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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony, -- Ignore unavailable to you. Want to Upgrade?

To: Anthony@Pacific who wrote (53181)	3/16/2000 10:34:00 AM
From: StockDung	Respond to of 122087

anyone ever drink coffee and then laugh about something so hard that the coffee comes right out your nose? Iridium Gets Bid From Crescent Communications CEO (Update1) By Josh Fineman Iridium Gets Bid From Crescent Communications CEO (Update1) (Adds details on Iridium shutdown, Curcio's bid, beginning in fourth paragraph.) New York, March 15 (Bloomberg) -- Iridium LLC, a bankrupt satellite-telephone company, received a bid for its assets from Gene Curcio, chief executive of closely held Crescent Communications Inc., Curcio said. The bid comes as Iridium prepares to shut down on Friday. The U.S. Bankruptcy Court in Manhattan had set today as a deadline for potential suitors to make an offer. Iridium said it won't know if any bids were made until tomorrow. Iridium filed for Chapter 11 bankruptcy protection in August after the $7 billion project failed to attract enough customers. Motorola, the founder and largest shareholder of Iridium with an 18 percent stake, has said it will wait for the result of the bankruptcy-court hearing before it decides what to do with Iridium service. ``We've put together a doable deal with all the parties needed,' Curcio said. Iridium's troubles stem from its bulky phones, which cost as much as $3,000 and didn't work well in buildings and cars, analysts said. The company was trying to market the service at a time when prices for cell phones and service was dropping. Motorola said it may start to turn off Iridium's 66 satellites and discontinue the service on Friday. Iridium estimated that it would take six to seven months to shut down the satellites. Some potential bidders had expressed interest, though none other than Curcio said they submitted a formal offer. Bidders for the assets have to meet financial criteria established as part of the bankruptcy process. ``We are aware that a number of interested parties have been identified,' Motorola spokesman Scott Wyman said. ``Motorola, Iridium and other parties will be reviewing these parties, but we are only part of the review process.' Curcio has said that General Dynamics Corp. has tentatively agreed to assist in operating Iridium's satellites and ground stations if the bid is successful. Shares of Iridium World Communications Ltd. rose 12 cents 1 23/32 on Tuesday, in trading on the ``pink sheets,' a list published daily that gives information on over-the-counter stock.