Castle
Harlan Abandons Iridum Bid
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Merchant Bank
Castle Harlan, Inc. is abandoning its plan to acquire the assets
of Iridium LLC. Castle Harlan said in a statement, "Although
Iridium provides a magnificent international point-to-point
telephone service,  our
due diligence and marketing studies were unable to confirm that
Iridium would generate even low levels of revenue with a high
degree of certainty." Castle Harlan had won approval, on June
7, from US Bankruptcy Court in New York to begin a 45-day due
diligence period to determine the viability of acquiring Iridium
for US$50 million.
Motorola
plans to seek clearance at a New York court hearing scheduled for
Monday, July 31, to proceed with plans to remove the satellites
from orbit. “For the past several months, we've held discussions
with numerous parties that have expressed interest in operating
the system and none has panned out. Unless there's an acceptable
proposal to operate the satellite constellation, we intend to
finalize plans to decommission the system.”
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