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Chase Manhattan Bank has sued 17
companies connected to bankrupt satellite telephone venture
Iridium LLC in an effort to collect payments from a defaulted
US$800 million loan. Iridium is not a defendant in the suit. In
May, the U.S. Bankruptcy Court in New York lifted an automatic
stay of lawsuits 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.
Chase
filed papers on June 8 in the U.S. District Court in Delaware,
seeking to recover US$242.7 million. Chase claims loan agreements
required Iridium LLC members to buy additional units in the
failing company if payments defaulted. Chase claims are against
Motorola for US$44.5 million, Lockheed Martin for US$5.0 million,
Nippon Iridium of Bermuda for US$30.0 million, Raytheon for US$3.0
million, STET - Societa Finanziaria Telefonica per Azioni - for
US$7.5 million and Vebacom Holdings for US$22.7 million. Claims of
US$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 US$80.0 million from Iridium units in Africa,
Canada, Hong Kong, India, the Middle East, and South America.
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