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To: Jeff Vayda who wrote (11047)	3/21/2000 9:21:00 AM
From: Dan B.	Respond to of 29987

Jeff, Well, see? If I'm right, no problem. Just a bunch of worrisome yakking. Dan B

To: Jeff Vayda who wrote (11047)	3/21/2000 9:21:00 AM
From: Sawtooth	Read Replies (1) \| Respond to of 29987

Might have been previously posted; offered for general interest: A Plan to Save Iridium? Reuters 8:30 a.m. Mar. 20, 2000 PST LAS VEGAS -- A small software and e-commerce company said Monday it had offered a plan to rescue the satellite system of bankrupt Iridium LLC and turn Iridium into a profitable company. Merit Studios Inc. proposed using the 66 Iridium satellites orbiting the Earth to create a data-transmission network that would use Merit's "data-compression" software. Iridium, a bankrupt $5 billion satellite telephone service, shut down service to its 55,000 customers at midnight Friday, entering history as one of the costliest corporate fiascoes of all time. It is under court order to liquidate. Iridium has said its last act will be to "de-orbit" and ultimately burn up its satellites, which orbit 485 miles above the Earth. Merit said Internet service providers could use the Internet and the Iridium satellites to distribute advertising and news. Providers also could use the satellites to let users download software, which would be faster than using modems, Merit said. Iridium officials could not be reached for comment on the rescue proposal. Merit said Michael John, its chief executive, who represents a group of private investors, proposed the rescue plan in an e-mail sent Sunday to the attorneys in the Iridium bankruptcy case. Merit said Iridium could form a new company with Merit. Iridium stockholders and creditors, and Merit, would get stock in the new company and the old Iridium stock would be canceled. Under the Merit plan, Iridium creditors would receive 30 percent of the new stock, plus 20 percent of the net profits until the debt was paid off. Iridium stockholder would get 30 percent of the new stock, and Merit would get 40 percent. Merit said it is developing programs to restructure huge data files into a very small data set that can be delivered over the Internet or other communication networks. It has invented software that can compress data by a ratio of 10 to 1 and is close to being able to compress data by 40 to 1, it said. In theory, it may be possible to get compressions of more than 1,000 to 1, it added. ................ wired.com