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McCAW
WITHDRAWS FROM IRIDIUM BAILOUT
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Craig McCaw abandoned plans to expand his budding
satellite empire with a bailout of Iridium LLC. The setback to
Iridium, came just hours before a March 3 court hearing on a new
proposal to sell off Iridium's satellites and other assets in an
auction that McCaw was expected to win. In a statement issued
March 3, McCaw’s company, Eagle River Investments LLC, said it
had determined that Iridium wouldn't make such a good fit with the
other ventures after all. The statement emphasized that Iridium's
constellation of 66 satellites was designed primarily for voice
service, while the networks envisioned for ICO and Teledesic would
place greater emphasis on high-speed transmission of Internet
traffic and other data. In January, Eagle River invested nearly
US$75 million in Iridium to keep the company afloat through June,
while it sorted out its financial situation, but has since scaled
that contribution back to just US$5 million. Iridium still plans
to carry out the sale of their assets, but hasn’t specified a
timeline, or even if the company would be able to continue
operating. One alternative purchaser might be Crescent
Communications which in January said they would be willing to top
McCaw's original US$600 million offer for Iridium.
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