stock at $9/share in return for their investment. McCaw and Eagle River alone will provide $275 million in second-round financing, and will be given ICO shares at $17.74/share. ICO is confident enough in McCaw's intentions to have scheduled the launch of its first satellite aboard a Boeing-led Sea Launch rocket between March 12 and March 15. Stuff about who's building the satellites - Hughes. NEC presently building the gateways. "A substantial modification of ICO's 12 gateways will be required to permit the company to offer 144-kilobit data links." Stuff about Iridium, which I will post on the Iridium thread.