Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : Globalstar Telecommunications Limited GSAT -- Ignore unavailable to you. Want to Upgrade?

To: Maurice Winn who wrote (13528)	6/14/2000 10:10:00 PM
From: FJB	Respond to of 29987

Chase sues(former Iridium partners) over Iridium loan Satellite phone company defaulted on $800 million cbs.marketwatch.com By Tim Eaton, CBS MarketWatch.com Last Update: 7:49 PM ET Jun 14, 2000 NewsWatch Latest headlines WILMINGTON, Del. (CBS.MW) -- Chase Manhattan Bank sued 17 companies connected to bankrupt satellite telephone venture Iridium LLC Wednesday in an effort to collect payments from a defaulted $800 million loan. The U.S. Bankruptcy Court in New York lifted an automatic stay of lawsuits last month in a ruling that allowed Chase to sue partners of Iridium LLC, a Motorola-led consortium that launched low-earth orbit satellites for wireless phones. Reuters reported Wednesday that Chase had filed papers on Friday in the U.S. District Court in Delaware, seeking to recover $242.7 million. Iridium is not a defendant in the suit. Chase claims loan agreements required Iridium LLC members to buy additional units in the failing company if payments defaulted. Reuters said the Chase claims are against Motorola (MOT: news, msgs) for $44.5 million, Lockheed Martin (LMT: news, msgs) for $5.0 million, Nippon Iridium of Bermuda for $30.0 million, Raytheon for $3.0 million, STET - Societa Finanziaria Telefonica per Azioni - for $7.5 million and Vebacom Holdings for $22.7 million. Claims of $10.0 million were made against Russia?s Space Center; Korea Mobile Telecommunications, Pacific Electric Wire & Cable, Sprint Iridium and Thai Satellite Telecommunications. Chase also seeks to recover $80.0 million from Iridium units in Africa, Canada, Hong Kong, India, the Middle East, and South America. Before filing for Chapter 11 bankruptcy protection, Iridium LLC tried but failed to sell its assets. Iridium LLC built a network of 66 low earth orbiting satellites combined with existing land-based cellular systems around the world.