To: Dragonfly who wrote (3760 ) 4/5/1999 9:59:00 PM From: Goodboy Read Replies (1) | Respond to
Not for anything Mr. Fly, but I don't have the time (beyond the many lengthy posts already on display) to break down the s-1, 10-K and bond indenture along with the bank covenants (which were given to me by a high yield analyst) to prove my position. Iridium did technically default already, that is a fact. Sophistcated investors have studied the financial structure, the indenture and the covenants and have pushed Iridium bonds to 50 cents on the dollar, that is a fact. The CFO sold 35,000 shares of stock (around the high 20's or low 30's) just as he assured analysts that all would be fine, that's a fact. The CFO resigned amid the technical default that he must have known was coming, that's a fact. Iridium needs nearly a billion in new capital over the next 18 months and nobody in their right mind would give it to them unless they were senior to the other debtors, that's a fact. Motorola, the banks and bondholders all have conflicting positions in the event of a restructuring, that's a fact.
